The global IoT market in livestock management to grow at a CAGR of 12.14% during the period 2017-2021.
Global IoT Market in Livestock Management 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in the market is big data in livestock management. Big data is gaining growth momentum in livestock management. Improvement in wireless in-field communication, functional safety, and repair and maintenance information to realize unified interfaces provides opportunities for the adoption of big data in livestock management.
According to the report, one driver in the market is decline in the price of sensors. The increase in the adoption of sensors in the market is mainly driven by the reduction in costs. The installation takes less time and costs less, owing to technical advances and easy assembling options provided by sensor manufactures. The cost of sensors is continuously reducing, which indicates the increase in competition among hardware providers. The competition prevailing among major manufacturers of sensors and service providers of IoT products is increasing, which will lead to an increase in market revenue.
Further, the report states that one challenge in the market is high capital expenditure for IoT integration in livestock management. The global IoT market in livestock management is growing with the development of smart hardware products and software solutions. Initial capital and other service costs that involve installation and maintenance of hardware and software are comparatively expensive, and lead to slow growth in the adoption of IoT in livestock management. IoT integration also requires a high initial one-time payment during installation. The implementation of IoT systems and the cost of services is greater than the costs saved by using the technology.