Major players in the pet technology market are Actijoy Solution, CleverPet, Inc., Dogtra Co., FitBark Inc., Garmin International, Inc., Halo Collar, IceRobotics, Ltd., Link My Pet, Mars, Incorporated, Motorola Solutions, Inc., Nedap NV, Pawbo, Inc., Petcube, Inc. and PetPace, LLC.
SELBYVILLE, Del., April 12, 2022 /PRNewswire/ — Pet Tech Market Expected to Surpass $20 billion by 2028, as indicated in a research study by Global Market Insights Inc. The growth of the market can be attributed to the increasing introduction of AI-based solutions that enhance the analytical capabilities of pet technology products.
Pet owners are increasingly aware of the nutritional value, quantity and quality of food fed to their pets. Smart devices, such as feeders and bowls, help owners keep a close eye on their pets’ food intake and eating habits. Pet Tech products also include a built-in digital scale that measures food weight in pounds and kilograms. This allows owners to feed their pets the optimal amount of nutritious food based on their size, age, breed and activity level. Pet Technology features an antimicrobial outer shell that helps eliminate harmful bacteria and germs that could affect food quality.
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The pet technology market is driven by the growing demand for pet security devices used to identify and track their activities and location. Bluetooth-based pet technology is used because it enables a seamless connection between a smartphone and a base station, which is linked to the pet to ensure its safety. If the pet becomes separated from its owner and moves out of Bluetooth range of the smartphone, pet technology provides real-time monitoring via a strong cellular network. Advances in real-time positioning and the evolution of mapping portals are propelling the demand for pet technology devices used for security purposes. The smart devices incorporate 4G LTE and Bluetooth network connectivity to provide a high degree of reliability.
A significant increase in the number of pet owners who aim to automate and simplify various pet-related tasks, such as feeding, medication, security, entertainment and communication, supports the pet technology market expansion In the region. This overall industry profitability is increasing in the region owing to the presence of various well-known companies with a strong supply chain, offering advanced pet care products. According to the International Trade Administration, the US Department of Commerce, Spainis Europe fifth largest pet market with 28 million registered animals including 6.7 million dogs and 3.8 million cats. It is followed by the United Kingdom, France, Germanyand Italy.
Some major findings of the Pet Technology Market report are:
The growing penetration of IoT devices is giving a boost to the pet technology market as it streamlines the process of collecting vital signs and pet location details. IoT communication primarily connects pet technology devices to smartphones, tablets, and laptops. It sends important data to a centralized server via wireless technologies such as Bluetooth and Wireless LAN (WLAN), providing this information to pet owners via interactive dashboards and reports.
The high propensity of pet owners to provide increased comfort to their pets is fueling the market demand for smart pet crates and beds. They are used to monitor the animal’s weight, relaxation and activity patterns, and to provide climate management. This allows owners to monitor their pets’ sleep cycle and manage temperature ranges during the rest period based on their breed and age.
Pet health care is gaining momentum as it enables veterinarians to provide effective treatments. Pet technology devices record an animal’s medical history, keep track of vaccinations, collect essential health information, and maintain previous operations and treatments. This allows doctors to identify any irregularities in vital health parameters of pets.
Physical pet stores are seeing strong growth because they allow consumers to review pet technology products before purchasing them. Retailers offer various discounts and offers on custom product packages designed after studying pets. The easy return and exchange policy also allows customers to purchase the highest quality products for their pets.
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Partial chapters of the table of contents (TOC) of the report:
Chapter 2 Executive Summary
2.1 360º Synopsis of Pet Technology Industry, 2018 – 2028
2.1.1 Trade 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 Technology Industry Overview
3.1 Industry Segmentation
3.2 Impact of the coronavirus pandemic (COVID-19)
3.3 Industry Ecosystem Analysis
3.4 Technology and innovation landscape
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Drivers of growth
18.104.22.168 Increase awareness of mental and physical fitness of companion animals
22.214.171.124 Growing Demand for Remote Monitoring and Tracking of Pets North America and Europe
126.96.36.199 The Growing Adoption of Rescue Pets by Millennials in the United States
188.8.131.52 Growing Number of Pet Technology Startups Europe
184.108.40.206 The growing adoption of IoT-based products in China and Japan
220.127.116.11 Increase in disposable income in Asia Pacific countries
18.104.22.168 Urbanization and the rise in popularity of pets in Latin America
3.6.2 Industry Pitfalls and Challenges
22.214.171.124 High cost of products
126.96.36.199 Lack of public awareness
188.8.131.52 Electricity consumption and low autonomy of devices
3.7 Analysis of growth potential
3.8 Porter’s analysis
3.9 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, in the United States, is a global provider of market research and consulting services; offering syndicated and custom research reports as well as growing consulting services. Our business intelligence and industry research reports provide clients with in-depth insights and actionable market data specially designed and presented to aid in strategic decision-making. These comprehensive reports are designed using proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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SOURCE Global Market Insights Inc.