As per a recent market analysis by Future Market Insights (FMI), the pet monitoring camera market is poised to reach a valuation of US$ 54.3 Mn in 2022. Sales are projected to increase at a 5.5 % CAGR, with the market size reaching US$ 93.5 Mn by 2032.
The growing consumer demand for sophisticated technology to safeguard the well-being and safety of pets is pushing the demand for pet monitoring cameras and this will continue during the forecast period.
Pet monitoring cameras, as a breakthrough technology, have acquired momentum in the market due to their multifunctional features. The global market which was primarily dominated by one-way video functionality segment
However, with changing consumer preference towards multifunctional cameras, the two-way video and audio functionality segment will outpace the one way video segment during the forecast period.
These devices assist owners in visually interacting with their pets, feed them after scheduled time span, making them play, and captivating 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
Monitoring, Real-Time Bark Alert
Video and Photo Capture
By End User Type:
By Sales Channel Type:
By Price Range:
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