The overall livestock monitoring market is expected to grow from US$1.4bn in 2021 to US$2.3bn by 2026; it is expected to grow at a CAGR of 10.4% during 2021-2026, according to a report by ResearchAndMarkets
Key factors fuelling this market’s growth include livestock monitoring and disease detection; increasing adoption of IoT and AI by dairy farmers; and substantial cost-saving associated with the livestock monitoring management industry.
The growing population of cattle with increasing dairy farms and increasing adoption of livestock monitoring technology in developing countries create a strong demand for livestock monitoring amid COVID-19.
However, the high technological cost and limited technical knowledge and skills of farmers restrain the market growth.
“Behaviour monitoring and control application to hold the largest share of livestock monitoring market by 2026,” the report stated.
The livestock monitoring market for behaviour monitoring and control application is expected to hold the largest share during the forecast period, mainly due to the increasing adoption of hardware devices such as sensors, RFID tags and readers, and livestock RFID active collars for early detection of disease in livestock, management of the herd, and identification and tracking of livestock.
Increasing awareness among owners regarding livestock monitoring technology along with the increasing popularity of software solutions for animal behaviour and health monitoring is fuelling the market for this application.
Europe to be the largest market for livestock monitoring by 2026
Europe is expected to hold the largest share of the livestock monitoring market during the forecast period. Europe is expected to offer a huge platform for the potential growth of the livestock monitoring market. The already existing infrastructure of modern telecommunication offers great potential for the growth of the livestock monitoring market in Europe.
For more information about this report visit https://www.researchandmarkets.com/r/utmvzs