Hardware Segment to Dominate APAC Smart Pest Monitoring Management System Market during 2019–2028
According to The Insight Partners market research study on “APAC Smart Pest Monitoring Management System Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast Component and End-User,” is expected to reach US$ 339.47 million by 2028 from US$ 181.03 million in 2021. The market is estimated to grow at a CAGR of 9.4% from 2021 to 2028. The report provides trends prevailing in the APAC smart pest monitoring management system market along with the drivers and restraints pertaining to the market growth.Growing rates of urbanization and middle-class population drive pest control demand in residential applications is the major factor driving the growth of the APAC smart pest monitoring management system market. However, high initial and registration cost of smart pest monitoring management systems may hinder the growth of APAC smart pest monitoring management system market.
According to the Organization for Economic Co-operation and Development (OECD), the pandemic has affected major economies of APAC. Due to this outbreak, negative implications such as supply chain disruptions and labor shortages have severely impacted digital agriculture. Nevertheless, the COVID-19 impact for in the short term, would affect the growth of smart pest monitoring management system market negatively and the adoption rate of smart pest control method and solutions would be relatively slower due to economic slowdown and inflation.
The APAC smart pest monitoring management system market is segmented on the basis of component, end-user, and country. The market, based on component, is segmented into hardware, software and services. In 2020, hardware segment had the largest share among components. On the basis of end-user, the market is segmented into commercial, residential, agriculture, and industrial. With respect to end-user, commercial segment had substantial share in 2020. Based on country, the market is segmented into China, Japan, South Korea, India, Australia, and rest of APAC. In 2020, China held the largest share APAC smart pest monitoring management system market.
Anticimex, Bell Labs, Bayer AG, Corteva, EFOS d.o.o., Pelsis Group Ltd, VM Products, Rentokil Initial plc, and PestWest USA are among the leading companies in the APAC smart pest monitoring management system market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Anticimex Group’s this new acquisition is another addition to the 14 pest control companies that it acquired since entering the market in 2016.