Report : North America Smart Pest Monitoring Management System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Hardware and Software & Services) and End User (Commercial, Residential, Agriculture, and Industrial)
At 5.4% CAGR, the North America Smart Pest Monitoring Management System Market is speculated to be worth US$ 373.12 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America smart pest monitoring management system market was valued at US$ 272.78 million in 2022 and is expected to reach US$ 373.12 million by 2028, registering an annual growth rate of 5.4% from 2022 to 2028. Agriculture sector accepting advanced technologies and various government regulations for implementation of smart PEST monitoring management systems are the critical factors attributed to the market expansion.
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, National Pest Management Association, US EPA is another association setting guidelines for pest management to ensure safety at restaurants and retail food handling facilities. This is unless the business ensures that the chemical product is handled by a person who holds a license to use that pesticide under the PHW Act. Thus, such laws and regulations imposed by the governments are driving the smart pest monitoring management system market.
On the contrary, high initial and maintenance cost of smart pest monitoring management systems hurdles the growth of North America smart pest monitoring management system market.
- Based on component, the smart pest monitoring management system market is bifurcated into hardware and software & services. The hardware segment held a larger share in 2022 with a share of 65.7%, amassing US$ 179.13 million. It is projected to garner US$ 229.78 million by 2028 to expand at 4.2% CAGR during 2022–2028.
- Based on the end user, the North America smart pest monitoring management system market is commercial, residential, agriculture, and industrial. With 23.6% share of the domain, the commercial segment dominated the market in 2022. It accrued US$ 97.88 million in 2022 and is estimated to generate US$ 121.87 million by 2028 to grow at a CAGR of 3.7% over the forecast period.
Our regional analysis states that US captured 72.5% market share in 2022. It was assessed at US$ 197.70 million in 2022 and is likely to hit US$ 277.30 million by 2028, exhibiting a CAGR of 5.8% during the forecast period.
Key players dominating the North America smart pest monitoring management system market are Anticimex; Bayer AG; Bell Laboratories, Inc.; Corteva; Ecolab; EFOS d.o.o; Futura GmbH; Pelsis Group Ltd; PestWest USA; Rentokil Initial Plc; and VM Products among others.
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