Livestock Identification Market worth $2.3 Billion by 2026 - Exclusive Report by MarketsandMarkets™

CHICAGO, Jan. 6, 2022 /PRNewswire/ -- According to the new research report the "Livestock Identification Market with COVID-19 Impact Analysis by Offering (Hardware, Software, Services), Species (Cattle, Poultry, Swine), Technology, Device Lifecycle (Short Period, Long Period), Geography - Global Forecast to 2026", published by MarketsandMarkets™, the market size was valued at USD 1.4 billion in 2021 and is projected to reach USD 2.3 billion by 2026. It is expected to grow at a CAGR of 9.8% during the forecast period. Rapid adoption of IoT- and AI-enabled devices for effective management of livestock, elevated demand for automation in livestock farming, and increased focus of farmers on real-time identification and monitoring of livestock are the major factors driving the livestock identification market growth.

Ask for PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=132736040

"Software offering to witness a higher CAGR during the forecast period."

The market for the software segment is expected to grow at the highest CAGR during the forecast period. Technological advancements in software used in livestock identification and management systems and rapid innovations in services are the key factors driving the market over the past few years. There is a growing demand for data analytics and maintenance and support services by livestock owners with rapid advances in livestock farming technologies. Moreover, the use of software enables recording, storage, retrieval, analysis, and dissemination of information about a large number of cattle. These software systems also enable better management of resources and increase the production efficiency of livestock.

"Cattle species segment to account for the largest share during the forecast period."

The adoption rate of livestock identification equipment is high in cattle farms. Hardware devices are used for multiple applications, such as location tracking, behavior monitoring and control, and health monitoring. Due to the presence of many animals in cattle farms, farm owners can achieve economies of scale, which, in turn, makes the installation of identification systems cost-efficient. Moreover, the prices of the livestock identification systems have decreased over the years with the increasing number of manufacturers of such systems. Moreover, the market for livestock identification and tracking systems could show a high growth rate during the forecast period as these systems are extensively used in cattle farms.

Browse in-depth TOC on "Livestock Identification Market"
153 – Tables
43 – Figures
193 – Pages

Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=132736040

APAC to witness a higher CAGR during the forecast period.

The region is expected to be the fastest-growing market for livestock identification systems during the forecast period. Rapid population growth in developing countries of the region is exerting pressure on the suppliers of livestock products to become more efficient and productive, thereby pushing the sales of livestock farming solutions. The rising penetration of IoT-enabled livestock identification systems in animal monitoring applications also boosts the growth of this market. Factors driving the adoption of precision livestock farming in APAC include the rising demand for livestock-related food products, intensifying need to improve yields with limited resources, and the increasing requirement to protect cattle from unexpected climatic changes.

The key players in the livestock identification market are Allflex (US), Datamars (Switzerland), Nedap (Netherlands), Leader Products (Australia), CAISLEY International GmbH (Germany), Livestock Improvement Corporation (New Zealand), Kupsan Tag Company (Turkey), MS Schippers (Netherlands), Shearwell Data (UK) and Luoyang Laipson Information Technology CO., Ltd (China).

Related Reports:

Precision Livestock Farming Market with COVID-19 Impact Analysis by System Type, Application (Milk Harvesting, Feeding, Health), Offering (Hardware, Software, Services), Farm Type (Dairy, Swine, Poultry), Farm Size, and Geography - Global Forecast to 2025

Livestock Monitoring Market with COVID-19 Impact Analysis by Offering, Livestock Type, Application (Milk Harvesting, Feeding, Breeding, Behavior Monitoring & Control), Farm Size, Application, Geography - Global Forecast to 2026

About MarketsandMarkets™ 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/livestock-identification-market.asphttps://www.marketsandmarkets.com/ResearchInsight/precision-guided-munition-market.asp
Visit Our Web Site: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/livestock-identification.asp

SOURCE MarketsandMarkets