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Pet Monitoring Camera Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global pet monitoring camera products market was valued at USD 1.1 billion in 2022 and is projected to expand at a CAGR of 18.3% from 2023 to 2030. Pet monitoring cameras offer pet owners the ability to monitor their pets while they are away from home. This technology provides users with a sense of security and comfort as they are able to check on their pet’s well-being at any time or place. Pet monitoring cameras are also increasingly being used for pet training, as well as for home security purposes.
In recent years, the demand for pet monitoring cameras has been driven by the growing focus on pet health and safety. The increasing number of pet owners is also driving the market. Furthermore, advancements in technology have enabled pet monitoring cameras with various features such as audio and video streaming, night vision, and motion detection, which has further fueled their demand. For instance, in April 2021, Nestcam released Pet Cam, a pet monitoring camera that allows users to keep an eye on their pet from anywhere in the world.
Moreover, the growing adoption of smart home devices and the increasing development of pet-friendly products are creating a favorable environment for the adoption of pet monitoring cameras. For instance, in April 2021, Furbo launched a pet monitoring camera with Alexa integration. This device allows users to control their pet’s environment and behavior, as well as to monitor their pet’s health, by linking the Furbo app to Alexa. Additionally, pet monitoring cameras are becoming increasingly affordable, which is expected to further propel the market growth.
The increasing demand for pet monitoring cameras has created an opportunity for the market players to introduce innovative products with advanced features. For instance, in April 2021, Petcube launched a pet monitoring camera with a built-in laser pointer. This device allows users to monitor and interact with their pets from anywhere in the world, with the ability to play with their pets using the laser pointer. Furthermore, the emergence of 5G technology is expected to create opportunities for market players to introduce new products with improved features.
Lastly, the increasing focus on providing a better lifestyle to pets is expected to create a favorable environment for the pet monitoring camera market. For instance, in April 2021, Petkit released a pet monitoring camera with a treat dispenser. This device allows users to monitor their pet’s activity, dispense treats, and keep an eye on their pet’s health from anywhere in the world.
Product Insights
The pet monitoring cameras segment led the market and accounted for a share of around 33.3% in 2022. The increasing preference for pet monitoring cameras among pet owners is one of the major factors driving the market growth. According to an article published by Petcube, in September 2020, pet monitoring cameras can detect any changes in the pet’s behavior and alert the pet owner to potential health problems. Furthermore, the increasing demand for pet monitoring cameras due to their various features such as two-way audio, night vision and wide-angle lens capabilities is propelling the growth of the pet monitoring camera market.
The pet toys segment is anticipated to expand at the fastest CAGR of 8.8% over the forecast period. The increasing demand for interactive pet toys is one of the factors driving the market growth. According to an article published by Petcube, in August 2020, interactive pet toys such as robotic toys, treat-dispensing toys, and puzzle toys provide mental stimulation and help to keep pets engaged and entertained. In addition, the growing demand for pet toys that can help to keep pets active and healthy is another factor driving the growth of the market.
Distribution Channel Insights
The supermarkets and hypermarkets segment held the largest market share of 33.8% in 2022. Pet monitoring camera products are gaining popularity among pet owners as they can monitor their pet activities while they are away from home. Supermarkets & hypermarkets provide a wide range of pet monitoring camera products to the buyers. Moreover, pet owners prefer to buy pet supplies from supermarkets & hypermarkets as they offer products at relatively lower prices than online stores.
The online segment is anticipated to register the highest CAGR of 15.9% during the forecast period. The growth of the online segment is mainly attributed to the increasing adoption of the internet and smartphones. The internet provides a platform to pet owners to compare prices and view product details before making a purchase decision. In addition, the availability of pet monitoring camera products on various e-commerce websites such as Amazon, Flipkart, and Walmart helps pet owners find the best product for their pet. Moreover, the increasing use of mobile applications for pet monitoring camera products is also boosting the growth of the online segment.
Type Insights
The pet monitoring camera segment held the largest share of the market in 2020, and is expected to remain the dominant segment over the forecast period. The increasing demand for pet monitoring cameras is because of rising pet adoptions, as well as the growing need to monitor pets while owners are away from home. The growing number of working couples, who leave their pets at home while they are away at work, has been contributing to the growth of the pet monitoring camera market. Pet owners are increasingly using such cameras to monitor the activities of their pets, and also to ensure their safety.
