Global RFID tags market for livestock management to grow at a CAGR of 13.87% during the period 2018-2022.
The report 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.
The latest trend gaining momentum in the market is advances in technology. The growing demand for technological solutions for tracking of objects by several industries has raised the demand for RFID tags. These RFID tags are in high demand due to their ease of automatic identification and capability to share data without any physical contact between reader and tags through radio waves. RFID has profound various applications in different industries such as agriculture, transportation, aerospace, information technology (IT), logistics, and others. However, the need for high setup cost such as IT infrastructure, which includes database, servers, and inter- or intra-networks, further adds to the cost of deployment of RFID devices. Moreover, the adaption rate of this RFID technology is low in developing countries owing to its high cost.
According to the report, one of the major drivers for this market is the growing concerns related to animal health will boost the demand for RFID tags. The growing occurrences of animal diseases and health concerns are important drivers of the global RFID tags market for livestock management. These factors are expected to drive the market growth during the forecast period. The growing concerns and cases of the livestock getting affected by severe chronic diseases have driven the need for regular monitoring of livestock. Hence, these factors have fueled the revenue growth of the global RFID tags market for livestock management to a certain extent.