Pet wearable technology is gaining popularity due to its diverse applications in tracking and identifying, medical problems, safety and security problems of pets and monitoring their behavior. In recent years, pet owners have become more aware of their pet health monitoring, and this has led them to embrace the technology. In addition to the development of technologies such as GPS and RFID, rising revenues in China and India have also affected the formation and growth of this market recently.
Base Year | Market size(B$) | Duration(YEAR) | CAGR(%) | Source Name |
2020 | 1.6 | 6 | 14.30 | Grand view research |
2019 | 4.6 | 6 | 14.30 | Business wire |
2019 | 0.703 | 5 | 19.60 | Market & market |
2018 | 1.51 | 6 | 14.10 | Market research engine |
2019 | 0.975 | 6 | 19.60 | Market data forecast |
Table of Contents
Influencing factors that changes market size of pet wearable technology
The size of the market value changes under the influence of many factors; the increase and decrease in the rate of these influential factors leads to changes in the value of the market size, which is provided by direct and reverse drivers in the market of pet wearable technology.
Direct drivers in the market of pet wearable technology
- Pet custody
- Awareness about pet health
- Urbanization and pet populations
Reverse drivers:
- High costs of required services and equipment
- Lack of awareness of pet owners
In all different markets and industries, risk is always one of the factors that business founders should be sufficiently aware of. The first step is risk assessment is identification of risks in the market in order to perform risk management.
The market of pet wearable technology may also be threatened by following risks:
- Manufacturing risk
- Funding risk
- Legislation risk
- Maturity risk