Petcare IoT to grow by nearly 18%
by Katie Pfaff
The market for petcare IoT (internet of things) platforms is forecast to attain a value of $24.72 billion through the period ending in 2030, according to InsightAce Analytic Pvt. Ltd., a market insight firm. The market estimate would amount to a CAGR growth of 17.90% following on the 2021 value of $5.64 billion.
Petcare IoT includes a range of products: from pet wearables, including GPS collars, barks collars, or medical diagnostic tools; products which are internet-connected such as toys, fences, feeders; and pet-related apps or platforms including apps for training a dog, telemedicine, reminder or entertainment apps. The market products are wide-ranging and reflect an ever-growing interest for pet owners to stay connected with their pets or manage their pets’ wellbeing.
As the number of pets increases along with greater use of technology and higher rates of spending on pet care, the market is expected to continue to grow. Following the pandemic, pet owners are interested in virtual treatment options. At the same time, the market was expected to grow based on rising rates of pet disease or the need to monitor health.
At the start of the forecast period (2021), North America held the largest share by geography. The geographical area is expected to see additional growth across the forecast period
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