Newark, May 02, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 0.12 Billion Pet Monitoring Camera market will reach USD 1.65 Billion by 2033. Technological Advancements in the Pet Monitoring Camera Market may fuel the growth of the Pet Monitoring Camera Market. The advancement of camera technology has been instrumental in propelling the expansion of the global market for pet monitoring cameras. These technological strides have led to the creation of increasingly sophisticated and feature-rich pet monitoring cameras, which appeal more to consumers. Modern pet monitoring cameras boast high-resolution sensors, enabling users to capture sharp and detailed images and videos of their pets. This is particularly beneficial for pet owners seeking to closely observe their pets' activities and behaviors. Many of these cameras now incorporate infrared night vision capabilities, allowing pet owners to monitor their pets in low-light or completely dark environments. This functionality ensures uninterrupted surveillance, even during nighttime hours.
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Scope of Pet Monitoring Camera Market
| Report Coverage | Details |
| CAGR | 30% from 2024 to 2033 |
| Market Size in 2023 | USD 0.12 Billion |
| Market Size by 2033 | USD 1.65 Billion |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Year | 2024 to 2033 |
| Historical Year | 2020-2022 |
| Segments Covered | Product, Distribution Channel |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Pet Monitoring Camera Market Size by Product (One-way Video Functionality, Two-way Video Functionality), By Distribution Channel (Offline, Online), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033
North America emerged as the largest global Pet Monitoring Camera market, accounting for 57% of the total market. Owing to the increasing number of pet households in the region. Whereas Asia Pacific exhibits the highest growth rate in the market owing to rapidly growing urbanization in the region.
In 2023, one-way video functionality products surged ahead in the market, securing an impressive 82% market share
In 2023, one-way video functionality products surged ahead in the market, securing an impressive 82% market share. These products provide users with features like live streaming of high-definition video accompanied by sound, as well as the ability to record pet videos directly onto smartphones. Additionally, many of these products incorporate either one-way or two-way voice communication, facilitating remote interaction between pet owners and their companions. Conversely, the segment of two-way video functionality products is anticipated to experience the most rapid compound annual growth rate (CAGR), driven by increasing demand for flexible monitoring solutions.
By 2023, offline distribution channels had secured a significant market share, representing 80% of total revenue
By 2023, offline distribution channels had secured a significant market share, representing 80% of total revenue. The burgeoning presence of hypermarkets and supermarkets has notably reinforced the offline retail sector. Recently, manufacturers have adopted a blended business strategy, amalgamating online and physical retail stores to broaden their consumer outreach. Projections suggest that the online distribution channel is primed to experience the most remarkable compound annual growth rate (CAGR) in the foreseeable future. The rapid proliferation of e-commerce in the consumer electronics industry is anticipated to propel increased online sales of pet monitoring cameras in the forthcoming years.
Latest Development:
• In June 2023, SpotCam introduced SpotCam Mibo, a cloud video surveillance solution boasting 2K high-resolution video capabilities, automatic night mode, and support for 360-degree horizontal panning and 90-degree vertical tilting, complete with customizable preset points. The innovative product also incorporates pet detection and tracking features tailored specifically for pet care, enabling the camera to automatically adjust its position when detecting pet movement.
• In March 2023, Tommismart Technology Ltd unveiled an in-house developed high-definition camera tailored for capturing adorable short pet videos. This homemade camera offers high-definition video capture, ensuring every unique moment of a pet is preserved. Additionally, it integrates AI video generation directly into the pet camera, enhancing its functionality.
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Market Dynamics
Drivers: Rapidly growing pet owners globally
Changes in demographics have resulted in a growing urban population inhabiting smaller living spaces. Consequently, there has been a surge in the ownership of pets, particularly smaller breeds such as cats and small dogs that are suitable for apartment living. Pets play a crucial role in providing companionship, emotional support, and stress relief, which are increasingly valued in the fast-paced urban lifestyles of many individuals and families. Additionally, in certain regions, the aging population has contributed to the rise in pet ownership as older adults seek companionship and a sense of purpose through pet ownership.
Restraints: Privacy concerns and security-related issues
In the realm of the global pet monitoring camera market, privacy concerns encompass worries and challenges related to the collection, retention, and utilization of personal and pet-centric data. These apprehensions can serve as obstacles to the widespread adoption and growth of pet monitoring cameras. Among the foremost privacy concerns is the safeguarding of the data captured and stored by these cameras. Users are apprehensive about the potential for unauthorized access to their live feeds and recorded footage, which could expose their homes, pets, and personal lives to hackers or malicious entities. Heightened awareness stemming from notable data breaches across various sectors has underscored the significance of data security. Consequently, manufacturers of pet monitoring cameras must prioritize investments in robust cybersecurity measures to forestall data breaches that might result in privacy infringements.
Opportunities: Technological Advancements in the Pet Monitoring Camera Market
The advancement of camera technology has been instrumental in propelling the expansion of the global market for pet monitoring cameras. These technological strides have led to the creation of increasingly sophisticated and feature-rich pet monitoring cameras, which appeal more to consumers. Modern pet monitoring cameras boast high-resolution sensors, enabling users to capture sharp and detailed images and videos of their pets. This is particularly beneficial for pet owners seeking to closely observe their pets' activities and behaviors. Many of these cameras now incorporate infrared night vision capabilities, allowing pet owners to monitor their pets in low-light or completely dark environments. This functionality ensures uninterrupted surveillance, even during nighttime hours.
Challenge: Low adoption of Pet Monitoring Cameras in the developing countries
In developing nations, where average incomes tend to be lower and poverty rates higher compared to developed countries, pet owners often prioritize essential needs over discretionary expenses like pet monitoring cameras. Moreover, the awareness regarding pet monitoring cameras may be restricted in these regions due to reduced internet penetration, limited advertising, and lower overall exposure to trends and technologies related to pet care.
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Some of the major players operating in the Pet Monitoring Camera market are:
• Scr Engineers Ltd
• Avid Identification Systems Inc
• Datamars
• FitBark Inc
• Garmin Ltd
• Spoton Logistics
• Invisible Fence
• Whistle
• Link My Pet
• Loc8tor Ltd
Key Segments cover in the market:
By Product:
• One-way Video Functionality
• Two-way Video Functionality
By Distribution Channel:
• Offline
• Online
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About the report:
The global Pet Monitoring Camera market is analysed based on value (USD Billion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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