Livestock operations are becoming more effective with new high-tech gadgets. In past few years several improvements have been seen in the industry that makes tracking and managing livestock easier. Several new sensor based technologies provide techniques to improve productivity and well-being of livestock by detecting sick animals and take proper measures. Growing demands for animal proteins, rising concerns of diseases in domesticated animals, emerging applications of nutritional technologies, genetics, digital technology around animal health are some key factors driving the growth of global livestock monitoring market. However lack of awareness among farmers, high cost of implementation is hampering the growth of global market. Technological advancements in sensor based technologies, robotics, AI based monitoring solutions, cloud based integration to get real time monitoring will offer lucrative opportunities in the forecast period.
Globally North America is one of the technologically advanced regions. The consumers based in this region are extensively adopting livestock monitoring. Increasing automation in various sectors, growing adoption of Internet of Things (IoT), rising number of internet connections is expected to drive the growth of livestock monitoring market in the region. Asia pacific is the fastest growing region for livestock monitoring market globally. Growing awareness about the benefits of livestock monitoring in animal is driving the growth in this region. In the past decade livestock industry in Asia Pacific has changed drastically, large investments are made in development of physical infrastructure, facilities for the processing of livestock products, such as slaughterhouses, cold storage rooms and retail services. In addition to this there is significant increase in number of non-vegetarian community which has transformed the livestock sectors in the region, with subsequent increase in adoption of modern technologies market will witness a positive growth in future.
According to the new report published by Transilience Market Research Global Livestock Monitoring Market is valued at 1.35 USD Billion in 2019 and expected to reach USD 2.77 Billion by 2026 with the CAGR of 10.80% over the forecast period.
Read full report on Global Livestock Monitoring Market by published by TRANSILIENCE MARKET RESEARCH: Here