i3 - July/August 2018 - 43

By Steve Koenig

Business

M A R K E T B E AT

Fetch the Opportunity of Pet Technology

 T 

he consumer technology industry has gone
to the dogs-and cats!
Welcome to the world of pet
technology, a rapidly emerging
market of electronic and
connected solutions helping
owners care for, train, feed,
monitor and play with their
furry friends.

Image courtesy of Tractive

Pets are, in many cases, an integral part of
the American family. A 2016 survey by the
American Pet Products Association found
68 percent of U.S. households own at least
one pet. Among them, 60 million homes
own at least one dog and 47 million have
at least one cat. Altogether, these households spent nearly $67 billion in 2016 on
their pets, the association reported.
And they're integral to the economy,
too. Based on new research, CTA
believes the U.S. pet technology market
is poised for double-digit volume and
revenue growth heading into the next
decade. Shipment revenues are expected
to hit $233 million in 2018 and claw
their way higher each year after; reaching $360 million by 2021.
Technology is now an essential part of
American households, so the extension of
tech to our four-legged family members
is fitting. In fact, we've seen pet technology on display at CES, showcasing how
these solutions not only enhance the petowner relationship, but augment the
safety, security and well-being of our
canine or feline companions. But what is
the state of the market for pet technology and more importantly, are consumers willing to spend?

Follow the Research

CTA's Pet Technology: Ownership, Use
and Perceptions study (April 2018)
found six in 10 pet owners acknowledge
pet tech has useful applications that
C TA . t e c h / i 3

could bring them peace of mind.
However, awareness of pet tech is highest
for products that have been around for
several years, such as wireless fencing
systems (63 percent), automatic feeder/
fountain products (56 percent) and electronic training collars (56 percent). Most
pet owners learn about pet tech from
physical stores (43 percent), friends and
family members (37 percent) or searching on the internet (37 percent).
When it comes to ownership among
pet owners aware of a given technology,
interactive toys (50 percent) top the list,
followed by pet health apps (37 percent).
The analysis also found spending on pet
tech is greatly influenced by previous pet
ownership. For example, among owners
of pet tech, 60 percent who previously
owned a pet spent more than $200 on
pet tech in the past year. Meanwhile, a
nearly equal percentage (58 percent) of
pet tech owners who have not previously owned a pet spent $200 or less
on these solutions last year.
Purchase drivers, apart from cost (62
percent), center on ease of use (60 percent), durability (52 percent) and the

trustworthiness of the brand (33 percent). Barriers to ownership of pet tech
naturally include cost (56 percent) as
well, but more importantly a perceived
lack of need (53 percent).

Tackling Objections

CTA's research shows safety and security
are the biggest problems pet owners want
technology to help solve. Pet owners also
say they want technology to ensure their
pets are not lonely when they are away
from home. Digging deeper, the analysis
reveals some interesting differences
between dog and cat owners.
For instance, 35 percent of dog-only
owners report their pet's behavior is the
biggest problem pet tech should solve
versus 20 percent of cat-only owners.
Meanwhile, about one-third (32 percent)
of cat-only owners report their pet's food/
water intake is the biggest problem pet
tech should solve versus about one in five
(18 percent) of dog-only owners.
AT CTA, we say consumer technology
makes life better. When it comes to pet
tech, that statement applies to people
and their dogs too.
JULY/AUGUST 2018

43


http://www.CTA.tech/research http://www.CTA.tech/research http://www.CTA.tech

Table of Contents for the Digital Edition of i3 - July/August 2018

Contents
i3 - July/August 2018 - Cover1
i3 - July/August 2018 - Cover2
i3 - July/August 2018 - Contents
i3 - July/August 2018 - 2
i3 - July/August 2018 - 3
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