AI In Livestock Farming Market 2024 Report
The new report published by The Business Research Company, titled "AI In Livestock Farming Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.
As per the report, the AI in livestock farming market size has grown exponentially in recent years. It will grow from $0.37 billion in 2023 to $0.47 billion in 2024 at a compound annual growth rate (CAGR) of 26.7%. The AI in livestock farming market size is expected to see exponential growth in the next few years. It will grow to $1.22 billion in 2028 at a compound annual growth rate (CAGR) of 26.9%.
Rising Demand For Livestock Products Ignites Growth In AI Farming Solutions
The increasing demand for livestock products is expected to propel the growth of AI in the livestock farming market going forward. Livestock products encompass a range of items such as meat, dairy, eggs, and other commodities obtained from animals bred for agricultural use. AI technologies enable farmers to collect, analyze, and interpret large volumes of data from various sources such as sensors, drones, and satellite imagery. This data can be used to make informed decisions about animal health, nutrition, breeding, and management practices, improving productivity and efficiency. For instance, in March 2023, according to the Australian Bureau of Statistics, an Australia-based government agency, lamb meat increased to 121.8 tons in 2021. Further, it surged to 125.6 tons in 2022, indicating a growing upward trend. Therefore, the increasing demand for livestock products is driving the growth of AI in the livestock farming market.
Next Frontier In Livestock Health And Productivity Enhancement
Major companies operating in AI in the livestock farming market are developing intelligent and advanced solutions such as CowGPT, to gain a competitive edge. CowGPT is designed to provide solutions for the veterinary, dairy, and animal husbandry industries, which are crucial sectors for food production and animal welfare. For instance, in December 2022, eVerse.AI, a US-based technology company, launched CowGPT, the first generative AI program created especially for the veterinary, dairy, and animal husbandry industries. The generative AI technology employed in CowGPT can generate highly realistic and complex contents that imitate human creativity, making it a valuable tool for these industries.
The ai in livestock farming market covered in this report is segmented :
1) By Component: Solution, Software, App, Internet of Things Sensors, Service
2) By Technology: Computer Vision, Machine Learning, Predictive Analysis
3) By Application: Real-Time Livestock Behavior Monitoring, Healthcare And Disease Monitoring, Livestock Feed And Water Monitoring, Livestock Control And Fencing Management, Livestock Production Management
4) By End-User: Small And Medium-Sized Farms, Large Sized Farms
Major companies operating in the AI in livestock farming market report are Zoetis Inc., Rex Animal Health Inc., DeLaval International AB, Sentera LLC, Afimilk Ltd., Actility SA, PrecisionHawk Inc., Allflex Group, AgriWebb Holdings Pty Ltd., Quantified AG, H2Oalert Inc., Faromatics S.L., FarrPro Inc., SwineTech Inc., Agersens Limited, Connecterra B.V., Cainthus Corporation, Vence Corporation, BinSentry Inc., Octopus Robots, Livestock Labs Inc., BovControl, SomaDetect Inc., Moocall Ltd., Simple Ag Solutions
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