Pet Tech Market is expected to grow at a CAGR of 13.55% through 2029
Global
Pet Tech Market is expected to grow owing to growing awareness of pet health
and well-being throughout the forecast period
According
to TechSci Research report, “Pet
Tech Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast 2019-2029”, The forecast period anticipates substantial growth in the Global Pet Tech Market, propelled by key factors. A pivotal driver is the persistent global increase in pet ownership. With pets assuming a central role within families, there arises a heightened demand for innovative products and services aimed at enhancing their overall welfare. This burgeoning pet ownership trend fuels the adoption of pet tech solutions, spanning wearables, health monitors, and intelligent feeding systems.
The integration of wearable technology for pets emerges as a significant growth avenue on a global scale. Smart collars, activity trackers, and health monitoring devices empower pet owners to track their pets' activities, locations, and health status in real-time. As technological progress unfolds, opportunities abound for the development of even more sophisticated wearables, incorporating features such as GPS tracking, temperature sensing, and biometric monitoring capabilities.
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Pet Tech Market"
Based
on type, the
RFID segment is expected to dominate the market during the forecast period. This projection is underpinned by several key factors that position RFID technology as a frontrunner in the pet tech landscape. RFID technology offers a versatile and efficient means of pet identification and tracking, making it indispensable for pet owners, veterinarians, and pet care professionals alike. RFID tags embedded in pet collars or subcutaneously implanted provide a unique identifier linked to essential information about the pet, including ownership details, medical history, and vaccination records. This streamlined identification process enhances pet safety and facilitates swift reunification with owners in the event of loss or separation. RFID technology enables automated access control and monitoring within pet-centric facilities such as veterinary clinics, animal shelters, and pet daycare centers. By leveraging RFID-enabled access systems, these facilities can manage entry permissions, track pet movements, and ensure secure environments for both pets and staff members. This level of security and oversight is instrumental in maintaining the well-being of pets under their care. RFID technology facilitates seamless integration with pet management software platforms, enabling comprehensive pet data management and analytics. By harnessing RFID-generated data, pet care professionals can gain valuable insights into pet behavior, health trends, and population dynamics, informing decision-making processes and enhancing service delivery. RFID-enabled pet tracking solutions offer peace of mind to pet owners by enabling real-time location monitoring and geofencing capabilities. Whether through standalone RFID pet tags or integrated into smart collars, this technology allows owners to track their pets' whereabouts and receive instant alerts in case of unexpected movements or boundary breaches. The continuous evolution and innovation in RFID technology, coupled with its proven efficacy and versatility in pet identification, tracking, and management, position the RFID segment as a dominant force in the Global Pet Tech market. As the demand for pet-centric solutions continues to soar, RFID technology is poised to play an integral role in shaping the future of pet care and management worldwide.
In 2023, North America emerged as the leading region, commanding the largest market share in the pet technology industry. Renowned for its pioneering advancements in technology, North America continues to drive innovation within the pet tech sector. This innovation hub is home to a myriad of startups and established enterprises continuously pushing the boundaries of pet care technology. Ranging from intelligent pet wearables to sophisticated monitoring systems, North American consumers are quick to embrace cutting-edge pet tech offerings. This culture of innovation thrives within a robust ecosystem comprising investors, accelerators, and research institutions committed to propelling the pet technology field forward.
The widespread adoption of e-commerce platforms across North America has played a pivotal role in fueling the growth of the pet tech market. Pet owners now enjoy seamless access to a diverse array of pet tech products through online channels, streamlining their shopping experiences. The surge in e-commerce, particularly during global events prompting an uptick in online retail, has significantly bolstered the sales of pet tech products. Major retailers, both offline and online, present an extensive range of pet tech solutions, further enhancing accessibility and fostering widespread adoption among consumers.
Key
market players in the Global Pet Tech Market are:-
- GoPro, Inc.
- FitBark Inc.
- Garmin Inc.
- Pawp, Inc.
- Dogtra Co.
- Chewy, Inc.
- Mars, Inc.
- Motorola
Solutions Inc.
- CleverPet, Inc.
- Tractive GmbH
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“The Global Pet Tech Market is poised for significant growth, largely driven by the paramount concern for pet safety among pet owners worldwide. With pets increasingly viewed as cherished members of the family, ensuring their safety and well-being has become a top priority for pet owners. In response to this heightened awareness, the pet tech industry has witnessed a surge in demand for innovative solutions designed to safeguard pets from various risks and hazards. From GPS-enabled tracking devices and smart collars to advanced monitoring systems and pet cameras, pet tech products offer pet owners unparalleled peace of mind by providing real-time insights into their pets' whereabouts, activities, and health status. As the importance of pet safety continues to resonate with pet owners, the Global Pet Tech Market is expected to experience sustained growth, driven by the ongoing innovation and adoption of pet safety-focused technologies and solutions”, said Mr. Karan Chechi, Research Director of TechSci Research, a
research-based global management consulting firm.
“Pet Tech Market - Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Type (RFID, GPS, Sensors and Others), By Product (Monitoring Equipment, Tracking Equipment, Feeding Equipment, Pet Wearables and Others), By Application (Pet Safety, Pet Healthcare, Pet Owner Convenience and Communication & Entertainment), By Region, and By Competition, 2019-2029F” has evaluated the future growth
potential of Global Pet Tech Market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Pet Tech Market.
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