Emerging integration of AI and IoT in myriad pet care solutions is adding significant impetus to the global pet tech market share
Ocean View, DE -- (SBWIRE) -- 05/04/2020 -- The North America pet tech market held more than 55% of the industry share in 2018 and will experience steady growth due to the increase in the adoption of technological solutions in the household sector. It has been observed that major changes in pet ownership are in the pipeline due to the advent of technological and cultural change.
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Emerging integration of AI and IoT in myriad pet care solutions is adding significant impetus to the global pet tech market share. Pet owners these days are extremely cognizant of their pet's well being and are therefore on the lookout for safe, reliable and advanced technological solutions for common pet maintenance tasks like healthcare, feeding and litter cleaning, which are usually performed manually.
An example would be the launch of Petcube's novel pet detection technology in January 2018, which leverages artificial intelligence and machine learning technologies to identify, activate selfie video recordings and connect owners to their pets through two-way video calls.
As concerns regarding the health and overall well being of pet animals surge, the demand for sophisticated health monitoring solutions is expected to witness immense growth, thereby fueling pet tech market share in the healthcare sector.
Many pet tech market participants are developing innovative pet healthcare products to support this demand. For instance, Felcana Serenity, a product by Felcana integrates visual and auditory sensors to detect and counteract anxiety and stress in pets. This is achieved through the use of a webcam that alleviates separation anxiety by using soothing human voices to calm the pet, operated through a smartphone app.
Likewise, smart pet collars like PetPace are gaining widespread acceptance in monitoring pet activity and vital signs. The PetPace collar comprises non-invasive sensors which track data such as the pet's pulse rate, respiration, calories, activity level and temperature level. The demand for these products is surging at a tremendous pace, thereby accelerating pet tech market growth.
Apparently, pet wearables held a majority of the global pet tech market share in 2018. In the pet wearables product segment, smart collars are likely to receive highest momentum, owing to several technological innovations by prominent industry players. These devices comprise sophisticated technological features like Wi-Fi connectivity, GPS tracking, as well as activity trackers.
For example, the new RAWR, Inc. smart collar includes 4G LTE network compatibility, GPS tracker and Wi-Fi & Bluetooth connectivity. The device is operated with the help of a smartphone app which gives the owner easy access to the pet's health and activity related data and also aids analysis and diagnosis of medical conditions and their subsequent treatment.
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Considering the efforts undertaken by the remarkably industry players, it is clear that the pet tech market would depict substantial growth in the forthcoming years. The competitive spectrum of this industry is distinctive and consists of renowned companies such as Actijoy Solution, All Home Robotics, CleverPet, Dogtra, DOGVACAY, Felcana, Fitbark, Garmin Ltd., GoPro, IceRobotics, iFetch, LLC., Invoxia, Konectera, Loc8tor, Lupine Pet, Mars Incorporated, Motorola, Nedap N.V., Obe, Inc., Pawbo Inc, Petcube, Inc., Petkit, Petnet Inc., PetPace LLC, Petrics, PetSmart Inc., Pod Trackers Pty Ltd., Scollar, Smart Pet Love, SureFlap Ltd., Techmira Corp., Tianjin Smart Pets Technology Co. Ltd., Tractive, Wagz, Inc., WOPET.
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