Selbyville, Delaware, May 20, 2021 (GLOBE NEWSWIRE) --
Global Market Insights Inc. has recently added a new report on the pet tech market which estimates the market valuation for pet tech will cross US$ 20 billion by 2027. Rising adoption of pets coupled with technological advancements will drive the pet tech industry growth.
Technological advancements and consumer-friendly business models will drive the market growth. The market players are offering affordable pet-tech products equipped with high quality hardware and recurring subscription models. Furbo’s in-home pet camera and Fi’s smart dog collar with GPS tracking are the two prime examples of such products. Also, technologies such as dog microchips are gaining popularity with government legislation in several countries including the UK, China, Japan, and Australia making them mandatory.
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/4187
Pet owners are spending heavily on automated feeding systems for dogs. These systems enable pet owners to set timer and portion size for automated distribution of food, ensuring a safe & proper diet. These solutions also offer mobile access that allows pet owners to remotely evaluate the eating habits of their pets. Several companies offer pet feeding systems integrated with a monitor that allows owners to virtually verify their pets’’ health. For instance, Westlink 6 Automatic Pet feeder provides complete remote control over pet feeding with a built-in voice recorder and speaker along with infrared detection to prevent locking.
The Latin America pet tech market will witness a steady growth over the forecast time period. Brazil accounts for a major share of the pet population in Latin America. The country had 140 million pets in 2019 with dogs being the widely adopted pets among Brazilian households. The number of pets owned by Brazilians makes the country one of the main pet tech markets globally. The COVID-19 pandemic has also brought some changes in the Latin America pet tech industry. For instance, online sales of pet wearables increased significantly in the first half of 2020.
Some major findings of the pet tech market report are:
- Advent of AI & IoT-enabled pet tech devices is a major factor propelling the market growth. Pet owners are shifting toward flexible, reliable, and sophisticated technologies to turn manual tasks of feeding and tracking into automatic activities.
- The increasing adoption of dogs and cats in the household sector will fuel the demand for affordable pet tech devices to improve pet health, safety, entertainment, and care.
- Pet wearable devices integrated with modern technologies such as Wi-Fi connectivity and GPS tracking are witnessing high adoption in the market.
- The demand for fitness tracking & health monitoring solutions in cattle and farms will propel the market growth. Pet wearable devices allow owners to track, analyze, and monitor the health of their commercial pets.
- The pet tech industry is a large market opportunity in the U.S., with 85 million families or 67% of households owning a pet. These owners view pets as family members and are less price sensitive.
- The market players are engaged in integrating safety features into their product offerings to enable owners easily identify and track their pets. Some of the major products that are being widely used in the market include smart cameras and smart dog training collars.
Request for customization of this research report at https://www.gminsights.com/roc/4187
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Pet tech industry 360º synopsis, 2017 – 2027
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
3.2.1 Global outlook
3.2.2 Regional outlook
3.2.2.1 North America
3.2.2.2 Europe
3.2.2.3 Asia Pacific
3.2.2.4 Latin America
3.2.2.5 MEA
3.2.3 Industry value chain
3.2.3.1 Research and development
3.2.3.2 Marketing
3.2.3.3 Supply
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Raw material suppliers
3.3.2 Component suppliers
3.3.3 Manufacturers
3.3.4 Service providers
3.3.5 System Integrators
3.3.6 Distribution channel analysis
3.3.7 End-use landscape
3.3.8 Vendor matrix
3.4 Technological & innovation landscape
3.4.1 AI and machine learning
3.4.2 Impact of IoT
3.4.3 Facial recognition
3.5 Regulatory landscape
3.5.1 North America
3.5.2 Europe
3.5.3 Asia Pacific
3.5.4 Latin America
3.5.5 MEA
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 Increasing awareness for pet's mental and physical fitness
3.6.1.2 Growing demand for remote monitoring and tracking of pets in North America and Europe
3.6.1.3 Rise in adoption of rescue pets by millennials in the U.S.
3.6.1.4 Rise in number of pet tech start-up companies in Europe
3.6.1.5 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 life of devices
3.7 Growth potential analysis
3.8 Porter’s analysis
3.8.1 Supplier power
3.8.2 Buyer power
3.8.3 Threat of new entrants
3.8.4 Threat of substitutes
3.8.5 Internal rivalry
3.9 PESTEL analysis
3.9.1 Political
3.9.2 Economical
3.9.3 Social
3.9.4 Technological
3.9.5 Environmental
3.9.6 Legal
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along 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 aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.