The demand and importance for precision agriculture is growing significantly in EU countries

ABACO Group, Europe’s leading player in software solutions for land resource management and control with a primary focus on precision agriculture and environmental sustainability, partnered with MarketsandMarkets, a revenue impact and advisory firm, to better understand and expand its geographic reach across Europe and Latin America. The demand and importance for precision agriculture is growing significantly in EU countries. MarketsandMarkets leveraged its Market Intelligence Cloud, KnowledgeStore, to help ABACO assess the adoption rate and market potential for their agricultural technologies in the target countries.

Key findings –

• Europe holds 27 per cent of the global precision agriculture market i.e., $2.1 billion currently and is predicted to be valued at $4.2 billion by 2026, growing at a CAGR of 14 per cent.
• The crop monitoring market in Europe is expected to hold 29 per cent of the total market share by 2026, reaching a value of $1.5 billion and estimated to grow at 16.4 per cent CAGR over the next five years.
• The GIS market in Europe is currently valued at $2.6 billion and is projected to reach $4.7 billion by 2026, growing at a CAGR of 12.6 per cent by 2026. MarketsandMarkets expert analysts helped ABACO with the competitive benchmarking

Antonio Samaritani, CEO, ABACO Group said, “It is very important for us to have a constantly updated view of what is happening globally in the industry. The technological landscape is evolving very quickly, and it is vital that we understand these changes before they take place so that we can accompany our customers on this evolutionary path and bring our expertise outside of Europe. The growth in the market for precision agriculture has opened new vistas for ABACO, because of which we could partner with MarketsandMarkets to fund a worldwide market study on adoption rate and market potential.”