Livestock Monitoring Market worth $19.37 billion by 2030

The livestock monitoring market is estimated to be valued at US$ 5.2 billion in 2022 and is expected to exhibit a CAGR of 17.9% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Livestock monitoring involves the use of advanced technologies such as GPS, RFID, and sensors to monitor the health, behavior, and productivity of livestock animals. There are two key drivers that are fueling the growth of the livestock monitoring market.

Firstly, there is a growing demand for improved livestock productivity. With the increasing global population, there is a rising need for efficient and effective livestock farming practices to ensure food security. Livestock monitoring systems help in tracking the health and behavior of animals, detecting diseases at an early stage, and optimizing breeding and feeding practices. This in turn helps in maximizing livestock productivity and reducing losses, thereby driving the demand for livestock monitoring solutions.

Secondly, governments around the world are implementing strict regulations and guidelines to ensure the welfare and safety of animals. Livestock monitoring systems help in complying with these regulations by providing real-time monitoring and data analytics on animal health and well-being. This is driving the adoption of livestock monitoring solutions by livestock farmers and organizations.

The first trend is the increasing adoption of wearable devices for livestock monitoring. Wearable devices such as smart collars and ear tags equipped with sensors and GPS technology are being used to monitor the location, activity, and vital signs of livestock animals. These devices provide real-time data and enable remote monitoring, allowing farmers to track the health and behavior of animals from anywhere.

The second trend is the integration of artificial intelligence (AI) and machine learning (ML) technologies in livestock monitoring systems. AI and ML algorithms analyze the data collected from various sensors and provide valuable insights on animal health, behavior patterns, and predictive analytics. This helps in early disease detection, preventive healthcare measures, and efficient management of livestock.