CHICAGO, March 29, 2021 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets™, the market is expected to grow from USD 1.4 billion in 2021 to USD 2.3 billion by 2026; it is expected to grow at a CAGR of 10.4% during 2021–2026. Key factors fueling this markets growth include livestock monitoring and disease detection; increasing adoption of IoT and AI by dairy farmers; and substantial cost-saving associated with livestock monitoring management industry. 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 in the midst of COVID-19.
Software component to witness highest CAGR during 2021–2026
The livestock monitoring market for software components is broadly classified into on cloud, on premise, and AI and data analytics. Technological advancements in software used in livestock monitoring management systems as well as modernization in services provided are the major factors propelling the livestock monitoring market growth. Major advantages offered by livestock monitoring software are optimized performance, efficient time management, and ease of access.
Feeding Management expected to exhibit highest CAGR in Livestock monitoring market from 2021 to 2026
The Livestock monitoring market for the feeding management application is expected to grow at the highest CAGR from 2021 to 2026. The feeding management application is expected to continue to dominate the livestock monitoring market, in terms of size and growth rate, during the forecast period. This high growth is predominantly driven by the increasing availability of liquid feeding systems and dry feeding systems.
Livestock Monitoring market in APAC to grow at the highest CAGR during the forecast period
The Livestock monitoring market in APAC is expected to grow at the highest CAGR during the forecast period. Rising awareness among owners regarding livestock monitoring technology and efficient interpretation of data offered by software platforms and mobile applications are estimated to fuel the demand for livestock monitoring devices in the APAC region. Moreover, rapid population growth in the developing countries of the region is exerting pressure on the suppliers of livestock products to become more efficient and productive, thus pushing the sales of livestock monitoring solutions.
Key players in the livestock monitoring market are GEA Farm Technologies (Germany), DeLaval (Sweden), Afimilk Ltd. (Israel), BouMatic, LLC (US), Merck Animal Health (US), Dairymaster Ltd. (Ireland), Lely International NV (Netherlands), Fancom BV (Netherlands), Fullwood Packo Ltd. (UK), and Nedap NV (Netherlands). These players are increasingly adopting growth strategies such as product launches and developments, partnerships, collaborations, agreements, and acquisitions to develop and introduce new technologies and products in the market.
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
Agriculture IoT Market by Offering (Hardware, Software, & Services), Application (Precision Farming, Precision Forestry, Livestock Monitoring, Fish Farm Monitoring and Smart Greenhouse), Application, and Geography - Global Forecast to 2024
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