The pet monitoring camera market is expected to be valued around $54.3 million by 2022. Market size is anticipated to reach US$ 93.5 Mn by 2032, growing at a 5.5 percent CAGR.
The market for pet monitoring cameras is being driven by the rising consumer desire for advanced technology to ensure the security and well-being of pets, and this trend will persist over the projected period.
Due to its numerous functions, pet monitoring cameras, a ground-breaking technology, have gained popularity in the market. the one-way video functionality sector, which dominated the global market.
However, the two-way video and audio functionality sector will outgrow the one-way video segment throughout the projected period due to shifting consumer preferences for multifunctional cameras.
These gadgets help owners engage visually with their dogs, feed them on schedule, get them to play, and captivate them.
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Several major, small, and medium-sized businesses throughout the world are rapidly investing in the IoT market. The transition of most organisations to IoT is projected to have an influence on a range of sectors, including pet monitoring cameras.
“The pet monitoring camera market has gone through a significant transformation, from a functional product to a stylish one. Consumers prefer different varieties of a product category for different reasons. Manufacturers are therefore launching different cameras offerings to cater to this factor” says an FMI analyst.
Who is leading?
The leading companies in pet monitoring camera are paving the way forward with strategic collaborations and development which are focused on innovating new technology. This has helped in bolstering the sales growth.
Some of the key players in the pet monitoring camera market include Petcube, Acer Inc., Furbo, Hangzhou Hikvision Digital Technology Co. Ltd., Lenevo Group Ltd., PetChatz LLC, Vimtag Technology Co. LTD, Wagz Inc., Zmodo, Pawbo, Motorola, Cleverdog and others
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