Pet Monitoring Camera Market Share, Growth & Forecast [2031]

Report Description

The Global Pet Monitoring Camera Market size was valued at USD 61.32 Billion in 2022 and is expected to surpass USD 99.28 Billion by 2031, expanding at a CAGR of 5.5% during the forecast period, 2023 – 2031. The growth of the market is attributed to the increased spending on pet accessories and monitoring devices owing to the increased purchasing power of consumers.

Changing lifestyle and hectic work schedules make it stressful to take care of pets. Such factors can lead animals to suffer from depression and loneliness when they stay alone at home. Monitoring cameras are more preferred among consumers to keep a watch on their pets at home. These cameras allow users to interact, train, monitor, and entertain pets.

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Pet monitoring cameras are more preferred in countries of North America and Europe. Increasing number of dual-income households allows them to spend more on their pets. Increasing technological development in night vision feature of cameras makes it easy for owners to see them in low light intensity. Additionally, manufacturers have come up with pet monitoring cameras, which not only monitor the pets, but can also entertain them as required.

Pet monitoring cameras offer features such as 24/7 video streaming on smartphones. Additionally, recent advancements in technology offer features such as motion sensing that alerts owners on the act of pet movements. They make life of animals more comfortable and happier as they get care and sense of protection from their owners when they are out of home.

Market Drivers, Restraints, Trends, and Opportunities

• Growing awareness about various pet monitoring solutions is expected to drive the growth of the pet monitoring cameras market.

• Increasing number of pet ownerships and growing concern regarding their safety are anticipated to spur the market growth during the forecast period.

• The emergence of COVID-19 pandemic worldwide has disrupted supply chain activities, restricted labor supply, and limited the availability of raw materials, which in turn, has restricted the market growth.

• High price of pet monitoring cameras is expected to hamper the market growth. Additionally, these cameras require continuous cloud connectivity, which is a key factor that can restrain the adoption of these cameras.

• Rapid growth of the digital marketing industry owing to growing Internet penetration is fueling the market growth.

Scope of Pet Monitoring Camera Market Report

The report on the global pet monitoring cameras market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Global Pet Monitoring Cameras Market Segment Insights

One-way video functionality segment expected to account a significant market share

On the basis of products, the market is segmented into one-way video functionality and two-way video functionality. The one-way video functionality segment is expected to account for a market share of more than 80% during the forecast period. These products allow live streaming in high-definition (HD) on smartphones. Majority of products either offer one-way communication or two-way voice communication that allows interaction with the pets. Rapid technological innovations in pet monitoring cameras has led to the addition of features such as automatic treat dispenser, customizable built-in ringtone, temperature monitoring, snapshot capturing, and motion and sound detection capabilities. These features enable better interaction of consumers with their pets.

The two-way video functionality segment is projected to expand at a substantial CAGR during the forecast period. These products are more preferred among consumers owing to the rising demand for multi-purpose monitoring devices. Additionally, these products help consumers to visually interact and feed their pets at scheduled time.

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Offline segment anticipated to account a considerable market share

Based on distribution channels, the market is segmented into online and offline. The offline segment is anticipated to account for a considerable market share owing to the increasing penetration of retail stores in urban areas. Manufacturers are focusing on establishment of online portals as well as retail stores to acquire a large consumer base.

The online segment is anticipated to expand at a healthy CAGR owing to the rapid growth of the e-commerce industry. For instance, in 2018, Amazon introduced online sales of pet products. PetSmart Inc., Walmart, Petco Animal Supplies, Inc., Target Brands, Inc., eBay Inc. and Costco Wholesale Corporation are some of the leading e-commerce retailers in the industry.

North America projected to account a large market share

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is projected to account for a large market share owing to the presence of large number of households owning pets in this region. Additionally, increasing purchasing power of consumers is boosting the regional market growth. According to a survey by Pets Production Association, Inc., in 2018, more than 60% households in the US owned a pet.

The market in Asia Pacific market is anticipated to expand at a substantial CAGR during the forecast period. Increasing adoption of pets owing to the rapid urbanization in this region is propelling the regional market growth. Additionally, increasing disposable income in countries such as China, Japan, India, and Australia is spurring the product demand in the region.

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