The global livestock monitoring market is projected to witness substantial growth, with a forecasted increase from USD 1.6 billion in 2022 to USD 3.7 billion by 2030, according to a report by MarketsandMarkets. The market is anticipated to exhibit a compound annual growth rate (CAGR) of 11.0% during the period from 2022 to 2030.

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Key Segments:

The livestock monitoring market is divided into four categories: technology, product, application, and geography. RFID, GPS, sensors, and other monitoring devices are critical components contributing to the market's growth. The offers comprise hardware, software, and services, resulting in a comprehensive livestock management solution. Milk collecting, heat stress monitoring, behaviour monitoring, reproduction management, and health monitoring are all examples of applications.

Growth Drivers:

Several reasons are driving the global livestock monitoring market forward. A primary driver is the growing demand for real-time data and insights to optimise livestock farming practises, improve animal health, and boost productivity. Furthermore, the growing adoption of IoT (Internet of Things) and modern technologies in agriculture and livestock management is driving market growth. The increased demand for efficient monitoring systems to avoid disease outbreaks, lower mortality rates, and maintain the general well-being of livestock is driving market expansion.

Challenges:

While the market offers numerous opportunities, it is not without difficulties. Integration complexity, high initial costs associated with advanced monitoring technology, and the requirement for qualified individuals to maintain these systems are all possible roadblocks to wider adoption of livestock monitoring solutions.

Opportunities:

The developing precision farming scenario, combined with growing farmer knowledge of the benefits of livestock monitoring, presents significant opportunity for market actors. Collaborations and collaborations between technology providers and agricultural stakeholders are expected to spur innovation and open up new business opportunities.

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Key Players in Livestock Monitoring Market

The major players in the livestock monitoring companies are Allflex Livestock Intelligence (Subsidiary of MSD Animal Health) (US), DeLaval (Sweden), Afimilk Ltd. (Israel), Nedap N.V. (Netherlands), BouMatic (US).