Tue, 05 Dec 2023

The pet monitoring camera market is expected to exhibit a CAGR of 5.5% per year to US$ 54.3 million in 2022, supported by the following:

  • Due to a greater number of dual-income households, consumers can spend more on their companion animals.
  • Due to rising concern about pet safety as well as adoption trends.
  • Pet ownership among millennials continues to grow along with the adoption of advanced technologies.

The market for pet monitoring cameras is being driven by the rising consumer desire for advanced technology to ensure the security and well-being of pets, and this trend will persist over the projected period.

Due to its numerous functions, pet monitoring cameras, a ground-breaking technology, have gained popularity in the market. the one-way video functionality sector, which dominated the global market.

However, the two-way video and audio functionality sector will outgrow the one-way video segment throughout the projected period due to shifting consumer preferences for multifunctional cameras.

These gadgets help owners engage visually with their dogs, feed them on schedule, get them to play, and captivate them.

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Several major, small, and medium-sized businesses throughout the world are rapidly investing in the IoT market. The transition of most organisations to IoT is projected to have an influence on a range of sectors, including pet monitoring cameras.

Key Takeaways from Pet Monitoring Camera Market Study:

  • By product type, one-way video currently holds the largest revenue share over the assessment period
  • The two-way video and audio functionality segment will grow at the fastest rate during the forecast period.
  • Based on price range, demand for low priced pet monitoring cameras is likely to grow at a robust pace over the next 10 years.
  • Currently, North America dominates the global pet monitoring camera market.
  • Pet monitoring cameras market in China is expected to grow at a healthy CAGR of 6.5% during the forecast period.
  • The U.K. pet monitoring camera market is anticipated to accelerate at 3.5% CAGR between 2022 and 2032.

"The pet monitoring camera market has gone through a significant transformation, from a functional product to a stylish one. Consumers prefer different varieties of a product category for different reasons. Manufacturers are therefore launching different cameras offerings to cater to this factor" says an FMI analyst.

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Who is leading?

The leading companies in pet monitoring camera are paving the way forward with strategic collaborations and development which are focused on innovating new technology. This has helped in bolstering the sales growth.

Some of the key players in the pet monitoring camera market include Petcube, Acer Inc., Amazon.com Inc., Furbo, Hangzhou Hikvision Digital Technology Co. Ltd., Lenevo Group Ltd., PetChatz LLC, Vimtag Technology Co. LTD, Wagz Inc., Zmodo, Pawbo, Motorola, Cleverdog and others

Pet Monitoring Camera Market by Category

By Product Type:

  • One Way Video Functionality
  • Two Way Video and Audio Functionality

By Application Type

  • Communication
  • Monitoring, Real-Time Bark Alert
  • Treat-Dispersing
  • Remote Training
  • Video and Photo Capture

By End User Type:

  • Pet Parents
  • Veterinarians
  • Professional Trainers

By Sales Channel Type:

  • Online Retailers
  • Hypermarket/Supermarkets
  • Speciality Stores
  • Multi-Brand Store
  • Discount Stores

By Price Range:

  • Low
  • Medium
  • Premium

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • MEA

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About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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The post Pet Monitoring Camera Market is Being Driven by the Rising Consumer Desire for Advanced Technology appeared first on Future Market Insights.

Original Source of the original story >> Pet Monitoring Camera Market is Being Driven by the Rising Consumer Desire for Advanced Technology

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