Artificial Intelligence is fastest growing segment fueling the growth of Livestock Monitoring Market

 

The global Livestock Monitoring Market is estimated to be valued at US$ 6.13 Bn in 2023 and is expected to exhibit a CAGR of 17. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Livestock monitoring helps farmers to keep track of location, temperature, humidity, and other health parameters of livestock such as cattle, poultry using devices such as sensors and tags. It provides real-time monitoring that helps improve animal welfare and farm operations through early disease detection.

Market key trends:

One of the major trends in the Global Livestock Monitoring Market Size is the increasing adoption of artificial intelligence (AI). AI is helping improve livestock monitoring in different ways. AI-based image recognition technology is being used for automatic cattle identification, health monitoring, and behavior analysis. AI algorithms also help farmers to draw meaningful insights from large datasets collected through IoT devices for better herd management and optimization of farm operations. AI promises to make livestock monitoring smarter, cost-effective and help farmers boost production.

Segment Analysis

The global livestock monitoring market is segmented into livestock type, application type, and geography. By livestock type, the market is divided into cattle, poultry, swine, equine and others. Among these, the cattle segment dominated the market in 2020 due to rising adoption of livestock monitoring solutions among cattle breeders. Cattle monitoring solutions help farmers and breeders to keep track of the herd's health and productivity.

Key Takeaways

The global livestock monitoring market is expected to witness high growth, exhibiting CAGR of 17% over the forecast period, due to increasing focus of farmers and breeders on animal health and productivity monitoring.

Regional analysis

North America dominated the global livestock monitoring market in 2020 and is expected to continue its dominance over the forecast period. This is attributed to the increasing adoption of advanced livestock monitoring solutions among cattle and poultry breeders in the US and Canada. Europe is projected to be the fastest growing market owing rising beef production and growing dairy industry in countries like Germany, France and UK.

Key players
Key players operating in the livestock monitoring market are DeLaval Inc., Fancom BV, GEA Group Aktiengesellschaft, MSD Animal Health, Afimilk Ltd., BouMatic, and Sensaphone. DeLaval Inc. is the leading player in the global livestock monitoring market due to its comprehensive product portfolio for cattle, swine, poultry and small ruminants livestock monitoring. The livestock monitoring market is highly consolidated with top players accounting for more than 50% of the market share.

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