The animal safety devices market is estimated to grow with significant CAGR during the forecast period, i.e., 2022-2030. The growth of the market can be primarily attributed to the increasing number of cases of pet thefts around the world. For instance, a lost and found service for pets in the U.K. recorded a notable hike in pet thefts, from more than 17o dogs in 2019 to about 460 dogs in 2020. Additionally, animal safety devices are witnessing a swift adoption owing to their diversified applications in tracking and identifying, monitoring behavior, diagnosing medical problems, and the safety and security of pets. Along with these, the market is largely expected to be driven by significant rise in expenditure for pet care, rising disposable income and increased pet adoption across the world. The adoption of animal safety devices in livestock monitoring is also projected to boost the demand for animal safety devices in the coming years.
The market is segmented based on technology into RFID, GPS, sensors, and others, out of which, the RFID segment is anticipated to grab the largest share during the forecast period on account of higher reliability, productivity, accuracy, and transparency of RFID devices in pet identification and tracking. Furthermore, adoption of Wi-Fi-enabled RFID devices that track a pet’s location at all times is also gaining traction since the last few years, which in turn is assessed to drive growth of the market segment in the future. Moreover, on the basis of application, the identification and tracking segment is projected to grow with a significant CAGR over the forecast period, which can be ascribed to the growing concerns of people to prevent pet thefts and rising investments in wearable tracking devices such as smart collars and smartwatches for dogs. CLICK TO DOWNLOAD SAMPLE REPORT
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to factors such as increasing awareness related to pet fitness and health, and rise in adoption of domestic animals in countries such as India and Australia. Furthermore, the market in North America is evaluated to occupy the largest share during the forecast period on the back of high penetration of activity and fitness monitoring devices for pets, growing pet expenditure, and rising awareness of pet health in the region. As per the analysis of American Pet Products Association’s National Pet Owners Survey, in the United States, pet expenditure in 2018 was $72.56 billion and it rose to S75.38 billion 2019. In addition, the market in Europe is also anticipated to occupy a significant share in the market on account of intensifying concerns for pet safety and increasing incidences of pet theft in the region.
The global animal safety devices market is further classified on the basis of region as follows:
Our in-depth analysis of the global animal safety devices market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising adoption and expenditure on medical diagnosis for pets and increasing demand for GPS-based safety devices are the key factors driving market growth.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022-2030.
High power consumption and procurement costs of animal safety devices is estimated to hamper market growth.
The market in Asia Pacific will provide ample growth opportunities owing to the increasing awareness related to pet fitness and health and rise in the adoption of domestic animals in the region.
The major players dominating the animal safety devices market are Allflex USA Inc., Avid Identification Systems Inc., Datamars Inc., Fitbark among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by technology, application, and by region.
With respect to application, the identification and tracking segment is anticipated to hold the largest market share owing to the growing investments in wearable tracking devices.
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