The global livestock monitoring market was valued at approximately USD 4.01 billion in 2023, with expectations to grow at a compound annual growth rate (CAGR) of 11.56% from 2024 to 2030. Several key factors are poised to drive this market's growth, including technological advancements, increasing support initiatives, a heightened focus on preventive livestock monitoring, and rising consumption of dairy and meat products.
A primary catalyst for this market is the surge in technological innovations related to livestock monitoring. These advancements manifest in various forms, including hands-free monitoring systems, automation technologies, the integration of Artificial Intelligence (AI), and the use of cutting-edge technologies such as drones. For instance, in April 2023, Advantech Co. Ltd. introduced a pioneering system that utilizes AI for early monitoring and detection of health issues in livestock. This innovative system employs AI alongside infrared vision to accurately measure the body temperature of each cow.
The system not only provides real-time access to veterinary professionals but also offers daily scans of farm animals, complete with detailed findings. Such technology enhances the welfare of both farmers and their livestock while contributing to overall food security within their communities. There is also significant potential for future advancements that could enable monitoring of growth, feeding practices, and environmental conditions.
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Solution Segmentation Insights
In 2023, the hardware segment led the market, capturing 42.7% of the total share. This segment includes various sub-segments such as sensors, GPS/RFID systems, and other hardware solutions. Many nations rely heavily on livestock, including sheep, cattle, and buffalo, for their economic stability. Consequently, it is essential for farmers to adopt efficient and effective methods to boost animal productivity while minimizing disease rates. This necessity serves as the primary driver for the hardware segment's growth.
Hardware solutions are particularly appealing to farmers because they are non-invasive and environmentally friendly, making them suitable for a variety of livestock operations. Devices such as GPS and RFID systems are notably effective in monitoring entire livestock populations on farms without causing harm. As these technologies become more widely utilized, they are expected to enhance farming productivity, alleviate challenges faced by farmers, and ultimately increase overall output, further propelling the segment's growth.
The software segment, on the other hand, is anticipated to experience robust growth in the coming years. This segment can be further divided into on-premise and cloud-based solutions. A significant factor driving this segment is the rising adoption of cloud-based software for livestock monitoring. Traditionally, on-premise software was predominantly used on farms; however, advancements in technology have led to a shift toward cloud solutions.
The increased preference for cloud-based software can be attributed to its ease of use, lower ownership and maintenance costs, rapid connectivity, and accessibility. In an ever-evolving landscape, the cloud-based approach facilitates hassle-free updates and immediate access to the latest software releases. This transition also results in reduced IT expenses, enhanced communication capabilities, scalability, efficient data storage, and improved disaster recovery options. Such benefits have significantly contributed to the growth of small- and medium-sized enterprises in the livestock monitoring space, driving further development within the software segment.
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