Hardware Segment to Dominate SAM Smart Pest Monitoring Management System Market during 2019–2028
According to The Insight Partners market research study on “SAM 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$ 46.34 million by 2028 from US$ 36.59 million in 2021. The market is estimated to grow at a CAGR of 3.4% from 2021 to 2028. The report provides trends prevailing in the SAM smart pest monitoring management system market along with the drivers and restraints pertaining to the market growth. Rising adoption of advanced technologies and applications is the major factor driving the growth of the SAM smart pest monitoring management system market. However, huge initial and registration cost of smart pest monitoring management systems may hinder the growth of SAM smart pest monitoring management system market.
In SAM, Brazil reported the highest number of COVID-19 confirmed cases, followed by Ecuador, Peru, Chile, and Argentina. The governments of various countries in SAM are taking several initiatives to protect people and to control COVID-19’s spread in the region through lockdowns, trade bans, and travel restrictions. These measures are expected to have a direct impact on the region’s economic growth as the region will face lower export revenues, both from the drop in commodity prices and reduction in export volumes, especially to major trading partners such as China, Europe, and North America. The sharp decline in the sales of various smart agriculture products and solutions in the region due to lockdown measures has substantially impacted the smart pest control solutions across the region.
The SAM 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 Brazil, Argentina, and rest of SAM. In 2020, Brazil held the largest share SAM smart pest monitoring management system market.
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 SAM 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 2021, Corteva will be leveraging Ginkgo's synthetic biology platform for developing sustainable crop protection solutions, with respect to food insecurity and growing pest resistance challenges.