Precision Livestock Market: Introduction
- Precision livestock is the process of managing different animals by a suite of technologies to continuously monitor their body condition. Precision livestock is uninterrupted real-time monitoring, which is done by sensors technology for taking measurements on and around the animal. In addition, precision livestock uses advanced technologies, so as to monitor the development of each animal.
- The COVID-19 outbreak has been the main catalyst for growth and adoption of precision livestock due to increasing demand for controlled services during the pandemic. This in turn is expected to enhance the demand for precision livestock across the world during COVID-19. The lockdown imposed by governments across developed and developing countries has significantly affected the livestock sector due to shortage of workers during lockdown/curfew. This has largely affected the purchasing power of customers, and the growth of health care errands, which in turn has is expected to affect the growth of the precision livestock market across the globe during the COVID-19 outbreak.
Global Precision Livestock Market: Dynamics
Global Precision Livestock Market: Key Drivers and Restraint
- Increasing adoption of IoT and artificial intelligence (AI) in dairy farms across developed and developing countries, so as to deliver data for feedlots to optimize production, reduce environmental impact, enhance quality, and develop animal well-being is expected to accelerate the growth of precision livestock across the world.
- Increasing need for optimization of dairy herds is expected to boost the growth of the market during the forecast period.
- Growing demand for food traceability, protein-based diet, and food safety is expected to fuel the growth of the precision livestock market.
- Rising adoption of livestock monitoring technology in developing countries is expected to fuel the market growth.
- One of the negative factors hampering the growth of the precision livestock market is the lack of technological awareness among dairy farmers, which in turn is expected to restrain the growth of the precision livestock market over the forecast period. Lack of skilled labor is also expected to hinder the growth of the precision livestock market.
Europe to Account for Major Share of the Global Precision Livestock Market
- In terms of region, the global precision livestock market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- Europe is anticipated to lead the global precision livestock market, due to well established players providing precision livestock. This is expected to accelerate the growth of the precision livestock market in Europe. Besides, governments are taking initiatives in several countries to facilitate livestock farmers to implement advanced technological tools to increase the harvest. This in turn is expected to trigger the growth of the precision livestock market in Europe.
- The precision livestock market in Asia Pacific is expected to hold significant share due to large number of cattle and a high population consuming livestock products in the region, in turn, triggering the growth of the precision livestock market in the Asia Pacific region.
Global Precision Livestock Market: Competitive Landscape
Key Players Operating in the Global Precision Livestock Market
Companies operating in the precision livestock market are increasingly investing in research and development to develop new and innovative techniques in precision livestock. The market is highly fragmented with the presence of numerous manufacturers in both developed and developing regions. Key players operating in the global precision livestock market are:
- Afimilk Ltd.
- Aleis Pty Ltd
- Antelliq (Subsidiary of Merck & Co., Inc.)
- Boumatic, LLC
- Delaval (Subsidiary of Tetra Laval International, S.A.)
- Fancom B.V. (Subsidiary of Ctb International Corp.)
- Fullwood Packo. Ltd
- GEA Farm Technology (GEA Group AG)
- Lely International N.V.
- Precision Livestock Technologies, Inc.
- Waikato Milking System
Global Precision Livestock Market: Research Scope
Global Precision Livestock Market, by Component
- RFID tags & Readers
- System Integration & Deployment
- Managed Service
- Maintenance and Support
Global Precision Livestock Market, by Application
Global Precision Livestock Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
- Precision Livestock Farming
- Precision Livestock Farming Technologies
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.