Selbyville, Delaware, May 20, 2021 (GLOBE NEWSWIRE) —
Global Market Insights Inc. has recently added a new report on the pet tech market which estimates the market valuation for pet tech will cross US$ 20 billion by 2027. Rising adoption of pets coupled with technological advancements will drive the pet tech industry growth.
Technological advancements and consumer-friendly business models will drive the market growth. The market players are offering affordable pet-tech products equipped with high quality hardware and recurring subscription models. Furbo’s in-home pet camera and Fi’s smart dog collar with GPS tracking are the two prime examples of such products. Also, technologies such as dog microchips are gaining popularity with government legislation in several countries including the UK, China, Japan, and Australia making them mandatory.