The global livestock management market is projected to grow at a CAGR of over 10% during the forecast period. The primary factors that drive the growth of the global livestock management industry include the increased adoption of these systems owing to the availability of technologically enhanced and advanced products, designed and manufactured by the key players. Integration of IoT and AI has encouraged the increased adoption of these devices for management, monitoring & tracking and has created ample opportunities for the global livestock management market growth in the near future.
With the digitization, tracking every move has become easy to collect data points for monitoring the behavior of livestock. Also, it is estimated by Cisco that there will be more than 25 billion IoT devices for the management and monitoring of livestock by the end of 2020. These internet-connected devices aid in increasing the productivity and monitoring of livestock health. For instance, the IoT devices aids in the monitoring of cows, by tracking the cattle movement, fertility, behavior, and lactation.
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Further, the government’s supports regarding the adoption of technologically integrated systems is also encouraging the growth of the global livestock management market. For instance, the Kentucky Department of Agriculture (KDA) and Kentucky Office of the State Veterinarian mandated the use of RDIF tags for cattle and other animals for the proper tracking and monitoring of the animals. Besides, the US Department of Agriculture (USDA) announced to mandate RFID tags by 2023 for beef and dairy cattle and bison moving interstate. Thus, the increased number of this government legislation will boost the adoption among the farmers for livestock management.
Smart systems enable to collect complete livestock data including weight variations, location, treatment codes, and estimated birth time along with complete health records and production processes. The increasing use of livestock management in smart farming applications is also one of the key trends that are gaining traction in the global livestock management industry during the forecast period.
Further, BouMatic LLC, Dairymaster Ltd., DeLaval, Fancom BV, FBS Systems Inc., Fullwood Packo Ltd., Gallagher Group Ltd., GEA Group AG, HID Global Corp., Hokofarm-Group BV, and Lely International NV, among others are the key players operating in the market and are contributing significantly to expand the global livestock management market size.
Current Market Trends Covered in the Market Report:
· Rising advancement in the sector is positively affecting the livestock management market growth during the forecast period
· Shifting of consumer preferences toward the use of IoT integrated systems is expected to provide a growth rate to the livestock management market
· Poultry segment will have a significant growth in the market
· Asia-Pacific region to have a major share in the global livestock management market
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Global Livestock Management Market – Segment
By Type
· Hardware
· Software& Services
By Animal Type
· Cattle
· Poultry
· Swine
· Equine
· Others
By Application
· Milk Harvesting
· Feeding Management
· Breeding
· Animal Health Monitoring & Comfort
· Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
