Animal/Livestock Tracking & Monitoring Market Size, Share, Growth Analysis, By Component(Hardware (Sensors, GPS), Software (On Cloud, On Premise)), By Animal Type(Cattle, Poultry, Swine, Equine), By Application(Milk Harvesting, Breeding Management, Feeding Management, Animal Health Monitoring & Comfort), By End-User(Dairy Farm, Beef Farm, Sheep Farm, Deer Farm), By Region - Industry Forecast 2024-2031

Animal/Livestock Tracking & Monitoring Market Drivers

Demand for meat and dairy products is increasing

• The demand for meat and dairy products is increasing in tandem with the global population. As a result, farmers and ranchers are using animal/livestock tracking and monitoring systems in an effort to become more effective and productive.

Better animal welfare is needed

• Animal/livestock tracking and monitoring systems can aid in assuring that animals are treated humanely as there is a growing importance on animal welfare. These devices give farmers and ranchers real-time data and insights that aid in spotting and addressing behavioral and health issues.

Improved food safety

• The ability to trace meat and dairy products from farm to table is facilitated by animal/livestock tracking and monitoring systems, which is crucial for ensuring food safety.

Animal/Livestock Tracking & Monitoring Market Restraints

High execution cost of solutions in tracking and monitoring livestock and animals

• The market growth is now being restricted by the high cost of animal/livestock tracking and monitoring technologies. Moreover, the set-up and running costs for livestock monitoring solutions, including such sensing and monitoring equipment and herd management software, are very costly. Farmers also need to make significant expenditures in robotic equipment, GPS or RFID systems, control and automation equipment, and distribution trucks, all of which are expensive for small farmers due to high facility and maintenance costs. Consequently, the market growth is limited by the high cost of animal/livestock tracking and monitoring solutions.