Global animal health monitoring software market to reach 7.89% CAGR
by Katie Pfaff
The Global animal health monitoring software market is forecast to hit a value of $1200.7 million in 5 years, according to a report on the sector by market analysis firm, Research and Markets.com. In 2021, the market is estimated at a value of $821.4 million. The projection also predicts a CAGR of 7.89% growth during the forecast period of 2021 to 2026.
Growth is expected due to several factors, including the uptick in the number of cattle being managed worldwide, the degree of technology available to monitor livestock, and the potential for saving money by using the technologies and potentially mitigate health situations and disease before significant spread. The possibility of improving animal health and the potential for animal disease to impact or spread to humans has also spurred interest in the market. Monitoring systems highlighted in the report are used to track cattle, equine, poultry, swine, etc.
Market increase may be slowed by a lack of adequate personnel to manage tracking and the cost of purchase and maintenance of systems. Within the market, monitoring systems deployed with cloud technology as opposed to those that have dedicated onsite systems have garnered the greatest market share.
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