The global Livestock Monitoring Market is presently valued at USD 1.6 billion and is poised to amplify at a CAGR of 11.0%, thereby amassing a valuation of USD 3.7 billion by end of the assessment timeframe.
Livestock monitoring refers to a system predominantly used to assist farmers in monitoring the activity and health of their livestock. This solution encompasses advanced technological equipment such as GPS, sensors, and surveillance cameras which are interconnected with a specific protocol for the establishment of an efficient communication bridge.
What are the major growth determinants and restraints of the industry?
Rise in cattle population across the globe, technological advancements in the field, and growing trends of livestock farming are primarily augmenting the outlook of this industry sphere.
Furthermore, surging prevalence of animal disease outbreaks has escalated the demand for health monitoring solutions worldwide. Alongside, favorable government initiatives to promote animal traceability programs is adding momentum to the overall market development.
Also, the growing adoption of IoT and AI technologies by dairy farmers along with the elevating demand for animal based products are positively swaying the dynamics of this business vertical. Besides, rising R&D investments in the field and increasing cognizance about genetic breeding, animal nutrition, and animal health are creating an upward trend in the market growth.
Moreover, the COVID-19 pandemic had a positive impact on the progression of global livestock monitoring market. The surging infection rates in human beings also raised concerns regarding the vulnerability of animals towards COVID-19. This in turn increased the adoption of animal health monitoring systems among livestock farmers, thereby fueling overall industry expansion.
On the contrary, high costs pertaining to the installation of these systems is hampering the remuneration scope of this market vertical.
The evolution in sensor technology has authorized farmers to detect diseases in animals at the earliest and take necessary precautions and actions. Adopting advanced sensing technologies lessen the cost incurred for livestock monitoring. These technologies not only help farmers in collecting real-time data related to animals’ health and general behaviour, including their feeding behaviour, food and water quality, biosecurity, hygiene levels, etc., but also help in identifying and tracking the animals’ location accurately. For instance, rumination monitoring systems help curb mastitis and ketosis in animals, while heat detection systems enable timely identification and isolation of animals with diseases. The availability of sensors and smart tags at optimum prices has led to a surge in demand for advanced monitoring systems for livestock.Global Warming And Other Environmental Concerns
Livestock farming has a he environmental footprint and has the potential to disapprovingly impact the environment. Livestock farming contributes to about 14 to 15% of the man-made greenhouse gas emissions that are causing the global warming. Animal manure can notably wreck the nitrogen cycle or contaminate waterways. It contributes to land and water contamination, biodiversity loss, acid rain, coral reef degeneration, and deforestation. The livestock sector already uses about 10% of the global agricultural land and 8% of the total available freshwater. It is also majorly responsible for deforestation and biodiversity loss and contributes to 15% of global CO2 emissions.
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Segmental assessment of the market
On the basis of component
- Hardware
- Software
- Services
The hardware segment is slated to amass notable gains over the forecast period. This is ascribed to the rising consumption of meat and dairy products across the world.
Based on end-use
- beef farm
- deer farm
- goat pig farm
- sheep farm
- dairy farm
The dairy farm segment is expected to garner significant returns over the estimated timeline owing to the adoption of innovative technologies by farmers to enhance milk production.
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Expounding the geographical ambit and competitive intelligence of global livestock monitoring market
North America, Middle East & Africa, Europe, Latin America, and Asia Pacific are the major regions constituting the geographical gamut of this business vertical. Among these, North America is projected to capture a substantial revenue share over 2022-2030 attributable to widespread technological advancements, rising demand for animal products, and growing agricultural and animal rearing expenditure in nations like the U.S.
The prominent players operating in the marketplace are DeLaval, Telit, Cattle Care Inc., Cattle Eye Ltd., dol-sensors A/S, Afimilk Ltd., Jaguza Farm, HerdX, Nedap Livestock Management, Nedap N.V., Fancom BV, Valley Agricultural Software, Cainthus, BouMatic, ENGS Systems, CowManager B.V., Astrocast, Connecterra B.V., Merck Animal Health, Rancheyes, Infosys Limited, Keymakr Inc., Bou Matic LLC, Onsight247.com, Luda.farm, Dairymaster, HerdInsights, Zoetis and Others.
Notably, in Februrary 2021 MSD Animal Health announced to have acquired PrognostiX Poultry Limited to amplify its product offerings.
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