Pet Tech Market Trends Analysis to 2025 | New Technologies Transforming the Global Business - Key Players: - Actijoy Solution, All Home Robotics, CleverPet, DOGVACAY, Felcana, Fitbark, Garmin, GoPro, IceRobotics, iFetch, Invoxia, Konectera, Loc8tor, Lupin

Pet tech market trends are anticipated to depict a rapid transformation owing to the rising prevalence of pet e-commerce and advent of products with tech enabled services that lead to the pets' enhanced wellbeing and security. Nowadays pet owners are looking for novel approaches to keep their pet happy and healthy which would further substantially influence pet tech industry outlook over the forecast period.

Prominent reports suggest that in recent years, the annual spending on pets has surged to double due to the busy schedule of pet owners. As companies continue to offer top-grade products like high-tech fences, pet cameras, automatic food bowls, and more, pet tech market is expected to substantially increase in the ensuing years.

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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
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,

Pet technology has become a rapidly emerging market remnant of electronic and connected solutions which help owners to train, monitor, feed, and play with their furry friends. According to studies, security and safety are considered as major concerns for the pet owners and most of them opine that technology will help resolve them efficiently. Pet tech manufacturers are looking to develop new products and advanced solutions for pets that will help attract a significant consumer pool comprising pet lovers. This would further enhance the growth of pet tech market share in the upcoming years.

Surging consumer spending on pet care, majorly driven by rising disposable income, is yet another factor propelling pet tech market outlook. For instance, the median household disposable income in the United Kingdom was £29400 in the financial year ending 2019. High disposable income makes the UK a leading contributor to the European pet tech industry, with other prominent regional contributors being France, Germany, Spain, and Italy.

Household is a leading end use sector augmenting global pet tech market trends due to surging adoption of pets by households across the globe. According to estimates by the American Society for the Prevention of Cruelty to Animals (ASPCA), 85.8 million cats and 78 million dogs are owned in the United States. Furthermore, approximately 35% of all households in the United States have a cat as pet, and 44% households have a dog, making cats and dogs the most adopted animal species. Increasing concerns of the pet owners towards the safety, health, and security of pets is encouraging the development of household pet tech industry.

Pet tech companies are on the continuous quest of undertaking novel methods to keep pets close to their owners which has given rise to several new applications and solutions that can make the pet's life feasible and trouble-free. For instance, in May 2019, Petz, a chain of pet shops in Brazil had recently created an e-commerce tool named Pet-Commerce which combines artificial intelligence with facial recognition to aid dogs make their own online shopping decisions and provide their dogs the best- ever experience. These novel innovations will attract more pet owners and highlight the substantial growth potential for pet tech market players.

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Exemplary initiatives by the leading players will undoubtedly have a lasting impact on the growth prospects of this industry. The pet tech market will exceed the USD 20 billion mark by 2025.

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