The rise of smart devices and other internet-connected technologies has changed the way we live our daily lives. Today, smartphones, fitness trackers, and a whole ecosystem of lifestyle apps assist us with everything from our healthcare needs to our general wellbeing. As developments in the IoT space continue apace, it’s easy to foresee these trends continuing to increase in importance.
We humans, though, aren’t the only ones starting to feel the effects of the technology revolution. It’s also making a big difference in the lives of our pets. One of the earliest signs of this is the prevalence and effectiveness of implantable pet identification microchips, which have increased the odds that an owner will be reunited with their lost beloved pet. As it turns out, that was just the beginning of the myriad ways that new technology is transforming the lives of pets.
For owners, it means providing a safer and happier life for their animals, and for entrepreneurs, it’s a lucrative industry with no shortage of growth prospects. In particular, there’s been a surge in activity in the development of pet-centric big data solutions, which aim to create a centralized pet care platform that can handle everything from healthcare records to owner product purchase histories. Here’s a deeper look at the booming pet technology industry, and an inside peek at one startup that’s already putting all of the pieces of the pet tech data boom together in one place, with the help of some notable tech industry heavyweights.
A Booming Tech Sector
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A Flood of Investment
It’s also worth noting that there have been big jumps in pet tech spending in the European and Asian markets, which may soon surpass the domestic market here in short order. That means it is very likely that all of the investment and startup activity that’s powered the sector so far is just the tip of the iceberg. In the next few years, that means it’s possible that the global market for pet-related technology could double or triple in size. Right now, though, there’s one startup that’s trying to position itself at the center of the pet tech boom, by providing an all-in-one solution to connect all of the new pet tech innovators to owners and leverage the massive amount of data the effort creates.
The Pet Data Revolution
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A Pet-Tech Team of All-Stars
The company is also led by Roy Stein, who previously served as GridPoint’s Vice President of Operations, helping to manage the platform itself. He’s been involved in the technology industry for over 20 years, helping to build and grow a laundry list of data-focused businesses. Together, they bring a wealth of experience that stretches back to the earliest days of the big data revolution – which bodes well for BabelBark’s prospects as they seek to create a pet data powerhouse.
An Industry Primed for Growth
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The bottom line is that the pet tech revolution appears to be well underway, but is by no means reaching its peak. That means we’re likely to see a flurry of additional startup activity in the space shortly, and if BabelBark has its say, they’ll be right in the middle of it. For tech entrepreneurs, it’s a rare kind of ground-floor opportunity in a market that still has plenty of room for innovators, especially since there’s a growing pet tech ecosystem that’s ready and waiting for more entrants. For those that choose to pursue opportunities in the space, though, just remember to make your office or co-working space as pet-friendly as you make your next big idea if you want to hit the ground running on all four paws.