Press release
Smart Pet Camera Market Size, Trends, Growth Drivers, Forecast To 2033
Smart Pet Camera Market Size
According to The Business Research Company's, The smart pet camera market size has grown rapidly in recent years. It will grow from $2.34 billion in 2023 to $2.73 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The growth in the historic period can be attributed to growing demand for other exotic or specialty pets, rising awareness about pet health and safety, availability of smart pet cameras with features like live HD video streaming, surging demand for multi-functionality monitoring devices, and availability of cost-effective pet cameras.
The smart pet camera market size is expected to see rapid growth in the next few years. It will grow to $4.94 billion in 2028 at a compound annual growth rate (CAGR) of 16.0%. The growth in the forecast period can be attributed to increasing pet ownership, particularly among millennials, rising use of monitoring pets' activities on smartphones and laptops, integration with smart homes and IoT devices, growing popularity of multifunctional cameras, demand for monitoring and communication devices. Major trends in the forecast period include advancements in technology, manufacturers investing in design and development of more advanced pet cameras, integration of advanced technologies, incorporation of advanced features such as cloud storage options, and pet cameras offering two-way video functionality.
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Market Drivers and Trends:
The increase in pet ownership is expected to propel the growth of the smart pet camera market going forward. Pet ownership refers to the legal and ethical responsibility of caring for and providing for an animal. Pet ownership is on the rise for companionship and emotional support. The presence of a pet can offer comfort and alleviate feelings of loneliness. Pet ownership uses smart pet cameras to monitor and interact with pets remotely, enhancing the well-being and providing peace of mind to owners. For instance, in 2022, according to the American Pet Products Association (APPA), a US-based non-profit association, Americans spent $136.8 billion on their pets, a 10.68% increase from 2021 ($123.6 billion) due to a surge in pet ownership. Therefore, the rise in pet ownership is driving the growth of the smart pet camera market.
Major companies operating in the smart pet camera market are developing innovative products, such as C6 cameras, to gain a competitive edge in the market. The EZVIZ C6 camera offers features such as 2K+ resolution, AI-powered human and pet detection, auto-zoom tracking, and two-way calling, and is used for home security and monitoring. For instance, in March 2022, EZVIZ Inc., a US-based smart home technology company, launched the C6 camera, a new AI camera that is designed to ease the anxiety of parents and pet owners. The C6 is boosted by artificial intelligence and alerts users upon detecting various events, including people walking by, jumping animals, and sudden loud noises. They can receive calls from the kids or talk to a lonely pet to comfort it, get emergency notifications, and re-live any missed moments saved on the camera.
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Major Key Players of the Market:
Robert Bosch Tool Corporation, TP-Link Technologies Co. Ltd., Arlo Technologies Inc., Nedis B.V., PAPAGO Inc., Dogness International Corporation, CleverPet Inc., Petcube Inc., Petcube Inc., Wyze Labs Inc., Furbo Co. Ltd., YI Technology, Kona Labs Inc., PETKIT Innovation Labs Inc., Petnet GmbH, Anker Innovations Limited, Shenzhen Woot Technology Co. Ltd., Shenzhen Obexx Intelligent Technology Co. Ltd., Sure Petcare Limited, Shenzhen Petfon Technology Co. Ltd., Skymee Co. Ltd., Fujian Meike Network Technology Co. Ltd., Petzi Inc., PetChat Inc., TESLA Solar s.r.o
Smart Pet Camera Market 2024 Key Insights:
• The smart pet camera is expected to grow to $4.94 billion in 2028 at a compound annual growth rate (CAGR) of 16.0%.
• Pet Ownership Surge Fuels Growth In Smart Pet Camera Market
• Advancements In AI Technology Shape The Market Landscape
• North America was the largest region in the smart pet camera market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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