Livestock Monitoring Market Size, Share & Trends Analysis Report By Animal Type (Cattle, Poultry), By Component (Hardware, Software), By Application, By Region, And Segment Forecasts, 2021 - 2028
New York, Aug. 18, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Livestock Monitoring Market Size, Share & Trends Analysis Report By Animal Type, By Component, By Application, By Region And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06129573/?utm_source=GNW
Livestock Monitoring Market Growth & Trends
The global livestock monitoring market size is expected to reach USD 13.50 billion by 2028. It is expected to expand at a CAGR of 16.56% from 2021 to 2028. An increase in the population of livestock animals, coupled with the farmer’s focus on increasing yield and productivity, is the key contributor to the market growth.
The key advantages of livestock monitoring such as milk harvesting, feeding management, animal health monitoring, and behavior monitoring are anticipated to drive the market.Furthermore, there is an increase in the adoption of internet of things (IoT) and artificial intelligence (AI) by livestock farmers.
This is due to an increase in internet penetration and widespread technological advancement.
There is an increased demand for animal products and thus several countries are focusing on livestock rearing.This has led to an increase in the livestock population.
In addition, a prevalence of zoonotic diseases is fueling the growth of the market.This is because these disease outbreaks in the livestock can be major socioeconomic threats, resulting in production loss and disruption of local markets, rural economy, and international trade.
Factors like these are expected to encourage the adoption of livestock monitoring systems among livestock owners.
The COVID-19 pandemic has triggered an unexpected crisis in the general agricultural processing industries and the processing of dairy products.The onset of the pandemic has caused tremendous economic losses to the beef, pork, poultry, and dairy industries worldwide.
As the COVID-19 virus spread across the globe, several industries evaluated its impact on their businesses.Given the increased demand for goods as consumers stocked up for possible quarantines or restricted their visits to the grocery stores, companies faced challenges to cope with the increasing demand and protect the supply chain.
However, with the improving situations, the market is expected to witness growth in the coming years.
Industry players are involved in strategies including mergers & acquisitions, collaborative agreements, and geographic expansion to gain an edge over the competition.For instance, in February 2021, Fancom announced an enhanced version of the light control for Lumina 38H and 36/38 poultry computers.
In another instance, in February 2021, MSD Animal Health announced the acquisition of PrognostiX Poultry Limited, a provider of health and environmental monitoring solutions for the poultry business, which expanded its product portfolio.
Livestock Monitoring Market Report Highlights
• The cattle animal type segment held the largest share of over 45.0% in 2020 owing to the rising demand for beef and dairy products
• The software component segment is expected to witness the fastest growth over the forecast period. This is because the software has promoted interoperability between different data management systems and ultimately added value for customers
• The feeding management application segment accounted for the largest revenue share of more than 27.0% in 2020. This can be attributed to the high demand for feeding management to monitor the food intake of the animal
• North America dominated the market with a revenue share of over 31.0% in 2020 due to the presence of well-established companies and technologically advanced infrastructure
• Asia Pacific is anticipated to witness the fastest growth over the forecast period owing to the presence of the high potential and rapidly growing economies, including India, Japan, and China, in this region
Read the full report: https://www.reportlinker.com/p06129573/?utm_source=GNW
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