Global Pet Tech Market to grow at 24% CAGR from 2019 to 2025: Global Market Insights Inc.
Pet Tech Market was valued at over USD 4.5 billion in 2018 and to reach USD 20 billion by 2025. The increasing adoption of the IoT & AI-enabled pet care solutions is a major factor propelling the pet tech market. The pet owners are moving toward sophisticated, flexible, and reliable solutions that will turn the manual tasks of feeding, healthcare, and cleaning litter tasks into automatic or monitored activities. For instance, in January 2018, Petcube announced the launch of its pet detection technology that uses machine learning and Artificial Intelligence (AI) to recognize, trigger record selfie videos, and initiate two-way video calls with pets. These technologies are also being widely adopted to track and analyze the facial expressions of pets to decide their interests and taste preferences. Several players are engaged in developing such advanced solutions that allow the owners to purchase products based on their pets’ preferences. In June 2019, Petz, a pet shop chain in Brazil decided to incorporate facial recognition and AI technology in their stores, allowing dogs to do their shopping. The online store recognizes the facial expression of dogs while scrolling the products and automatically adds items to the shopping carts.
In 2018, pet wearables accounted for majority of the pet tech market share. Smart collars are the most widely adopted pet wearable technology owing to the rising technological advancements and innovations in product offerings of players. These devices are being integrated with modern technologies such as GPS tracking, Wi-Fi connectivity, and activity tracking & monitoring. Some of the innovative products offered by players include Wi-Fi controlled PetSafe Smart Dog Trainer Collar, chewproof Lupine Original Dog Collar, and GPS & activity tracker Dog Collar-Link AKC. RAWR, Inc. is offering a smart collar with 4G LTE network connectivity, GPS tracking, Wi-Fi, and Bluetooth connectivity. The RAWR application ensures that all the data related to health & fitness of pets is provided to the owner, analyzing medical diagnosis and treatment. The commercial adoption of pet technologies will grow rapidly, owing to the rise in demand for health monitoring & fitness tracking solutions in cattle and farms. These intelligent technologies are being widely adopted to track, analyze, and monitor the fitness & health of horses participating in a horse race, driving the commercial pet tech market growth. It helps in improving the performance and winning chances of horses 1|Page
during races and other competitions. Additionally, the applications of these solutions in cattle allow monitoring the health conditions of cows and buffalos to deliver highquality milk. It helps cattle owners to earn profit with the delivery of high-quality milk to their customers. For instance, Cowlar is offering a smart collar that monitors activity, behavior, and temperature of an individual cow, preventing diseases, boosting reproduction, and increasing milk yield. U.S. pet tech market share, by product, 2018 & 2025 (USD Million)
The North America pet tech market accounted for over 55% of the industry share and will witness steady growth owing to the rapid increase in the adoption of these solutions in the household segment. According to the North American Pet Health Insurance Association (NAPHIA), during the period 2017-18, around 68% of the U.S. households (85 million families) owned a pet (either a cat/dog). The pet owners in the region are spending heavily on the health & fitness of their pets. It was also estimated that in 2017, the combined gross written premiums of pet health insurance in the region accounted to over USD 1.2 billion. The household pet ownership in the U.S. is witnessing a rapid growth, which is encouraging the pet care companies to offer their innovative solutions in the country, propelling the pet tech market growth. Key players operating in the pet tech market include CleverPet, Fitbark, Garmin Ltd., GoPro, IceRobotics, Konectera, Loc8tor, Motorola, Nedap N.V., Petcube, Inc., Petkit, Petnet Inc., PetPace LLC, Petrics, Scollar, Pod Trackers Pty Ltd., Tractive, Whistle Labs LLC, and WOPET. These players are engaged in developing innovative solutions that will differentiate their offerings from other players and attract a large customer base. For instance, in September 2015, DOTT announced the launch of the Dott smart 2|Page
