Livestock Monitoring Market to Reach USD 1006.7 Million by 2028 at a CAGR of 10.2% | Valuates Reports

The Livestock Monitoring Market is Segmented by Type (Hardware, Software, Services), by Application (Milk Harvesting, Feeding Management, Breeding Management, Behavior Monitoring & Control): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Livestock Category.

Due to the COVID-19 pandemic, the global Livestock Monitoring market size is estimated to be worth USD 562.1 Million in 2022 and is forecast to be a readjusted size of USD 1006.7 Million by 2028 with a CAGR of 10.2% during the review period.

Major factors driving the growth of the Livestock Monitoring market :

Some of the major factors driving the Livestock Monitoring market growth include a growing focus on real-time monitoring and early disease detection, growing adoption of IoT and AI for livestock monitoring, the covid-19 outbreak, rising demand for meat globally, and cost savings achieved through the adoption of livestock monitoring solutions

TRENDS INFLUENCING THE GROWTH OF LIVESTOCK MONITORING MARKET

Due to the rapid rise in the global population, the number of dairies, poultry, and swine farms has increased significantly in recent years to meet the growing demand for meat and dairy products. The ever-increasing number of dairy cattle to meet the global demand for dairy products such as butter, cheese, curd, and yogurt is largely to blame for the rising demand for livestock monitoring solutions. Similarly, increased meat consumption has resulted to the growth. As the size of a dairy farm's herd grows, manually identifying and monitoring the herd becomes more difficult. As a result, the growing size of livestock farms provides opportunities for the livestock monitoring market to expand.

Farmers can detect diseases in animals at an early stage and take appropriate action by using livestock monitoring. This factor is expected to fuel the livestock monitoring market growth. The cost of livestock monitoring can be reduced by using advanced sensing technologies. These technologies not only assist farmers in collecting real-time data on animal health and behavior, such as feeding habits, food, and water quality, biosecurity, and hygiene levels, but also in accurately identifying, tracking, and tracking the animals.

The recent COVID-19 outbreak is expected to have a positive impact on the livestock monitoring market. The highly contagious coronavirus is having an economic impact and implications across a wide range of industries, including animal health. Veterinary visits have been suspended or delayed due to the nationwide lockdown and social distancing, which is expected to increase the demand for livestock monitoring 

LIVESTOCK MONITORING MARKET SHARE ANALYSIS:

Based on type, the software segment is expected to be the most lucrative. The software segment consists of a bundled collection of multiple applications for livestock monitoring. The user interfaces, functions, and features of these applications are all related. Software is being used by a number of companies to make livestock data collection easier.

Based on application, the milk harvesting segment is expected to be the most lucrative. Manual milking is time-consuming and slow on a dairy farm. As a result, IoT addressed this issue more effectively by implementing auto milking, lowering costs, and reducing the need for manpower. During unfavorable temperatures, milk has a high chance of spoiling, but auto milking preserves the milk by using various intelligent cooling tanks.