Pet Tech Market to hit US$ 20 billion by 2028, Says Global Market Insights Inc.

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Major pet tech market participants include Actijoy Solution, CleverPet, Inc., Dogtra Co., FitBark Inc., Garmin International, Inc., Halo Collar, IceRobotics, Ltd., Link My Pet, Mars, Incorporated, Motorola Solutions, Inc., Nedap N.V., Pawbo, Inc., Petcube, Inc., and PetPace, LLC.

SELBYVILLE, Del., April 12, 2022 /PRNewswire/ — The pet tech market is predicted to surpass USD 20 billion by 2028, as reported in a research study by Global Market Insights Inc. The market growth might be attributed to the increasing introduction of AI-enabled solutions that enhance the analytics capabilities of pet tech products.

Pet Tech Market

Pet owners have gotten highly conscious in regards to the dietary value, quantity, and quality of food fed to their pets. Smart devices, equivalent to feeders and bowls, assist owners to closely monitor their pets’ food intake & consumption habits. Pet tech products also include a built-in digital scales that measure food weight in each kilos and kilograms. This permits owners to feed optimum quantity of nutritious food to their pets based on their size, age, breed, and activity levels. The pet tech features an anti-microbial outer shell that aids within the elimination of harmful bacteria & germs that might impact the food quality.

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The pet tech market is being driven by the increasing demand for pet safety devices used to discover & track their activities and placement. Bluetooth-based pet technology is utilized because it allows seamless connection between a smartphone and base station, which is linked to the pet to make sure that it’s secure. If the pet gets separated from its owner and moves outside the bluetooth range of the smartphone, the pet tech offers real-time monitoring through a robust cellular network. The advancements in real-time positioning and the evolution of mapping portals are propelling the demand for pet tech devices used for safety purposes. The smart tech devices integrate 4G LTE network connectivity and Bluetooth to supply a high degree of reliability.

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A big rise within the variety of pet owners that aim to automate & simplify various pet-related tasks, equivalent to feeding, medication, safety, entertainment, and communication, is supporting the pet tech market expansion within the region. This overall profitability of the industry is increasing within the region owing to the presence of assorted renowned firms with a sturdy supply chain, offering advanced pet care products. In accordance with the International Trade Administration, the U.S. Department of Commerce, Spain, is Europe’s fifth largest pet market with 28 million registered pets including 6.7 million dogs and three.8 million cats. It’s followed by the UK, France, Germany, and Italy.

Some major findings of the pet tech market report are:

  • The increasing penetration of IoT devices is providing impetus to the pet tech market because it streamlines the means of collecting the pet’s vital signs and placement details. IoT communication primarily connects pet tech devices with smartphones, tablets, and laptops. It sends necessary data to a centralized server through wireless technologies equivalent to Bluetooth and Wireless LAN (WLAN), providing this information to pet owners through interactive dashboards and reports.

  • The high inclination of pet owners to offer enhanced comfort to their pets is fueling the market demand for smart pet crates and beds. They’re used to observe pet weight, rest & activity patterns, and supply climate management. This allows owners to observe their pets’ sleep cycle and manage temperature ranges throughout the resting period in line with their breed and age.

  • Pet healthcare is gaining traction because it enables veterinarians to offer effective treatments. Pet tech devices record a pet’s medical history, keep track of vaccinations, gather critical health information, and maintain previous operations & treatments. This allows doctors in identifying any irregularities within the vital health parameters of pets.

  • Physical pet stores are witnessing a high growth as they allow consumers to look at pet tech products before purchasing. The retailers offer various discounts & offers on product packages which are customized and designed after studying pets. The straightforward return and exchange policy also enables customers to purchase optimum quality products for his or her pets.

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Partial chapters of report table of contents (TOC):

Chapter 2 Executive Summary

2.1 Pet tech industry 360º synopsis, 2018 – 2028

2.1.1 Business trends

2.1.2 Regional trends

2.1.3 Product trends

2.1.4 Application trends

2.1.5 End-use trends

2.1.6 Distribution channel trends

Chapter 3 Pet Tech Industry Insights

3.1 Industry segmentation

3.2 Impact of coronavirus (COVID-19) pandemic

3.3 Industry ecosystem evaluation

3.4 Technological & innovation landscape

3.5 Regulatory landscape

3.6 Industry impact forces

3.6.1 Growth drivers

3.6.1.1 Increasing awareness of pet mental and physical fitness

3.6.1.2 Growing demand for distant monitoring and tracking of pets in North America and Europe

3.6.1.3 The rising adoption of rescue pets by millennials within the U

3.6.1.4 Rising variety of pet tech start-up firms in Europe

3.6.1.5 The 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 lifetime of devices

3.7 Growth potential evaluation

3.8 Porter’s evaluation

3.9 PESTEL evaluation

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a world market research and consulting service provider; offering syndicated and custom research reports together 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 help strategic decision making. These exhaustive reports are designed via a proprietary research methodology and can be found for key industries equivalent to 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

Global Market Insights, Inc. (PRNewsfoto/Global Market Insights, Inc.)

Global Market Insights, Inc. (PRNewsfoto/Global Market Insights, Inc.)

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SOURCE Global Market Insights Inc.