The livestock monitoring market is anticipated to witness growth over the forecast period. The steady increase in the prevalence of zoonotic diseases amongst livestock, size, and a number of dairy farms and widespread technological advancement are some of the major drivers for the market.
On the basis of components, the livestock monitoring system market is segmented by hardware and software. The hardware devices inclusive of sensors, GPS, smart cameras, and others held a dominant market share as of 2019. Hardware sensors enable farmers to keep a check on the blood pressure, pulse rate, rate of respiration, temperature, and other functions of the animals. Moreover, GPS technology-enabled devices and the cameras help the farmer to track and locate the animals. Thus, the rising adoption of hardware is anticipated to fuel the growth of the livestock monitoring market over the forecast period.
On the other hand, the software provides real-time health and safety data for the livestock allowing the farmer to secure and protect the animals. Additionally, the IoT sensors help to track sick animals and optimize the grazing patterns. The increased usage of cloud-based services has made the devices more efficient and user friendly. These devices help battle labor shortages thereby increasing the profitability and thus will boost the livestock monitoring market.
On the basis of application, the market is segmented into milk harvesting, breeding, and behavior monitoring. Milk harvesting is the primary application of the livestock monitoring system. Factors like increasing milk yield, rate of dairy products, and automated systems for harvesting milk are adding growth to this application. Breeding the livestock at the appropriate time rises production efficiency and increases successful outcomes. These uses have triggered the farmers to purchase more of such devices for livestock.
On the basis of region, the North America livestock monitoring system market is expected to lead the market over the forecast period, owing to the adoption of technologically advanced tools and high demand to reduce the cost associated with livestock rearing.
Due to the increase in the number of livestock and rising pressure on the livestock suppliers, the Asia-Pacific region is also expected to register significant growth in the livestock monitoring market.
Some of the major players in the livestock monitoring market are DeLaval Inc., GEA Group Aktiengesellschaft, Afimilk Ltd., Sensaphone, BouMatic, Antelliq, Dairymaster Ltd., Fancom, Lely, Fullwood Packo. Strategies such as product development, collaborations, agreements, acquisitions, and new product launches are adopted by these players to gain a competitive edge in the industry. For instance, DeLaval has launched DeLaval VMS V310 a milking equipment.
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