The global Pet Monitoring Camera Market size is projected to touch USD 250.1 million by 2025, according to a new report by Million Insights. It is anticipated to grow at a CAGR of 26% through the forecast period of 2019 to 2025. The rising number of pet adoption, especially in the millennial population, has been propelling the product demand. Moreover, the increasing rate of adoption of advanced technology among consumers to ensure pet safety and wellbeing is anticipated to increase the spending on advanced monitoring devices for pets.
The one-way video functionality segment led the market with over 85% share in the global revenue. Consumers have been attracted to the unique and innovative features of these products over the past few years. Additional features including laser dot chase game, automatic treat dispenser, customizable built-in ringtone, temperature monitoring, snapshots capturing and motion, and sound detection capabilities have further propelled the demand for the product. Moreover, two-way voice communication has made these devices more interactive and attracted a larger consumer base.
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The online channel of distribution is anticipated to grow at a CAGR of 28% over the forecast period. The increasing popularity of e-commerce among consumers owing to comfort associated with shopping is projected to boost the growth of the segment in the upcoming years. Pet Smart Inc.; Amazon; Walmart; eBay Inc.; Costco Wholesale Corporation and Target Brands, Inc.; are some of the major e-commerce retailers present in the industry.
Asia Pacific is anticipated to grow at a steady CAGR of 27.2% over the forecast period. The increase in the number of adoption of pets in countries like India, Japan, Australia and China makes them prominent markets of this region. Additionally, the rising number of the millennial population in developing countries like India and China is projected to open new opportunities in the upcoming years.
The major players in the pet monitoring camera market include Tomofun (Furbo Dog Camera); Guardzilla; Petcube, Inc.; Acer Inc.(Pawbo Inc); Hangzhou Hikvision Digital Technology Co., Ltd. (Ezviz Inc.); Vimtag Technology Co., Ltd.; Wagz, Inc.; Motorola, Inc.; Zmodo; and Anser Innovation LLC (PetChatz).
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Further key findings from the report suggest:
• Increasing demand for visual interactive monitoring devices is projected to propel the two-way video functionality segment to grow at the fastest CAGR over the forecast period
• Asia Pacific is anticipated to grow at the fastest CAGR of 27.2% over the forecast period
• One-way video functionality dominated the market with over 80% share in 2018.
• North America dominated the regional market due to increasing number of pet owners and increasing spending on pet monitoring devices in U.S.
• Online channel of distribution is anticipated to grow at a CAGR of 28.1% over the forecast period
Million Insights has segmented the global pet monitoring camera market on the basis of product, distribution channel, and region:
Pet Monitoring Camera Product Outlook (Revenue, USD Million, 2015 – 2025)
• One-way Video Functionality
• Two-way Video Functionality
Pet Monitoring Camera Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)
• Offline
• Online
Pet Monitoring Camera Regional Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• U.S.
• Europe
• Germany
• U.K.
• Asia Pacific
• China
• India
• Central & South America
• Brazil
• Middle East & Africa
• South Africa
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