Summary – A new market study, “Livestock Monitoring Market, by Component (Services, Software, Hardware), Livestock Type (Cattle, Equine, Swine, Poultry, Swine), Application, and By Geography (NA, EU, APAC, LATAM and MEA) – Analysis, Share, Trends, Size, & Forecast From 2020 – 2026” has been featured on WiseGuyReports.
Livestock monitoring market was valued at USD 1.48 billion by 2019, growing with 9.6% CAGR during the forecast period, 2020-2026
The growing adoption of AI and IoT by dairy farmers, rising focus on livestock monitoring and detection of disease, and considerable cost-saving with livestock monitoring management are the major factors driving the growth of global livestock monitoring market. As per USDA (The U.S. Department of Labor), it is estimated that the employment of dairy farm workers will decrease by 6% by 2024. The governments of various countries are investing immensely to mitigate these mounting challenges and enhance productivity in the livestock industry.
In addition, the increasing population of cattle with growing dairy farms and the rising adoption of livestock monitoring technology in the emerging economies will create lucrative opportunities in the global industry during the forecast period. However, the lack of trained professionals and accelerated climate change is predicted to restrict market growth in the coming years.
The software component segment is estimated to grow at the highest growth rate during the period of forecast. This segment is further categorized into on-premise and on-cloud components. The use of software allows the use of storage, recording, analysis retrieval, and dissemination of information regarding a large number of cattle. The software systems increase the production efficacy of livestock and also enables better management of resources. On the other hand, the hardware component segment held the largest market size in 2018 owing to the growing adoption of hardware devices such as GPS technology, smart cameras, sensors, and RFID on the livestock farms.
Livestock Type Takeaway
The cattle livestock type segment dominated the worldwide livestock monitoring market in 2018 and is expected to continue its dominance throughout the forecast. This is mainly due to the increasing population of cattle and growth in adoption of livestock monitoring technology. In addition, the developing economies such have a huge number of cattle, which will propel the segmental market growth during the estimated period.
The feeding management segmented to grow at the highest CAGR by 2030 owing to the rising availability of innovative feeding technologies such as dry feeding systems and liquid feeding systems. This segment is projected to dominate the global livestock monitoring industry in terms of size throughout the forecast. On the other hand, the milk harvesting management segment is the largest adopter of monitoring solutions. The increasing demand for dairy products, need to bring efficacy to production, rising focus of farmers regarding increasing milk yield, and growing preference for automated milk harvesting systems are some of the factors expected to boost the segmental market growth during the forecast period.
The Asia Pacific market for livestock monitoring is estimated to grow at the highest CAGR in the projected timeframe. The population growth in the developing economies of this region is increasing pressure on the suppliers of livestock products in order to become more productive and efficient. This is ultimately pushing the livestock monitoring solutions’ sales upward. In addition, the growing penetration of IoT in the application of animal monitoring is also expected to boost the regional market in the coming years.
Key Vendors Takeaway
The prominent players functioning in the global livestock monitoring market include GEA Farm Technologies, Afimilk Ltd., DeLaval, BouMatic, LLC, Dairymaster Ltd., Antelliq Corporation, Lely International NV, Fullwood Packo Ltd., Fancom BV, and Nedap NV.
The market size and forecast for each segment and sub-segments has been considered as below:
- Historical Year – 2015 to 2018
- Base Year – 2019
- Estimated Year – 2020
- Projected Year – 2026
Traders, Distributors, and Suppliers
Government and Regional Agencies
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL LIVESTOCK MONITORING MARKET, BY COMPONENT
o Global Positioning System (GPS)
o RFID Tags & Readers
o Managed Service
o Maintenance & Support
o Integration & Deployment
GLOBAL LIVESTOCK MONITORING MARKET, BY LIVESTOCK TYPE
GLOBAL LIVESTOCK MONITORING MARKET, BY APPLICATION
Milk Harvesting Management
Heat Stress Management
Animal Comfort Management
Behavior Monitoring & Control
GLOBAL LIVESTOCK MONITORING MARKET, BY REGION
o The U.S.
o United Kingdom
o Rest of Europe
o South Korea
o Rest of APAC
o Rest of LATAM
Middle East and Africa
o Saudi Arabia
o United Arab Emirates
o Rest of MEA
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