The Global Livestock Monitoring Market accounted for US$ 1,654 Mn in 2021 and is expected to reach US$ 4,341 Mn by 2030 with a considerable CAGR of 11.7% during the forecast timeframe of 2022 to 2030.

Livestock management, also known as livestock monitoring or precision livestock farming, tracks and monitors the health of livestock, most commonly cattle, using IoT-enabled devices. Due to the increasing size of the livestock industry, it is critical to keep track of farm animals and other livestock. A livestock monitoring system is a revolutionary solution that was designed and built with sensors, GPS, and other tools and techniques, as well as integrating all of these with a network protocol for information exchange. This monitoring system enables farmers to keep a closer eye on their farm animals from a distance. Moreover, new technological advancements, on the other hand, play a critical role in assisting in the improvement of agricultural product quality and effectiveness. With the growing use of AI and IoT in livestock monitoring management, farmers can improve livestock health through remote monitoring and data-driven decision-making. Furthermore, such a system can assist farmers in monitoring their animals' overall health, such as feeding behavior, reproduction, and hygiene.

Drivers

·         Increasing focus on real-time monitoring and early detection of diseases

·         Growing Implementation and development of AI and IoT

·         Rising incidence of zoonotic diseases

Restraints

·         High cost of livestock monitoring systems

·         Concerns about the environment associated with livestock farming

Opportunity

·         The growing number of dairy, poultry, and swine farms

·         Implementation of animal disease traceability programs

Livestock Monitoring Market Dynamics

One of the major factors driving the market growth is an increase in the number of cases of chronic disease and disorders in animals. Another factor driving market expansion is the increasing pressure to meet global food demand. Demand for animal products such as meat, milk, and other dairy products are expected to rise until 2030. Increased use of cutting-edge technology-based farming solutions, technological developments and introduction of innovative instruments, the unpredictability of climate change, and genetic factors will all contribute to lucrative market growth opportunities. In addition, high capital investment combined with a fragmented agriculture industry, an inability to determine hygienic conditions, and a lack of a favorable reimbursement scenario in developing and underdeveloped economies will pose additional challenges for the market. Furthermore, the lack of strong network infrastructure in remote communities, as well as a lack of standardization for data processing and data aggregation, will stymie market growth.

Market Segmentation

Market by Animal Type

·         Cattle

·         Poultry

·         Equine

·         Swine

·         Others

In terms of animal type, the cattle segment held the largest market share in 2021. Increases in the consumption of dairy-based products, as well as an increase in the non-vegetarian population, are expected to drive market segment growth. Furthermore, dairy cattle farms and long-term milk production depend heavily on animal health and welfare. However, these monitoring systems eliminate the uncertainty and inconsistency of evaluating each cow's reproductive, nutrition, health, and well-being condition with sophisticated surveillance capabilities, lifetime cow history tracking, and rich data analysis capabilities. It also enables early and proactive intervention to mitigate the impact of incidents that keep cows from reaching their biological yield potential.

Market by Component

·         Hardware

o   GPS

o   Sensors

o   Others

·         Software

o   On Premise

o   On Cloud

·         Services

o   Maintenance & Support

o   Integration & Deployment

o   Others

In terms of components, the hardware segment will have the largest market share in 2021. This increasing share can be attributed to hardware producers' increasing attention to livestock monitoring systems. The hardware segment is further subcategorized into sensors, GPS, and other devices. The increasing adoption of livestock monitoring systems, particularly on large farms, is expected to increase global hardware component consumption. Hardware component development and technological advancements are two segmental factors that have contributed to such growth. Other factors driving the growth of the hardware segment include an increase in the average livestock size and the number of livestock farms worldwide, advancements in related technologies, and the need to save money.

Market by Application

·         Milk Harvesting

·         Feeding Management

·         Breeding Management

·         Animal Health Monitoring & Comfort

·         Behavior Monitoring

·         Heat Stress

·         Others

Based on the application, the feed management segment is expected to grow significantly during the forecast period. The growing importance of livestock health and feed conversion efficiency can be attributed to this expansion. Like humans, livestock animals require a well-balanced diet that includes all of the necessary nutrients, minerals, fluids, and vitamins. Proper nutrition gives animals the energy they need to develop, grow, and reproduce, as well as the immunity need to boost the immune system. As a result, the popularity of a feed management system in cattle and other farms is increasing. Furthermore, advanced feeding management solutions help with diet formulation and regular updating to ensure adequate nutrient supply while avoiding overfeeding and fluctuations in dairy production.

Livestock Monitoring Market Regional Overview