Global Animal/Livestock Tracking & Monitoring Market Size, Share, Growth Analysis, By Component(Hardware (Sensors, GPS)), By Animal Type(Cattle, Poultry), By Application(Milk Harvesting, Breeding Management), By End-User(Dairy Farm, Beef Farm) - Industry Forecast 2024-2031

Global Animal/ Livestock Tracking & Monitoring Market size was valued at USD 5.6 billion in 2022 and is poised to grow from USD 6.56 billion in 2023 to USD 23.36 billion by 2031, growing at a CAGR of 17.2% in the forecast period (2024-2031).

The demand for meat and dairy products is increasing due to the global population. In addition, farmers and ranchers are using animal/livestock tracking and monitoring systems in an effort to be more productive and efficient. These devices give farmers and ranchers real-time data and insights that aid in spotting and treating health and behavioral issues.

The market growth is projected to be positively influenced by rapid innovation and increasing research and technology. Real-time monitoring of livestock has become available due to the invention of systems for doing so in developed economies. Farmers can now monitor the respiratory rate, blood pressure, temperature, pulse rate, and other bodily functions due to sensors. Moreover, GPS-enabled devices let the farmers track and find the grazing herd. Also, the IoT sensors track ill animals in the herd and optimize grazing patterns.

US Animal/Livestock Tracking & Monitoring Market is poised to grow at a sustainable CAGR for the next forecast year.