A glance at the market of pet wearable technology (2020-2025)

Atieh Salam

March 19, 2021

140

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.