January 27, 2020
According to the research report titled ‘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’, available with Market Study Report LLC, the global pet tech market is expected to cross USD 20 billion by the year 2025.
According to the report, escalating investments on safety, fitness, and health by pet owners is a major factor driving the pet tech market growth. Rising adoption of pets in the U.S. has compelled key industry players to develop innovative solutions in order to meet the growing demand for digital products among pet owners. Thus, development of innovative products in order to remotely monitor pet health parameters and pet activities are aiding the market expansion.
As per product type, the report states that smart pet feeders & bowls market will witness substantial growth during the estimated timeframe. Smart feeders & bowls allow owners to monitor the eating patterns of their pets in order to provide nutritional and healthy diet. Moreover, it also allows owners to control the portion size remotely through a smartphone application. This factor coupled with increasing concerns pertaining to food & nutrition for pets has enhanced the adoption of automatic pet feeders & bowls, thereby stimulating the business scenario.
Based on the application spectrum, pet healthcare segment is presumed to expand significantly during the forecast period. Growing demand for advanced solutions to track and monitor pet health has boosted the utilization of pet healthcare products which in turn is facilitating the business scenario.
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Considering the geographical landscape, the report cites that Europe pet tech industry is poised to amass commendable gains in the ensuing years. Factors such as rising adoption of smart technology in order to monitor pet health are boosting the market growth. Additionally, rising adoption rates of companion animals especially in U.K, France, and Germany in consort with rising per capita income are fueling the demand for pet tech products across Europe.
WOPET, Wagz Inc., Tractive, Tianjin Smart Pets Technology Co. Ltd., SureFlap Ltd., Smart Pet Love, Scollar, Pod Trackers Pty Ltd., PetSmart Inc., PetPace LLC, Petrics, Petnet Inc., Petkit, Petcube Inc., Pawbo Inc., Obe Inc., Nedap N.V., Motorola,Mars Incorporated, Lupine Pet, Loc8tor, Konectera, Invoxia, iFetch LLC, IceRobotics, GoPro, Garmin Ltd., Fitbark, Felcana, DOGVACAY, Dogtra, CleverPet, All Home Robotics, and Actijoy Solution are the prominent companies operating in the pet tech market.
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