Software and Services Segment is Expected to be the Fastest Growing During Forecast Period for MEA Smart Pest Monitoring Management System Market during 2019–2028
According to The Insight Partners market research study on “MEA 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$ 107.91 million by 2028 from US$ 71.42 million in 2021. The market is estimated to grow at a CAGR of 6.1% from 2021 to 2028. The report provides trends prevailing in the MEA smart pest monitoring management system market along with the drivers and restraints pertaining to the market growth. Few government regulations for implementation of smart pest monitoring management systems are the major factor driving the growth of the MEA smart pest monitoring management system market. However, huge initial and registration cost of smart pest monitoring management systems may hinder the growth of MEA smart pest monitoring management system market.
The major countries in the MEA facing the economic impact of COVID-19 pandemic include Saudi Arabia, the UAE, Egypt, Morocco, and Kuwait. The region is projected to register a swift decline in manufacturing activities due to industries shutting down and technology innovations coming to a halt across entire Middle East and Africa; this can be attributed to lowered production activities and disruption of manufacturing in many countries in these regions. In addition, factory shutdowns, business and travel bans are further aggravating the economic problems. The imposition of travel restrictions and disruption of supply chains are limiting the smart pest monitoring management system market growth to a certain extent.
The MEA 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 UAE, Saudi Arabia, South Africa, and rest of MEA. In 2020, the UAE held the largest share MEA smart pest monitoring management system market.
Bell Labs, Bayer AG, Corteva, EFOS d.o.o., Pelsis Group Ltd, VM Products, Rentokil Initial plc., Service Master and PestWest USA are among the leading companies in the MEA 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, For developing a new MICRO project product group, funds are granted to Trapview. This investment is co-financed by the European Union and the Republic of Slovenia.