What are the trends prevalent in the livestock monitoring market?
According to the new research report, "Livestock
Monitoring Market by Offering (Hardware, Software, and Services), Livestock
Type (Cattle, Poultry, Swine, Equine), Application (Milk Harvesting, Feeding,
Breeding, Behavior Monitoring & Control), Farm Type, Geography - Global
Forecast to 2025" is expected to grow from USD 1.5 billion in 2020 to
USD 2.5 billion by 2025, at a CAGR of 10.9%. The growing focus on livestock
monitoring and disease detection, increasing adoption of IoT and AI by dairy
farmers, and substantial cost-saving associated with livestock monitoring
management are driving the growth of this market. The growing population of
cattle with rising dairy farms and growing adoption of livestock monitoring
technology in developing countries provide major opportunities for the growth
of the livestock monitoring market.
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Software component to witness the highest CAGR during
2020–2025
The livestock monitoring market for software components is
broadly classified into on cloud, on-premise, and AI and data analytics. The
use of software enables the recording, storage, retrieval, analysis, and dissemination
of information about a large number of cattle. These software systems also
enable better management of resources and increase the production efficiency of
livestock.
Feeding Management expected to exhibit the highest
CAGR in the Livestock monitoring market from 2020 to 2025
The Livestock Monitoring market for the feeding management
application is expected to grow at the highest CAGR from 2020 to 2025. The
feeding management application is expected to continue to dominate the
livestock monitoring market, in terms of size and growth rate, during the
forecast period. This high growth is predominantly driven by the increasing
availability of innovative feeding technologies such as liquid feeding systems
and dry feeding systems.
Growing population of dairy farms and population
expansion boost demand for livestock monitoring in APAC during the forecast
period
The Livestock monitoring market in APAC is expected to grow
at the highest CAGR during the forecast period. The population expansion
in the region’s developing countries is mounting pressure on the suppliers of
livestock products to become more efficient and productive, thus pushing the
sales of livestock monitoring solutions upward. The rising penetration of IoT
in the animal monitoring application also boosts the growth of this market.
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