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 NV, Pawbo , Inc., Petcube, Inc. and PetPace, LLC.
The pet technology market is expected to exceed $ 20 billion by 2028, as reported in a research study by Global Market Insights Inc.
The market growth can be attributed to the increasing introduction of AI-enabled solutions that improve the analysis capabilities of pet technology products.
Pet owners are becoming very aware of the nutritional value, quantity and quality of feed that their pets receive. Smart devices, such as dispensers and bowls, help owners closely monitor their pets’ feed intake and consumption habits. Pet tech products also include a built-in digital scale that measures the weight of food in both pounds and kilograms. This allows owners to feed the optimal amount of nutritious feed to their pets based on their size, age, breed and activity level. Pet technology has an antimicrobial outer shell that helps remove harmful bacteria and germs that can affect food quality.
The technological pet market is driven by the growing demand for pet safety devices used to identify and track their activities and location. Bluetooth-based pet technology is used as it allows a hassle-free connection between a smartphone and the base station that is connected to the pet to ensure that it is secure. If the pet is separated from its owner and moves out of the bluetooth range of the smartphone, the pet technology offers real-time monitoring through a strong mobile network. Advances in real-time positioning and the development of mapping portals are driving the demand for pet technology devices used for security purposes. The smart technology devices integrate 4G LTE network connectivity and Bluetooth to offer a high level of reliability.
A significant increase in the number of pet owners aiming to automate and simplify various pet-related tasks, such as feeding, medicine, safety, entertainment and communication, is supporting the expansion of the pet technology market in the region. This overall profitability of the industry is increasing in the region due to the presence of various reputable companies with a robust supply chain offering advanced pet care products. According to the International Trade Administration, the US Department of Commerce, Spain, is Europe’s fifth largest pet market with 28 million registered pets, including 6.7 million dogs and 3.8 million cats. It is followed by the United Kingdom, France, Germany and Italy.
Some important results of the report on the pet tech market are:
- The increasing prevalence of IoT devices is giving impetus to the pet technology market as it streamlines the process of collecting pet vital signs and location details. IoT communication primarily connects pet technology devices with smartphones, tablets and laptops. It sends important data to a centralized server through wireless technologies such as Bluetooth and wireless LAN (WLAN), and provides this information to pet owners through interactive dashboards and reports.
- Pet owners’ high propensity to provide their pets with increased comfort promotes market demand for smart pet boxes and beds. They are used to monitor pet weight, relaxation and activity patterns and provide climate control. This allows owners to monitor their pet’s sleep cycle and control temperature intervals during the rest period according to their breed and age.
- Pet health care is gaining ground as it enables veterinarians to provide effective treatments. Pet tech devices record a pet’s medical history, keep track of vaccinations, collect critical health information, and maintain previous surgeries and treatments. This allows physicians to identify any irregularities in pets’ vital health parameters.
- Physical pet stores are witnessing high growth as they enable consumers to research animal technology products before buying. Retailers offer various discounts and offers on product packages that are customized and designed after studying pets. The easy return and exchange policy also enables customers to purchase optimal quality products for their pets.