Artificial Intelligence

Pet wearables: The next billion-dollar market

The revolutionary integration of technology with countless living necessities have made our lives smarter than ever. Of course, it’s all thanks to technology like IOT, artificial intelligence, machine learning and augmented reality. The intensive popularity of wearables has taken control of human lifestyle. And it’s taken the standard of living to the next level. Human wearables are the most profitable business worldwide. And researchers predict to include over 49 product sub-categories of wearables contributing to the profitability to this business in next 10 years that include smartwatches, fitness trackers, smart eyewear, connected clothing, medical devices, headphones, hearing devices and many more.

After coming a long way to reach the edge of smart devices for humans, now it is the turn of pets and livestock to get smart with the futuristic technology framed as wearables. The idea of developing pet wearables is not entirely new.

Why pet wearables: how it all started

It started with the invention of Allflex in 1955 in New Zealand when a dairy farmer in collaboration with a manufacturer colleague developed an easily readable tag to identify his animals which soon became a leading livestock wearable worldwide.  Later, the European Union made it essential to double tag all newborn calves in 1997. And other western countries are gradually following the same. Since animal tagging was mandated with traceability as one of the prime concerns, the livestock (and pet) wearable technology has gained significant popularity. Pet owners are embracing wearable devices such as smartwatches, wearables, smart clothing, GPS trackers, fitness trackers, activity trackers, skin patches, pet cameras, medical devices, pet-to-human translators and many more.

The surge in the demand of pet wearables is compelled with the technological advancements in the information technology, particularly in wireless area networks. Revolutionary development of cost-efficient wireless sensors, development of smartphone apps with pre-built digital maps, trending IoT technology and skyrocketing the use of smartphones to remotely connect various devices has contributed to the soaring demand of pet wearables. However, the high network installation costs, high power consumption and infrastructure concerns are some of the challenges that hinder the growth of pet wearables market.

The categories of pet wearables

The report identified six prime pet wearable domains; identification, tracking, safety & security, facilitation, behavior monitoring & control, and medical diagnosis & treatment.

1. Identification (such as tags)

  • Uniquely identify your pet

2. Tracking (such as smart collars)

  • Find and track down where your pet has gone

3. Safety & Security (such as GPS collars)

  • Geographic tracking of the pets
  • Regular pet monitoring

4. Facilitation

  • Sense temperature
  • Scan food
  • See your pet in dark with built-in lights
  • Receive alerts if your pet goes beyond the designated area
  • Set calendar alerts veterinarian appointments and other pet’s activities
  • Remotely adjust the thermostat of your home addressing your pet’s comfort

5. Behavioral Monitoring & Control (Such as bark collars)

  • Control and analyses your pet’s behavior such as barking etc.

6. Medical diagnosis & Treatment with RFID

  • Capture Pet’s health-related crucial information
  • Record medical history of the pet
  • Keep note of your pet’s vaccinations
  • Maintain a record of past procedures and treatments

Though the global market for pet wearables is still in the elementary stage,  there is a range of companies developing feature-rich pet wearables and app solutions. Eminent market players include FitBark, PetPace LLC, i4C Innovations, Whistle Labs Inc., Tractive, and Garmin International Inc. to name a few. These market players devise newer strategies including new product development, acquisitions, and collaborating with device making and app development companies to establish their product with more efficiency and capture bigger market share.

App development companies are also taking focusing to target this industry as till date not much of the companies have considered the pet wearable integration apps much seriously.

Predicting the future of pet wearables

Among all categories, the medical diagnosis and treatment wearables are gaining alarming acceptance and popularity. The significant rise in the health concerns for pets including obesity has led to the adoption of health monitoring wearables worldwide. The APOP (Association for Pet Obesity Prevention) has observed that the pet’s obesity rate has drastically increased in recent years. A survey in the year in the year recorded 59% of the cats and 54% percent of the dogs were overweight in the US alone making this issue more critical and hence, turning the pet wearable market into one of the rapidly growing markets.

Behavior monitoring and control wearables like bark collars and visual tab accessories contribute to enormous business opportunities in the pet wearable market that are predicted to be valued over two billion dollars in the coming years.

Research reflects that medical diagnosis, after tracking and identification, is going to be the next prominent pet wearable technology and is expected to increase drastically. Such innovative pet wearables facilitate efficient animal medical care and the market is currently valued at 22 billion.

A recent forecast predicts that the market for global pet wearables will soar at 11.02% CAGR during 2018-2023 and by 2023 the total market size will reach USD $2.712 billion.

Another IDTechEx detailed report about the pet wearable technologies estimates this market to grow to 2.6 billion by 2025 for both RFID and non-RFID technologies.

Conclusion

Every day more and more app development and IoT enabled device making companies are investing to build innovative wearable solutions for pets. People are becoming more conscious of all aspects pertaining to their pets’ safety, security, health, monitoring, and behavior.

To conclude, with loud and clear indications, pet wearables technology is surely going to be the next big revolution in app development and smart device integration. Companies worldwide are looking forward to developing types of pet wearables that will not only empower the pet owners with utmost control over pet’s overall activities but also equip them with best of pet care smartly and effortlessly.

1 Comment
  1. Anil Shidore 4 months ago
    Reply

    Very nice article! it has covered the all details about the market.

Leave a Comment

Your email address will not be published.

You may also like

Pin It on Pinterest