New York, Sept. 15, 2021 (GLOBE NEWSWIRE) -- Smart Pest Monitoring Management System Market: Key Insights
According to our new research study on “Smart Pest Monitoring Management System Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, End User, and Geography,” The global Smart Pest Monitoring Management System Market is expected to grow from US$ 767.1 million in 2021 to US$ 1,219.4 million by 2028; it is estimated to grow at a CAGR of 6.8% from 2021 to 2028.
Smart Pest Monitoring Management System Market: Competitive Landscape and Key Developments
A few major players profiled in the study of the global smart pest monitoring management system market are Ratdar, Anticimex, Bell Labs, Bayer AG, Corteva, Service Master, EFOS d.o.o., SnapTrap B.V., Pelsis Group Ltd, VM Products, Rentokil Initial plc, Futura GmbH, and PestWest USA. In addition to these players, several other essential market players have been studied and analyzed to get a holistic view of the market and its ecosystem.
In April 2021, Corteva collaborated with Ginkgo and will be leveraging Ginkgo's synthetic biology platform for developing sustainable crop protection solutions, with respect to food insecurity and growing pest resistance challenges.
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The application of pest across different industries is one of the risky processes. The industries are focusing robustly on adopting preventive measures while using chemical pesticides. Due to the risky application environment, governments across different countries are announcing various regulations for the Implementation of smart pest monitoring management systems across different industries. For instance, in 2016, The Exterminators Law was issued for the licensing of businesses, specifically for non-agricultural exterminations. Under this regulation, the user must pass a Ministry of Environmental Protection (MoEP) licensing exam to carry out pest control work in the industry. The law sets four types of licenses – structures and open spaces license, domestic license, military license, and fumigation license.
Furthermore, the Agricultural and Veterinary Chemicals (Control of Use) Regulations 2007 and The Agricultural and Veterinary Chemicals (Control of Use) Act 1992 are directed by the Department of Jobs, Precincts and Regions (DJPR). These regulations ensure that the pesticides are registered with the Australian Pesticides and Veterinary Medicines Authority pesticides and they are applied on agricultural production as per the label directions. Similarly, as per The Agricultural and Veterinary Chemicals (Control of Use) Act 1992, any person who carries on a business or offers a paid service—involving the use of a prescribed class of agricultural chemical—requires a commercial operator license.
In 2020, North America led the global smart pest monitoring management system market with a substantial revenue share, followed by Europe and APAC. North America is the largest regional market wherein countries such as the US, Canada, and Mexico have emerged as major contributors. High manufacturing base of various industries, such as automotive, chemical, and rubber, and rising agricultural activities make this region one of the largest consumers of smart pest monitoring management systems. Thus, the rising manufacturing industries influence the growth of the smart pest monitoring management system market in North America.
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With the advent of advanced technologies such as artificial intelligence (AI), the acceptance of smart pest monitoring management systems is also rising, owing to their low service cost and ability to operate in real-time without interrupting the operation of the facility. Consequently, the demand for advanced pest control solutions is estimated to witness high growth in the coming years. The pest control service providers such as Rentokil, are robustly focusing on the integration of AI-based image-recognition technology to detect and handle different types of vermin and bugs. Also, the company's pest control specialists use a mobile app “PestID”—developed by Accenture—to detect bugs more efficiently. This app helps pest control specialists detect the surge in a type of rodent or bug and allows them to instantly take a picture of the pest. The image clicked via mobile app is then sent to Google Images, where machine learning software scans several pest images and pinpoint the intruder. As soon as the app detects the bug, it immediately offers a remedy to the technicians and helps them decide the treatment plans such as recommendations for homeowners and usage of proper chemicals. Subsequently, the implementation of AI for pest control has reduced the frequency of technician visits, thereby resulting in low service costs. Therefore, the mounting adoption of these digital applications and technology by pest control technicians is an ongoing trend, which is driving the adoption of smart pest monitoring management systems.
Smart Pest Monitoring Management System Market: Component Overview
Based on component, the global smart pest monitoring management system market is bifurcated into hardware, and software and services. Pest attack is one of the major problems that the world faces. Usually, the farmers unable to detect pest attack on the earlier stage due to the manual process they follow in pest control. Hence, It can spread disease rapidly and lead to a huge loss to the farmers. Until the pest control is done efficiently, this huge loss cannot be controlled. This work aims in the detection of pest attack at the initial stage.
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Smart Pest Monitoring Management System market: End User Overview
Based on end user, the smart pest monitoring management system market is segmented into commercial, residential, agriculture, and industrial. The commercial segment comprises commercial premises and properties. The commercial premises mainly entail offices, shopping malls, commercial complexes, warehouses, and hospitals. On the other hand, commercial properties majorly include hotels, restaurants, and resorts. The commercial segment is expected to hold a significant amount of market share owing to the rising number commercial premises and properties across the world. Since, visitors visit commercial places frequently, the owners of the places do pest control on regular intervals to keep the place healthy. Also, the rising incidences of occasional invaders, such as stink bugs, silverfish, earwigs, and centipede, in commercial properties are increasing the demand for smart pest monitoring management systems.
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