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The livestock monitoring system is primarily used to monitor all transactions related to the animals and product including milk and milk products. It is a smart farming method which involves monitoring all kind of diseases related to the animals, milk and meat consumption and medicinal cost associated with the animals. It is used for the detection of the issues that are critical in preventing the loss associated with the livestock.
The farmers are incurring huge loss on the account of the animal illness. Thus, increasing need for the IoT enabled livestock management is expected to increase in the upcoming future. The livestock monitoring system improves the overall profit related to management of the livestock.
The increasing growth in the livestock monitoring system can be attributed to the rising technological development in the field of livestock management. Additionally, growth in the livestock management is also supported by the enhanced government policies which is elevating the different methods of the farming. The growing size of the livestock is also a reason for the increasing demand for the better technology management.
Livestock monitoring system market is anticipated to record a CAGR of 18.2% over the forecast period. It is anticipated to reach the total market size of the USD 13.3 billion by 2027. The market can be segmented on the basis of component, application and animal type. On the basis of component it is sub-segmented into hardware, software and services. The software is anticipated to be the fastest growing sub-segment during the forecast period. The increasing penetration of the various technologies including cloud based services is anticipated to be the major reason for the growth of the sub-segment during the forecast period. On the basis of application, it is sub-segmented into feeding management, animal comfort management and behavior monitoring and control. On the basis of animal type, it is sub-segmented into cattle, swine, sheep & goat, poultry and others.
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The growing demand for the livestock monitoring system can be attributed to the increasing profits concern among the farmers. The large population of the livestock can be easily managed with the help of the livestock monitoring system. For instance, the total number of the sheep throughout the world was 1.16 billion in 2015 which grew to 1.17 billion in 2016. Thus, increasing number of sheep across the globe is anticipated to be major driver for the overall market during the forecast period.
The growing technological development such as IoT and cloud is anticipated to be the major growth driver for the overall market during the forecast period. The increasing penetration of the IoT enabled services is enhancing the production rate and reduces the labor cost associated with the farming. Additionally, the increasing application of the cloud based software is also major reason for the rising application of the livestock monitoring systems. This in turn is anticipated to boost the growth of the overall livestock monitoring market during the forecast period.
The incapability of farmer towards huge capital investment is expected to restrain the growth of market during the forecast period.
Our-in depth analysis of the global livestock monitoring system market includes the following segments:
On the basis of regional analysis, global livestock monitoring system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America is anticipated to be the leading region for the overall livestock monitoring system market during the forecast period. The increasing innovation in the field of livestock management system coupled with the rising demand for the reduction of the overall cost associated with the cattle rearing is anticipated to boost the growth of the overall market during the forecast period. Asia-Pacific is anticipated to showcase robust growth in the global livestock monitoring system market on the account of the increasing number of cattle and buffaloes. For instance, India has highest number of cattle and buffaloes which accounted 298 million in 2016.
Global livestock monitoring system market is further classified on the basis of region as follows:
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