DUBLIN--(BUSINESS WIRE)--The "Global Smart Pest Monitoring Management System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Hardware, and Software and Services), and End User (Commercial, Residential, Agriculture, and Industrial)" report has been added to ResearchAndMarkets.com's offering.
The global smart pest monitoring management system market is expected to grow from US$ 767.09 million in 2021 to US$ 1,219.35 million by 2028; it is estimated to grow at a CAGR of 6.8% during 2021-2028.
The increasing popularity of smart pest control solutions, along with the growing urbanization in developing markets and the advent of megacities, is creating a massive opportunity for the smart pest monitoring management system market.
Countries such as China and India are among the key markets targeted by pest control service providers and pesticide suppliers, owing to the presence of high population density and a large middle-class population that is adopting pest control services. The residential sector witnessed a huge demand for smart pest monitoring management systems to efficiently handle the problem of the increasing number of bed bugs, mosquitoes, cockroaches, and termites.
Moreover, insecticide aerosols are usually suggested to be applied across small buildings or nearby areas. The most common forms of pests found in the residential areas include cockroaches, lice, rodents, termites, ticks, bed bugs, and wildlife pests, such as opossums, raccoons, gophers, and moles.
The presence of these pests forces the population to perform pest control in the house from time to time. The pest control solutions used for residential areas include chemical spraying, aerosols, and baits. In cases of high levels of fumigation and infestation in the residential sector the use of smart pest control method is considered to be more efficient.
The smart pest monitoring management system market is segmented on the basis of component, end user, and geography. Based on component, the market is bifurcated into hardware, and software and services. The hardware segment represented a larger share of the overall market in 2020. In terms of end user, the smart pest monitoring management system market is segmented into commercial, residential, agriculture, and industrial. In 2020, the commercial segment accounted for a substantial share of the market.
In 2020, North America accounted for a significant share in the global market. North America is one of the leading regions in terms of the development and adoption of new technologies owing to the favorable government policies that boost innovation and strengthen the infrastructure capabilities. Hence, any hindrance on the growth of the industrial sector hampers the economic growth of the region.
Presently, the US is the world's worst-affected country due to the COVID-19 outbreak. The smart pest monitoring management industry's reliance on the residential, commercial, industrial, and agriculture industry is adversely impacted due to the outbreak. Owing to travel ban, the import and export of insecticide and pesticide from one place to other got effected.
Also, lockdown imposed by the government has affected the business of office, commercial places, industries, and many more, thus the demand for smart pest monitoring management systems was declined. The overall demand for the system is likely to increase once the industries attain normal operational conditions. These systems are much needed because of the growing number of rodents, bugs, and pests across different industries.
Favorable government policies and increasing investments by North American countries in the application of chemical and safety of the employer is expected to boost the market growth during the forecast period. North America has the highest demand for smart pest monitoring management systems. Any impact on industrial, commercial, industrial, and agriculture industry is projected to have a negative influence on the region's economic development.
Key Market Dynamics
Market Drivers
- Rise in Adoption of Advance Technologies in Agriculture Sector
- Several Government Regulations for Implementation of Smart PEST Monitoring Management Systems
Market Restraints
- High Initial and Maintenance Cost of Smart Pest Monitoring Management Systems
Market Opportunities
- Rising Rates of Urbanization and Middle-Class Population Drive Pest Control Demand in Residential Applications
Future Trends
- Mounting Adoption of Advanced Technologies and Applications
Company Profiles
- Ratdar
- Anticimex
- Bell Laboratories, Inc.
- Bayer AG
- Corteva
- EFOS d.o.o.
- SnapTrap B.V.
- Pelsis Group Ltd
- VM Products
- Rentokil Initial plc
- Futura GmbH
- PestWest USA
- RATSENSE
- The ServiceMaster Company, LLC
For more information about this report visit https://www.researchandmarkets.com/r/fthpkt
