Livestock Monitoring Market Forecast: Software and IoT Lead Market to 2030

The livestock monitoring market is expected to grow at a compound annual growth rate (CAGR) of 12.1%, reaching $3.6 billion by 2030, as per the latest report by Meticulous Research®. The demand for livestock monitoring systems is rising due to factors like early disease detection and the growth of dairy, poultry, and swine farming. Moreover, the adoption of IoT and AI in these systems is creating lucrative growth opportunities. Despite the optimistic outlook, the high costs and lack of technological awareness among farmers may restrain market expansion.

The market is analyzed across various segments, including offering, animal type, deployment mode, application, and technology, providing a detailed understanding of the industry.

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Offering Segmentation

The livestock monitoring market is segmented into hardware, software, and services. The software segment is expected to dominate the market in 2024 due to the rising use of data collected through RFID tags, sensors, and surveillance devices. These software solutions help farmers monitor livestock health, manage herds in remote areas, and reduce instances of livestock theft by providing real-time updates.

Animal Type Segmentation

In terms of animal type, the market is categorized into cattle, poultry, swine, equine, and other animals. Cattle are expected to account for the largest share in 2024, driven by the increasing consumption of dairy products globally. According to the OECD, the world’s per capita consumption of fresh dairy products is forecast to increase by 1% annually. Additionally, the need to ensure the safety and quality of dairy products is driving the adoption of monitoring solutions in cattle farming. However, the poultry segment is projected to experience the highest CAGR during the forecast period.

Deployment Mode Segmentation

Deployment modes include on-premise and cloud-based solutions. In 2024, the on-premise segment is expected to capture the largest market share, thanks to the preference for secure, on-site solutions among large enterprises. These solutions allow for greater control over data security and benefit from the presence of skilled IT professionals. However, cloud-based systems are gaining traction due to their flexibility and scalability, and are projected to grow at the highest rate during the forecast period.

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Application Segmentation

Livestock monitoring systems are used for various applications, including milk harvesting, feeding management, breeding management, animal health monitoring, and behavior tracking. Feeding management is expected to hold the largest market share in 2024 as livestock require continuous access to food and water. Proper feeding and clean living conditions are essential to ensuring animal health and reducing disease transmission. Nonetheless, the milk harvesting segment is forecasted to register the highest growth during the forecast period.

Technology Segmentation

Technological advancements are playing a significant role in livestock monitoring, with IoT, artificial intelligence, big data analytics, and GPS being the main technologies in use. In 2024, IoT technology is projected to dominate the market due to its ability to provide real-time health monitoring, track livestock movement, and optimize breeding practices. The IoT segment is expected to record the highest growth rate over the forecast period.

Regional Outlook

Geographically, North America is anticipated to hold the largest share of the livestock monitoring market in 2024, mainly driven by the region’s high meat consumption. According to the OECD, North America is expected to consume 48,602 kilotons of meat by 2030, with the U.S. leading in demand. Furthermore, the U.S. is the world’s largest producer of broiler chicken, producing 20.4 million metric tons in 2021. The increasing prevalence of zoonotic diseases is also driving the adoption of livestock monitoring technologies in this region. Asia-Pacific, however, is projected to record the highest CAGR during the forecast period.

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Key Competitors

Key players in the livestock monitoring market include GEA Group Aktiengesellschaft (Germany), Afimilk Ltd. (Israel), DeLaval (Sweden), Sensaphone (U.S.), BouMatic (U.S.), DAIRYMASTER (Ireland), Lely (Netherlands), Fancom BV (Netherlands), Fullwood JOZ Ltd (U.K.), Communications Group Lethbridge (Canada), Merck & Co., Inc. (U.S.), HID Global Corporation (U.S.), Hokofarm Group (Netherlands), Nedap Livestock Management (Netherlands), ENGS Systems (Israel), CowManager B.V. (Netherlands), HerdInsights (Ireland), and Zoetis Inc. (U.S.).

These players are heavily investing in innovative solutions to meet the growing demand for efficient livestock management systems.

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Article source: https://article-realm.com/article/Business/68076-Livestock-Monitoring-Market-Forecast-Software-and-IoT-Lead-Market-to-2030.html