Global Pet Wearable Market to Grow at a CAGR of over 16% Through 2020, Says Technavio

According to the latest market study released by Technavio, the global pet wearable market is expected to grow at a CAGR of more than 16% during the forecast period.

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Technavio publishes a new market research report on the global pet wearable market from 2016-2020. (Photo: Business Wire)

This report titled ‘Global Pet Wearable Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecasts for various market segments and all geographical regions.

According to Abhishek Sharma, a lead analyst at Technavio for M2M and connected devices research, “The reduced price of sensors embedded in pet wearables is a major factor responsible for significant market growth during the forecast period.”

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The report categorizes the global pet wearable market into three major technology segments. They are:

• RFID technology
• GPS technology
• Others

Global pet wearable market by RFID technology

The global pet wearable market by radio-frequency identification (RFID) technology is expected to grow at a CAGR of more than 15%. The rising trend of adopting pet RFID tags in pet tracking is the factor propelling the market growth. RFID chips with a unique identification number are pinned to a pet's skin to identify lost pets on a nation-wide database and reunite them with pet parents.

RFID tags are designed for frequencies such as low frequency (LF) and ultra-high frequency (UHF). The vital application for LF RFID is animal tracking, which requires less energy for processing the application. The UHF-based RFID tags record continuous readings of a pet's daily activities. Livestock tracking RFID systems require UHF RFID to track the animal’s motion for identifying feeding, heartbeat rates, and travel habits. RFID tags provide farmers the benefit of traceability of their livestock.

“Developments in RFID technology, legislation, and wide scale public acceptance and adoption are boosting the use of this technology in veterinary practices. More than 3 million pet parents have used the RFID chip for tracking their pets,” says Abhishek.

Global pet wearable market by GPS technology

The global pet wearable market by GPS technology is expected to grow at a CAGR of close to 19%. GPS technology has great accuracy in identifying real-time location of a pet. For instance, Findster Pets, a GPS tracker, lets pet parents track their pet's location in real-time with the use of precise GPS technology. All these GPS-enabled pet wearable devices effectively establish communication between the pet module and its parent module. In addition, it has benefits such as zero monthly monitoring fees.

Increased accuracy of satellites in tracking pets anywhere in the city or country enables the growth of this application segment. Increased ease of access to GPS technology enables growing availability of GPS trackers in the market. The presence of enhanced network infrastructure enables intelligence and seamless connectivity. This also helps to monitor pets from remote locations and control their activities with the help of smartphones and tablets.

Global pet wearable market by other technologies

The global pet wearable market by other technologies is expected to grow at a CAGR of more than 14%. Other technologies include the use of temperature sensorsto detect the body temperature of a pet (Bio-sense technology). These technologies can monitor the pet's location and its activity and notify pet parents via SMS or a voice call if pets bark or leave a pre-defined perimeter. Studies are under development to incorporate more temperature sensors to monitor complete health parameters of pets. This simplifies the research activities of veterinarians to analyze animal behavior. These temperature sensors use either RFID or GPS technology to notify if a pet is in danger of overheating or freezing.

Pet tracking devices such as KYON has an integrated combination of sensors including heat and water sensors in addition to GPS and ultrasound buzzer. The KYON collar also has the Pacifier mode, which provides alerts when pets get loud or aggressive by emitting a high-frequency sound to calm the pets down. Strategic collaborations between device vendors and telecom service providers enable this segment to witness constant market penetration. For instance, Vodafone enables KYON collar in 120 countries by providing the Vodafone microchip, which gets activated if the dog goes missing. The presence of enhanced worldwide GSM connectivity is propelling the market growth of this segment.

The top vendors highlighted by Technavio’s ICTresearch analysts in this report are:

• FitBark
• i4C Innovations
• Whistle Labs
• PetPace
• Tractive

Browse Related Reports:

• Global Pet Care Market 2016-2020
• Global Pet Accessories Market 2015-2019
• RTLS Market in the US 2016-2020

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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