Global Pet Wearable Market 2016-2020
About Pet Wearable
Smart pet tracking is a connected solution that provides security to pets. Smart pet tracking powered by pet wearable devices allows pet parents keep a tab on their pet's activity and location from the smartphone application. Millions of households are using these devices for their pets as the cost of these devices and the cost of remote monitoring services are inexpensive. Also, technologies such as Bluetooth, ZigBee, and Wi-Fi are used to provide tracking and monitoring solutions in pet wearable market. Global positioning system (GPS) technology embedded in pet wearable devices can provide efficient and accurate information for tracking animals. A few pet tracker devices are embedded with a speaker that enables the pet parent to remotely provide voice instructions to the pet whenever required.
Technavio’s analysts forecast the global pet wearable market to grow at a CAGR of 16.38% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global pet wearable market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of pet wearable devices such as GPS pet trackers and other pet related smart accessories, application and platform licensing fee, and communication service providers for offering continuous tracking and monitoring services.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Pet Wearable Market 2016-2020
Technavio recognizes the following companies as the key players in the global pet wearable market: FitBark, i4C Innovations, Whistle Labs, and PetPace.
Other Prominent Vendors in the market are: Binatone Global, Cybortra, Garmin, KYON, Loc8tor, PawsCam, PawTrax, Pet Vu, Petcube, Petrek Australia, Pettorway, Pitpatpet, Pod Trackers, Trackimo, Tractive, Wondermento, and WTS - Wonder Technology Solutions.
Commenting on the report, an analyst from Technavio’s team said: “The majority of the market revenue is contributed by SMEs in the pet wearable market. All these SMEs have been investing in R&D innovations to expand their product portfolio and offer competitive services. Investors are releasing million-dollar funds to enhance the business operations of these companies.”
According to the report, increasing disposable incomes and the admiration for pets have been boosting the pet wearable technology industry. Pet care has become one of the vital activities in many households in countries such as the US, Canada, the UK, and Australia.
Further, the report states that most of the pet wearable devices function on GPS technology. These wearable devices are self-contained and battery operated devices. Due to the high-power consumption of GPS technology used in these devices, the durability of the battery is very low. This high-power consumption heavily affects the duration of use. Some pet wearable products last only for 7-10 days and others for weeks to years. For instance, PawsCam must be charged in every 5-10 days, and PitPat has a battery life of over a year. Most of the vendors operating in this market offer pet wearable devices with short-duration battery life, which acts as a major challenge to the increase in the sales of devices.
FitBark, i4C Innovations, Whistle Labs, PetPace, Binatone Global, Cybortra, Garmin, KYON, Loc8tor, PawsCam, PawTrax, Pet Vu, Petcube, Petrek Australia, Pettorway, Pitpatpet, Pod Trackers, Trackimo, Tractive, Wondermento, WTS - Wonder Technology Solutions.
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