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Cattle Management Software Market Report 2024 - Cattle Management Software Market Demand And Size
Cattle Management Software Market
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According to The Business Research Company's, The cattle management software market size has grown rapidly in recent years. It will grow from $1.30 billion in 2023 to $1.62 billion in 2024 at a compound annual growth rate (CAGR) of 12%. The growth in the historic period can be attributed to maintaining accurate and comprehensive records for audits and historical analysis, engaging with local communities and ensuring sustainable practices, optimizing feed based on nutritional needs and analysis, animal welfare and meeting specific buyer requirements for quality and quantity.
The cattle management software market size is expected to see rapid growth in the next few years. It will grow to $2.57 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%. The growth in the forecast period can be attributed to keeping records for insurance claims and risk management, combining data from various sources for comprehensive analysis, ensuring efficient feeding practices, monitoring feed costs and calving management. Major trends in the forecast period include advanced analytics and visualization tools for better decision-making based on real-time data, use of drones and robotic systems for automated data collection on pasture conditions and cattle behavior, genomic data integration, adoption of blockchain technology to ensure transparent and tamper-proof records of cattle lineage, health history, and movement and tools.
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Market Drivers and Trends:
The proliferation of smart devices is expected to propel the growth of the bluetooth low-energy devices market going forward. Smart devices are internet-connected electronic gadgets that can collect, process, and transmit data, enabling automation, remote control, and enhanced functionality compared to traditional devices. Smart device adoption has surged due to their seamless integration into daily routines, catalyzing a shift towards connected lifestyles. Bluetooth low energy devices enable smart devices to achieve efficient wireless communication with minimal power consumption, enhancing connectivity and functionality in various applications such as wearables, home automation, and health monitoring. For instance, in 2022, according to Statistics Canada, an agency of the Government of Canada, the use of Internet-connected smart home devices continued to grow, and was up from 42% in 2020 to 47% in 2022, with smart speakers (30%) being the most popular device. Therefore, the proliferation of smart devices is driving the growth of the Bluetooth low-energy devices market.
Major companies operating in the cattle management software market are developing advanced remote monitoring solutions by using Internet of Things (IoT) technology to enable real-time tracking and monitoring of cattle health and behavior, even in remote locations. IoT technology helps farmers make more informed decisions, improve the health and well-being of their cattle, and optimize their operations for better efficiency and productivity. For instance, in 2023, HerdX, a US-based agricultural technology company, introduced HerdView, an innovative IoT-enabled ear tag for cattle. This ear tag integrates with the company's cloud-based software platform, providing farmers with insights into individual animal health and location data. Additionally, the ear tag can track environmental conditions such as temperature and humidity, helping farmers ensure optimal conditions for their livestock. This trend highlights a shift towards more interconnected and data-driven approaches in cattle management, enhancing efficiency and animal welfare.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Merck Animal Health, GEA Group AG, Datamars SA, Nedap Livestock Management, Livestock Improvement Corporation (LIC), Chetu Inc., Folio3 , Provimi, Afimilk Ltd., VAS (Valley Agricultural Software), Inpixon, smaXtec animal care GmbH, CowManager, ReproTec, Breedr, MaiaGrazing, Hi-Plains Systems, Inc. , BoviSync, AgriNET, Cattle Eye Ltd., Performance Livestock Analytics, FarmWizard, ADAS, Livestocked LLC, Herdwatch
Cattle Management Software Market 2024 Key Insights:
• The cattle management software market size is expected to see rapid growth in the next few years. It will grow to $2.57 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%.
• Growing Demand for Dairy Products Fuels Expansion of Cattle Management Software Market
• Advanced Remote Monitoring Solutions Transforming Cattle Management Software Market
• North America was the largest region in the cattle management software market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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