Global pet tech market is slated to amass lucrative proceeds in the upcoming years, on account of surging adoption of the artificial intelligence and Internet of Things technology inspired pet care solutions across the globe. The burgeoning desire of pet owners to simplify and automate an array of pet related tasks such as cleaning litter, medication, feeding, safety, communication, entertainment, and movement tracking has expanded the application landscape of pet technology. A number of companies operating in this industry are focusing on creating reliable, flexible, and sophisticated pet tech solutions to ease the life of pets and their owners.
Pet tech labs across the globe are concentrating on enhancing the efficacy, applicability, and outcomes of integration of technology with pets. The key products introduced by pet tech labs that have gained traction in recent times include smart wearables, smart crates and beds, smart toys, smart furniture, smart fencing, smart bowls and feeders, and smart pet doors. As more pet parents embrace the benefits of technology, pet technology is poised to witness even faster growth in the future, thereby augmenting pet tech market size.
Pet tech, without a doubt, is an industry with substantial growth prospects as pet parents are constantly looking for smart gadgets that offer enhanced safety, accuracy, and convenience. In the digitally connected world, there has been a significant transition in the gadgets designed for pet safety; the industry is gaining traction with the launch of technologically advanced pet cameras, smart collars, smart harness, and smart vests.
For instance, Fi, a dog tech firm, is launching world’s first GPS based smart collar, the newfangled gadget aims to put an end to incidences of lost or stolen dogs by instantly tracking dog’s location across the US regardless of where they are. Moreover, if the dog escapes, Fi Collar will notify the dog owner immediately, to make the spotting easier at night a light would also turn on in the collar.
Surging consumer spending on pet care, majorly driven by rising disposable income, is yet another factor propelling pet tech market outlook. For instance, the median household disposable income in the United Kingdom was £29400 in the financial year ending 2019. High disposable income makes the UK a leading contributor to the European pet tech industry, with other prominent regional contributors being France, Germany, Spain, and Italy.
Household is a leading end use sector augmenting global pet tech market trends due to surging adoption of pets by households across the globe. According to estimates by the American Society for the Prevention of Cruelty to Animals (ASPCA), 85.8 million cats and 78 million dogs are owned in the United States. Furthermore, approximately 35% of all households in the United States have a cat as pet, and 44% households have a dog, making cats and dogs the most adopted animal species. Increasing concerns of the pet owners towards the safety, health, and security of pets is encouraging the development of household pet tech industry size.
Pet owners often have to leave their pets alone at home and the newly evolved trend of digital daycare for the home alone pets is an ideal solution for separation anxiety, both for parents and their pets. According to a credible study, approximately 80 percent millennial pet parents worry about their pets while they are away from them.
To counter this problem, CleverPet Hub, which is world’s first gaming console for dogs, engages pets in an enticing gaming experience involving touch pads that illuminate and make sound as pet solves game levels with a treat administered every time the right answer is pressed. As per Global Market Insights, Inc., these smart pet products are anticipated to proliferate pet tech market size, with North America market capturing over 55 percent of the industry share in 2018.
Other factors that are slated to advance pet tech market forecast are surging disposable income in APAC nations, increasing number of pet technology start-ups, introduction of technically innovative products, and burgeoning awareness regarding smart pet products. According to a research report by Global Market Insights, Inc., pet tech market is estimated to surpass the highly coveted US $20 billion mark by the year 2025.