Increasing Population of Livestock
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.
Widespread Technological Advancement
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.
High Capital Investment
The incapability of farmer towards huge capital investment is expected to restrain the growth of market during the forecast period.
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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Our-in depth analysis of the global livestock monitoring system market includes the following segments:
By Animal Type:
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:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.