Livestock monitoring to surpass $1000M by 2028
The market for livestock monitoring is expected to attain a value of $1006.7 million by the end of the forecast period in 2028, according to a report by market analysts, Valuates Reports. The report includes 2022 to 2028.
In 2022, the market is projected to be worth $562.1 million. The growth from 2022 to 2028 is expected to reach a growth rate of 10.2% CAGR. All values are adjusted following the impact of the COVID-19 pandemic.
This market is expected to grow based on several factors, which include growing global demand for meat, the potential cost benefit to producers when using livestock monitoring, interest in detecting disease early and monitoring livestock in real-time. At the same time, the increased use of AI and IoT solutions across businesses has become more common in livestock monitoring.
Due to the increased size of some herds and farm operations, monitoring technologies can aid in managing animal populations. The monitoring technology can be used to gather information in real-time and monitor behaviors such as feeding and health parameters like the quality of water and hygiene factors.
When evaluating the market by segments, the software pillar, which includes applications or bundles used by companies, is anticipated to gain the greatest amount of revenue. The segment of milk harvesting is anticipated to add the greatest amount of revenue across the segment of application. Milk harvesting allows for automated milking which reduces costs and speeds the process.
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