With tremendous progress in cutting-edge technologies, the global pet wearable market is being inundated with innovative products every now and then. The functionality of the devices has grown beyond the basic identification, tracking, and monitoring of pets to the more complicated facilitation of medical diagnosis and treatment. Owing to more feature rich products being unveiled in the near future, the demand for products providing identification and tracking is slated to wane.
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The competition in the global market for pet wearable has become red hot in the last couple of years on account of the foray of a large number of small-sized companies. Astute vendors have invested heavily in research and development to come up with technologically advanced wearable products. Going forward, the cutthroat competition in the market is likely to result in acquisitions and strategic alliances. This intensified competitive environment would likely stimulate strong growth in the upcoming years.
Tanking Cost of IoT Positively Impacts Market
One technology majorly contributing to the global market for pet wearable is the Internet of Things (IoT). IoT connects devices such as smartphones, laptops, and computers to sensors attached to living or non-living objects leveraging WLAN, RFID, and Bluetooth technologies to transfer data which is then analyzed for valuable insights. With the penetration of smartphones, seamless internet connectivity, and better technologies, prices of such connected devices have come down. For example, currently cheaper, energy efficient wireless sensor nodes are being increasingly used in IoT systems. Consequently, devices with motion sensors, temperature sensors, and accelerometers, among others, are finding takers fast for monitoring heat patterns, daily activities, etc. in their pets.
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Cost Issues Dampen Demand in Emerging Economies
Countering the growth in the market is the fact that wearable for pets guzzle power. Cost is another issue in developing economies of the world. High procurement expenses and cost per line for both fixed and wireless technologies makes the services pricey for pet owners living in emerging economies of the world. Other factors hampering the market in developing countries are the dearth of proper infrastructure and steep cost of network installation and maintenance.
Robust Modern Telecommunication Infrastructure Bolsters the U.S. and Europe Market
The U.S. and Europe hold dominant positions in the global market for pet wearable. A sophisticated infrastructure of modern telecommunication firmly in place and the presence of numerous industry leaders are factors at the forefront of stoking growth in the two regions. Awareness among owners about the benefits of latest technologies with which such devices are equipped with and means to splurge have also been driving growth in the market. Going forward, the two continents will likely hold on to their leading market shares on account of the robust demand for devices for medical diagnosis generated by the growing concerns about pet’s health and fitness.
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In terms of growth rate however, Asia Pacific pet wearable market is slated to steal the show due to a growing number of manufacturers setting up shop in the region to take advantage of the reduced operations cost.
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