The pet tech market is poised to rise from $4.5 billion in 2018 to over $20 billion by 2025 when shipments of the global industry are predicted to witness around 25% growth, according to a 2019 Global Market Insights, Inc. report.
The increasing adoption of the IoT & AI-enabled pet care solutions is a major factor propelling the pet tech market. The pet owners are moving toward sophisticated, flexible, and reliable solutions that will turn the manual tasks of feeding, healthcare, and cleaning litter tasks into automatic or monitored activities.
In 2018, pet wearables accounted for the majority of the pet tech market share. Smart collars are the most widely adopted pet wearable technology owing to the rising technological advancements and innovations in product offerings of players. These devices are being integrated with modern technologies such as GPS tracking, Wi-Fi connectivity, and activity tracking & monitoring. Some of the innovative products offered by players include Wi-Fi controlled PetSafe Smart Dog Trainer Collar, chew-proof Lupine Original Dog Collar, and GPS & activity tracker Dog Collar-Link AKC. RAWR, Inc. is offering a smart collar with 4G LTE network connectivity, GPS tracking, Wi-Fi, and Bluetooth connectivity. The RAWR application ensures that all the data related to health & fitness of pets is provided to the owner, analyzing medical diagnosis and treatment.
The commercial adoption of pet technologies will grow rapidly, owing to the rise in demand for health monitoring & fitness tracking solutions in cattle and farms. These intelligent technologies are being widely adopted to track, analyze, and monitor the fitness & health of horses participating in a horse race, driving the commercial pet tech market growth. It helps in improving the performance and winning chances of horses during races and other competitions. Additionally, the applications of these solutions in cattle allow monitoring the health conditions of cows and buffalos to deliver high-quality milk. It helps cattle owners to earn profit with the delivery of high-quality milk to their customers.
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