dog tag, a Bluetooth-based location tracker that can be attached to pet’s collar, providing tracking within a 350-foot radius range. This solution will replace the highcost GPS tracker solutions due to its much smaller and lighter features. Browse key industry insights spread across 305 pages with 463 market data tables & 42 figures & charts from the report, “Pet Tech Market Size By Product (Pet Wearables [Smart Collar, Smart Vest, Smart Harness, Smart Camera], Smart Pet Crates & Beds, Smart Pet Doors, Smart Pet Feeders & Bowls, Smart Pet Fence, Smart Pet Toys), By Application (Pet Healthcare, Pet Owner Convenience, Communication & Entertainment, Pet Safety), By End-Use (Household, Commercial), By Distribution Channel (Physical Pet Store, Online-Only Retailer, Physical Mass Merchant Store), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, China, India, Japan, Australia, Brazil, Mexico), Growth Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents: https://bit.ly/2KnpqWP Table of Content (TOC-)
Chapter 1. Methodology and Scope 1.1. Definitions & forecast parameters 1.1.1. Definitions 1.1.2. Methodology and forecast parameters 1.2. Data Sources 1.2.1. Secondary 1.2.2. Primary Chapter 2. Executive Summary 2.1. Pet tech industry 360° synopsis, 2015 – 2025 2.1.1. Business trends 2.1.2. Product trends 2.1.3. Application trends 3|Page
2.1.4. End-use trends 2.1.5. Distribution channel trends 2.1.6. Regional trends Chapter 3. Pet Tech Industry Insights 3.1. Industry segmentation 3.2. Industry landscape, 2015 – 2025 3.2.1. Pet care industry landscape 3.2.2. Number of pets, by region, 2018 3.2.2.1. North America 3.2.2.2. Europe 3.2.2.3. Asia Pacific 3.2.2.4. Latin America 3.2.2.5. MEA 3.3. Industry ecosystem analysis 3.3.1. Component suppliers 3.3.2. Technology providers 3.3.3. Application developers 3.3.4. Manufacturers 3.3.5. Service providers 3.3.6. Distribution channel analysis 3.3.7. Vendor matrix 3.4. Technology & innovation landscape 3.4.1. Impact of IoT
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3.4.2. Artificial Intelligence (AI) 3.4.3. Facial recognition 3.5. Regulatory landscape 3.5.1. North America 3.5.2. Europe 3.5.3. Asia Pacific 3.5.4. Latin America 3.5.5. MEA 3.6. Industry impact forces 3.6.1. Growth drivers 3.6.1.1. Increasing awareness for pet's mental and physical fitness 3.6.1.2. Growing demand for remote monitoring and tracking of pets in North America and Europe 3.6.1.3. Rise in adoption of rescue pets by millennials in the U.S. 3.6.1.4. Rise in number of pet tech start-up companies in Europe 3.6.1.5. Increasing adoption of IoT-based products in China and Japan 3.6.1.6. Rising disposable income in Asia Pacific countries 3.6.1.7. Urbanization and rise in popularity of pets in Latin America 3.6.2. Industry pitfalls & challenges 3.6.2.1. High cost of products 3.6.2.2. Lack of public awareness 3.6.2.3. Power consumption and short battery life of devices
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3.7. Growth potential analysis 3.8. Porter's analysis 3.8.1. Supplier power 3.8.2. Buyer power 3.8.3. Threat of new entrants 3.8.4. Threat of substitutes 3.8.5. Internal rivalry 3.9. Competitive landscape, 2018 3.9.1. Strategy dashboard 3.10. PESTEL analysis
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Industry Coverage
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About Global Market Insights Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology. Contact Us: Arun Hegde Corporate Sales, USA Global Market Insights, Inc. Phone: 1-302-846-7766 Toll Free: 1-888-689-0688 Email: sales@gminsights.com Web: https://www.gminsights.com Blog: www.industry-source.org
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