Pet Monitoring Camera Market size is anticipated to grow exponentially during the forecast timeframe due to a rise in consumer spending on innovative accessories to effectively monitor pet health and safety. Consumers in developed countries are increasingly spending on luxurious pet accessories and treats. According to a 2018 study by More Than, a trading name of Royal & Sun Alliance Insurance PLC, the UK dog owners spend an average of USD 294.1 on their pets per month, while cat owners spend USD 122.5 per month on their beloved companions. This results in a whopping USD 29.4 billion spent on dogs and USD 11.7 billion on cats in the UK per year.
Technological advancements in the form of functionalities have further propelled the market demand. For instance, in February 2020, Petcube, an interactive pet camera manufacturer, launched the Petcube Bites 2 smart pet cam with a treat dispenser and Alexa capability for working pet owners. The camera allows users to access over 50,000 Alexa skills, go hands-free, and direct Alexa to schedule auto play & treat scheduling for their companions. The increasing adoption of advanced technology among consumers to ensure wellbeing & safety of pets is encouraging industry leaders to expand the market share with the development of advanced monitoring devices for pets.
The COVID-19 pandemic will have a minimal impact on the pet monitoring camera market expansion as consumers spend more time with their pets to reduce stress and increase wellbeing during the pandemic. In June 2020, the American Pet Products Association (APPA) stated that pet ownership is holding steady during the pandemic. The key players are running their business operations 24/7 to meet customer demand and are implementing safety measures for their employees. However, disruption in the supply chain and manufacturing sector globally has slowed down the production capacity and new product launches during the first and second quarters of 2020.
High costs associated with the device is a major challenge impacting the market growth. Consumers in low-income countries refrain from purchasing expensive pet monitoring cameras owing to the lack of infrastructure support and high-cost of network installation & maintenance. Furthermore, the high development cost is attributed to the use of sophisticated sensors, cameras, processing boards, and software to power the technology, which requires manufacturers to focus on an efficient production process. Fluctuation in prices of components and raw materials along with increased labor costs can further elevate product prices.
The one-way video functionality segment is expected to hold a major revenue share during the forecast period. Unique and innovative features of these products including snapshots capturing & motion, laser dot chase game, temperature monitoring, automatic treat dispenser, customizable built-in ringtone, and sound detection capabilities have attracted consumers over the past few years. The availability of inexpensive security cameras to monitor pets through live videos and motion detection alerts has increased their demand in the market.
The online distribution channel in the pet monitoring camera market is predicted to grow at a substantial rate during the forecast timeline. The benefits of flexibility, convenience, versatility, accessibility, easy price comparison, low cost, and less time in purchasing products have encouraged consumers to purchase pet monitoring cameras from e-commerce websites. The increasing internet penetration, a rise in disposable incomes, and the rapid acceptance of smartphones have resulted in the high popularity of online shopping. Major e-commerce retailers including eBay, Inc., PetSmart, Inc., Walmart, Inc., Amazon, Inc., and Target Brands, Inc. offer smart pet devices of several leading brands in the market.
Asia Pacific pet monitoring camera market will observe substantial growth from 2021 to 2027 on account of the increasing adoption and humanization of pets, particularly in Singapore, Thailand, Malaysia, and Indonesia. A shift in consumer behavior, which is inclined toward purchasing pet wellness and health monitoring products is boosting the market value. Additionally, improving consumer lifestyles and growing disposable incomes in India and China are projected to provide significant market revenue opportunities over the forecast timespan.
Key participants operating in the in the market include Acer, Inc., Anser Innovation LLC, Guardzilla, Hangzhou Hikvision Digital Technology Co., Ltd., Motorola, Inc., Petcube, Inc., Tomofun, Vimtag Technology Co., Ltd., Wagz, Inc., and Zmodo. These companies are adopting various strategies to compete and acquire major share in the market. For instance, the Alexa-friendly Furbo Pet Camera with apps for iOS and Android is integrated with AI and dog recognition technology for more advanced detections and alerts. The camera allows owners to record and detect video clips of important dog-related events such as barking, intruders, home emergencies, and receiving real-time alerts on their smartphones.
Market, By Functionality
Market, By Distribution Channel
The above information has been provided for the following regions and countries: