Household

Pet tech market trends to be driven by rising innovations brought forth by industry players

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Pet tech market trends are anticipated to depict a rapid transformation owing to the rising prevalence of pet e-commerce and advent of products with tech enabled services that lead to the pets’ enhanced wellbeing and security. Nowadays pet owners are looking for novel approaches to keep their pet happy and healthy which would further substantially influence pet tech market outlook over the forecast period.

U.S. pet tech market share, by product, 2018 & 2025 (USD Million)
U.S. pet tech market share, by product, 2018 & 2025 (USD Million)

Prominent reports suggest that in recent years, the annual spending on pets has surged to double due to the busy schedule of pet owners. As companies continue to offer top-grade products like high-tech fences, pet cameras, automatic food bowls, and more, pet tech industry size is expected to substantially increase in the ensuing years.

Pet technology has become a rapidly emerging market remnant of electronic and connected solutions which help owners to train, monitor, feed, and play with their furry friends. According to studies, security and safety are considered as major concerns for the pet owners and most of them opine that technology will help resolve them efficiently. Pet tech manufacturers are looking to develop new products and advanced solutions for pets that will help attract a significant consumer pool comprising pet lovers. This would further enhance the growth of pet tech market share in the upcoming years.

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Of late, companies have been working to launch novel products like smart cameras that are designed to be the perfect assistants for busy pet parents through which they can talk, watch and even play with their pets remotely. The pet owners can receive notifications about their pet’s behavior and can undertake continuous home monitoring. Such products brought forth by industry players will considerably contribute to stimulate pet tech industry trends.

In terms of the regional landscape, the North America pet tech market held more than 55% of the industry share in 2018 and will experience steady growth due to the increase in the adoption of technological solutions in the household sector. It has been observed that major changes in pet ownership are in the pipeline due to the advent of technological and cultural change.

Nowadays, pet parents are opting, not for traditional food but nutritious food with healthy ingredients for their pets. They are also paying more attention to pet care, grooming, transportation, and many other aspects. The pet owners in North America are spending massively on the health and fitness of their pets as well.

In 2017, it was projected that the mutual gross written premiums of pet health insurance were registered at more than USD 1.2 billion. The household pet ownership in the region is witnessing high growth, which stimulates pet care companies to manufacture more tech-enabled products, in turn, propelling the pet tech industry share.

Pet tech companies are on the continuous quest of undertaking novel methods to keep pets close to their owners which has given rise to several new applications and solutions that can make the pet’s life feasible and trouble-free. For instance, in May 2019, Petz, a chain of pet shops in Brazil had recently created an e-commerce tool named Pet-Commerce which combines artificial intelligence with facial recognition to aid dogs make their own online shopping decisions and provide their dogs the best- ever experience. These novel innovations will attract more pet owners and highlight the substantial growth potential for pet tech industry players.

Considering the efforts undertaken by the remarkably industry players, it is clear that the pet tech market would depict substantial growth in the forthcoming years. The competitive spectrum of this industry is distinctive and consists of renowned companies such as Fitbark, IceRobotics, Garmin Ltd., Konectera, Whistle Labs LLC, Loc8tor, Motorola, Nedap N.V., Pod Trackers Pty Ltd, Tractive, Petcube, Inc., Petnet Inc., Scollar, PetPace LLC, CleverPet, Petrics, and WOPET.

Exemplary initiatives by the leading players will undoubtedly have a lasting impact on the growth prospects of this industry. Global Market Insights, Inc. estimates that pet tech market size will exceed the USD 20 billion mark by 2025.

Author NameDeeksha Pant

Simultaneous localization and mapping (SLAM) technology market to register 75% CAGR from mining applications over 2018-2024, rising adoption of robots to impel the industry expansion

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Owing to the rapid adoption of advanced technologies by diverse industrial sectors, the simultaneous localization and mapping (SLAM) technology market has been witnessing gradual increase in demand over the last decade. Unprecedented growth in digital and remote communication technology has accelerated the development of robots and UAVs, which are ideal for installing sensors and mapping systems. The eagerness of core industries to utilize modern technology for replacing human workforce in hazardous or time consuming tasks has further pushed the SLAM technology market penetration. Constant innovations in robotics are providing more opportunities to integrate new systems that help in achieving cost-efficiency across distinct processes, boosting demand for the global SLAM technology market, which registered a valuation of over USD 56 million in 2017.

Singapore SLAM Market Share, By Application, 2017

Singapore SLAM Market Share, By Application, 2017

Growing automotive and manufacturing segments have not only deployed collaborative robots that assist in assembling products but also autonomous robots that roam factory floors and have to face a number of human and stationary obstacles during operations. The need for accurately handling objects and moving across the floor has brought the SLAM technology industry into limelight. Various tech firms have cropped up throughout the world, developing more precise mapping solutions to complement existing and new localization systems. These can be incorporated within robots for purposes like surveying and moving objects from one place to another on congested surroundings. Increasingly declining costs of manufacturing robots will certainly boost their presence in several industry verticals, presenting tremendous growth opportunities for the SLAM technology market.

The International Data Corporation had projected that by 2021, the spending on robotics worldwide would reach USD 230.7 billion, driven by increased utilization in areas such as manufacturing and resource industries, besides healthcare, education and retail. The resource industry, consisting of mining, oil & gas and agriculture has the potential to become a key target segment for the SLAM technology market. Mining, in particular, offers immense prospects for the use of new technologies as it is a business filled with dangerous exposure for humans, and requires a lot of capital to carry out mining operations. Inaccuracy of underground maps pose serious threats to the safety of miners and robotic exploration is seemingly a more feasible option in regard to this.

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In the imminent future, integrating simultaneous localization and mapping technology with autonomous mobile robots would be an effective way to build accurate 3D maps of underground mines, helping to plan the overall operations. Aside from mining robots that would replace humans in hazardous environments, companies are also building robots that would work alongside people to assist them in analyzing quality of ore samples, carrying loads and other necessary devices. The SLAM technology industry will consequently experience a prolific growth rate over the next few years, with solutions being developed to automate mining activities. Key factors for the industry propagation would definitely be elimination of safety hazards, reduction in overall costs and time saving.

Benefitting from higher commodity prices, the top 40 mining companies globally had recorded earnings of nearly USD 496 billion in 2016, demonstrating the massive scale of mining activities and the potential to improve bottom lines. As old mines get exhausted, these companies are expected to start exploring new mines to keep the mineral supply flowing, indicating the possibility of significant expansion for the SLAM technology market. For instance, the Victoria Gold’s Eagle mine, under development in Canada, would become the biggest mine in the territory of Yukon with production anticipated to at 12.5 million tons per year across a 10-year life span. Further, the USD 2.9 billion South Flank iron ore mine in Australia being constructed by BHP is slated to commence production in 2021 and supply ore until at least 2046.

With many such mines being explored to fulfil the global requirement of essential minerals like copper, gold, silver, coal and uranium, the SLAM technology market could establish a strong hold due to the need for safe mapping of underground mines as well as open quarries. Increasing production of consumer electronics has elevated the demand for minerals like silver, strengthening the global mining industry. The SLAM technology market is expected to grow at a CAGR of 71% over 2018-2024, influenced by the rising need for mitigating safety risks and improving bottom lines.

Author NamePankaj Singh