Hardware Segment to Dominate North America Smart Pest Monitoring Management System Market during 2019–2028
According to The Insight Partners market research study on “North America 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$ 373.12 million by 2028 from US$ 264.11 million in 2021. The market is estimated to grow at a CAGR of 5.1% from 2021 to 2028. The report provides trends prevailing in the North America smart pest monitoring management system market along with the drivers and restraints pertaining to the market growth. Several government regulations for implementation of smart pest monitoring management systems are the major factor driving the growth of the North America smart pest monitoring management system market. However, high initial and registration cost of smart pest monitoring management systems may hinder the growth of North America smart pest monitoring management system market.
North America is one of the leading regions in terms of the development and adoption of new technologies; this is mainly attributed to favorable government policies that boost innovation and strengthen the infrastructure capabilities. Hence, any impact on the growth of industrial sector hampers the economic growth of the region. Presently, the US is the world’s worst-affected country due to COVID-19 outbreak. The smart pest monitoring management industry relies on residential, commercial, industrial, and agriculture industry. Owing to travel ban, the import and export of insecticide and pesticide is severely affected. Also, due to lockdown imposed by the government has affected the business from office, commercial places, industries, and many more, which has, in turn, reduced the demand for smart pest monitoring management systems. However, the overall demand for smart pest monitoring management 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, pests across different industries.
The North America 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 US, Canada, and Mexico. In 2020, the US held the largest share North America 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 North America 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.