Pet Tech Market to Surpass USD 20 Billion by 2025: Global Market Insights, Inc.
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.
SELBYVILLE, Del., July 30, 2019 (Newswire.com) - The pet tech market is poised to rise from $4.5 billion in 2018 to over $20 billion by 2025 when shipments of the global industry are predicted to witness around 25% growth, according to a 2019 Global Market Insights, Inc. report.
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.
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In 2018, pet wearables accounted for the 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, chew-proof 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 during races and other competitions. Additionally, the applications of these solutions in cattle allow monitoring the health conditions of cows and buffalos to deliver high-quality milk. It helps cattle owners to earn profit with the delivery of high-quality milk to their customers.
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://www.gminsights.com/industry-analysis/pet-tech-market
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. The pet owners in the region are spending heavily on the health and fitness of their pets. Additionally, household pet ownership in the U.S. is witnessing rapid growth, which is encouraging the pet care companies to offer their innovative solutions in the country, propelling the growth of the pet tech market.
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.
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