New York, June 28, 2023 (GLOBE NEWSWIRE) -- Market Overview:
According to the latest research report published by DataM Intelligence, the Global Animal Tracking Market was valued at US$ 2.1 billion in 2022 and is projected to reach US$ 4.9 billion by 2030. The market is expected to exhibit a CAGR of 11.5% during the forecast period 2023-2030. The global animal tracking market is segmented based on product, deployment, animal type and region. Major players in the market include Telonics, Inc., Telemetry Solutions, Inc., and MiniFinder Sweden AB.
Animal Tracking is a business that focuses on developing and selling instruments for tracking and monitoring animals' locations, activity and well-being. This industry has grown remarkably in recent years due to advances in tracking technology and increased demand for wildlife conservation, livestock management and research applications.
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Market Drivers:
The existence of animals is critical to the equilibrium of our environment. Among other things, it safeguards our biological variety and cultural ethos. Wildlife is essential for preserving the balance that permits people to thrive and grow. Animal conservation has become critical because many species are on the verge of extinction due to habitat loss, poaching, climate change and other threats.
Wildlife monitoring and tracking are the primary strategies for safeguarding endangered species and understanding the richness of an ecosystem. As a result, there is a growing market need for animal tracking systems.
Market Restraints:
Various technical challenges might restrict the efficiency of animal tracks in certain places or with specific species. Natural or man-made obstacles may interfere with tracking equipment that employs radio telemetry or GPS signals. Signals may be obstructed by thick vegetation, constructions, or topographic impediments, causing accuracy to suffer or even signal loss.
Some tracking systems, such as radio telemetry, have a limited range. This may make it difficult to follow animals that travel long distances or have large home ranges, particularly those that migrate or move often.
Russia - Ukraine Conflict Analysis:
The Russia - Ukraine conflict may affect the animal tracking business due to collaboration disruptions during geopolitical turmoil and economic uncertainty. The International Cooperation for Animal Research Using Space (ICARUS), a global animal monitoring system, has been hampered by Russia's invasion of Ukraine. Russia's isolation has also impeded environmental talks, delayed international cooperation and drastically shifted international and domestic policy goals.
Artificial Intelligence Impact Analysis:
Artificial intelligence (AI) is rapidly being utilized to enhance many elements of the user experience in the animal monitoring business. Artificial intelligence (AI) was used to automate animal monitoring and tracking by processing data from many sources, including satellite photos, drones and acoustic sensors.
Learning different AI or machine learning approaches, such as object identification algorithms, which may detect and categorize animals based on their species, may aid wildlife conservation. By inferring changes in animal populations from the number of plants in the region, the Normalized Difference Vegetation Index (NDVI) may be used to quantify a specific species in the area.
Recent Industry Developments:
- Astrocast, a worldwide nanosatellite IoT network operator and Digitanimal, a smart solutions provider in livestock monitoring devices and solutions, teamed up in January 2023 to create a Satellite IoT (SatIoT) solution. Both companies are collaborating to offer a cutting-edge tracking solution that links to Astrocast's vast satellite network. Because of the SatIoT-based collar, farmers can follow livestock remotely. They will be able to manage their livestock utilizing Agriculture 4.0 farming approaches as a result.
Segmentation Analysis:
As per the research analysis, the global animal tracking market is segmented by product into GPS tags, Argos doppler tags, electronic tags and others; by deployment into mobile phones, PCs and others; and by animal type into cattle, horses, sheep, companion animals and others.
The GPS tags segment had the largest market share, accounting for over half of the animal tracking market in 2022. GPS is a technology that is used in a wide variety of applications today. One of the programs monitors and tracks animals regularly. Users may observe the position and route traveled by an animal from any distant place with this tracking gadget. It also features an internet application that provides the target's exact location.
This technology allows users to monitor a target in any condition. This system makes use of both GPS and GSM technologies. This method enables the simultaneous monitoring of thousands of animals using lighter, more durable, precise transmitters and is less costly than conventional automated positioning tags.
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Geographical Analysis:
The global animal tracking market is segmented into North America, Europe, South America, Asia Pacific and Middle East & Africa.
North America Animal Tracking Market:
North America is expected to occupy around 36.4% of the total market share throughout the projected period. Millions of cats spend at least part of their time outside, 34% of pet owners have lost a cat at least once and six million animals visit shelters in the United States annually. Tractive safeguards cats and keeps them in contact with their families while presenting cat owners with new insights into their beloved felines' private life.
For example, Tractive, the most trustworthy GPS device in the world for 24-hour, real-time location monitoring for animals, has just developed a new LTE GPS pet tracker created specifically for cats in January 2022. These brand-new cat-specific gadgets are now available in North America, with the United States leading the globe in cat ownership.
Competitive Landscape:
The major companies contributing to the global animal tracking market growth include Telonics, Inc., Telemetry Solutions, Inc., MiniFinder Sweden AB, Ecotone Telemetry, Whistle, Hidrolab Ltd, Cellular Tracking Technologies LLC, Advanced Telemetry Systems, Inc., Animal Trackem and Digital Animal among others.
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1) Unlimited Analyst support for a period of 1 year.
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The Full Report has the below insights.
- The report offers a comprehensive evaluation of the market in terms of Market Value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2020-2021) and verifiable market size projections (2022-2029).
- Visualize the composition of the global animal tracking market segmentation product, deployment, animal type and region, highlighting the key commercial assets and players.
- By Product: GPS tags, Argos doppler tags, electronic tags and others
- By Deployment: Mobile phones, PCs and others
- By Animal Type: Cattle, horses, sheep, companion animals and others
- By Region: North America, Europe, South America, Asia-Pacific and Middle East and Africa.
- Identify commercial opportunities in the global animal tracking market by analyzing trends and co-development deals.
- The report also covers data insights on various industry forces such as Porter’s five forces, regulations in each country, reimbursement scenario, technological advancements, PEST analysis and pricing analysis.
- Excel data sheet with thousands of the global animal tracking market-level 4/5 segmentation data points.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in Excel for the key product of all major market players.
The report will provide access to approximately 50+ market data tables, 40+ figures and close to 180 pages.
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