While there may be a disagreement over the size of the global pet tracker market, there seems to be little doubt that it will see rapid growth.
According to Grand View Research, a San Francisco based market research company, the global wearable market was valued at USD 837 million in 2014 and is expected to reach USD 2.3 billion by 2022.
However, according to Global Market Insights, a Delaware based company, the global pet wearable market will be worth over USD 8 billion by 2024. GMI puts the 2016 market size at over USD 1 billion, with more than 5 million units shipped.
Both reports indicate that GPS-based trackers, cameras and app technology on consumer devices are expected to drive demand over the next several years.