The pet feeder segment is expected to witness the highest growth rate over the forecast period, due to the increasing demand for automated pet feeders for pets. The growing trend of pet humanization is also driving the demand for automated pet feeders, as pet owners are increasingly looking for ways to provide the best care for their pets. Automated pet feeders are becoming more advanced, and are increasingly equipped with features such as food portioning, as well as smartphone connectivity. This has been enabling pet owners to monitor the food consumption of their pets, even when they are away from home.
Regional Insights
North America was the largest regional market and is expected to maintain its dominance over the forecast period. This is attributed to the presence of a large number of key players in the region, such as Nest, Furbo, and Petcube, who are actively involved in developing innovative products. Moreover, the increasing trend of pet adoption in the U.S. is boosting the demand for pet monitoring cameras in the region.
Europe is expected to witness the highest growth during the forecast period. This is attributed to the growing demand for pet monitoring cameras among pet owners in the region. Moreover, the increasing awareness among pet owners regarding pet health and safety is boosting the demand for pet monitoring cameras in the region.
Asia Pacific is expected to witness the fastest growth in the coming years. This is attributed to the increasing demand for pet monitoring cameras from countries such as China, India, and Japan. In addition, the rising adoption of pets, increasing disposable income, and rising awareness about the benefits of pet monitoring cameras are expected to propel the demand for pet monitoring cameras in the region.
Financial Projections
In this part of the pet monitoring camera business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your pet monitoring camera products. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a pet monitoring camera products business comes from product sales, as well as subscription plans for features like cloud storage and analytics. Here you will find a list with a description of each of these sources of revenue. Other possible sources of profit may include advertising, sponsorships, and affiliate programs.
Projecting Expenses
In this section, all the regular expenses related to keeping the pet monitoring camera business running will be described. The list of operating expenses includes product development and design, manufacturing costs, marketing and advertising, shipping and handling, customer service, and other operating costs.
Key companies & market share insights
Some of the key companies operating in the pet monitoring camera market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In April 2022, Petcube launched the Petcube Bites 2, a Wi-Fi pet camera with a treat dispenser and a HD camera.
– In July 2022, Furbo launched the Furbo Dog Camera, a pet monitoring camera with treat dispenser and 2-way audio.
– In August 2022, Petzi launched the Petzi Connect, a pet monitoring camera with treat dispenser and interactive laser toy.
Some of the prominent players in the pet monitoring camera market include:
– Petcube
– Furbo
– Petzi
– PetChatz
– Pawbo
– Petzi Treat Cam
– Skymee
– Victure
– WOpet
– iFamCare
Global Pet Monitoring Camera Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global pet monitoring camera products market based on product type, distribution channel, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Wi-Fi Enabled
– Non-Wi-Fi Enabled
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Potential of Pet Monitoring Camera Products?
[A]: Pet monitoring camera products have the potential to provide pet owners with peace of mind and monitor their pet’s safety and wellbeing, even when they are not at home. These cameras can be used to monitor pet activity and provide real-time audio and video, as well as two-way audio communication. They also offer a range of features such as motion detection, night vision, and cloud storage.
[Q]: Who are the Key Players in the Pet Monitoring Camera Products Market?
[A]: Key players in the pet monitoring camera products market include Motorola Solutions, Inc., Petcube, Inc., Petzila, Inc., PetChatz, LLC, PetGuardian, LLC, and other prominent players.
[Q]: Which Region Offers the Largest Opportunity for Sales of Pet Monitoring Camera Products?
[A]: North America is expected to be the largest market for pet monitoring camera products, with an absolute dollar opportunity of $1.5 B (USD).
[Q]: What are the factors driving the pet monitoring camera products market?
[A]: The increasing number of pet owners, rising incomes, and the growing demand for advanced technology products are driving the market for pet monitoring camera products. In addition, the increasing adoption of internet of things (IoT) in pet products and the growing use of pet cameras in veterinary clinics are also boosting market growth.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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