NEWARK, Del, Nov. 30, 2022 (GLOBE NEWSWIRE) -- The global smart pest monitoring management system market size is expected to surpass an impressive valuation of USD 806 Million in 2022 and is projected to exhibit a compound annual growth rate (CAGR) of 8% from 2022 to 2032. Smart pest monitoring management systems are utilized for real-time monitoring of pest populations in residential, commercial, agriculture, and industrial premises.
These systems let the users use smart pest traps devices such as smart monitoring traps, mechanical rats, and mouse traps with objects so as to analyze and predict pest population growth using predictive analysis.
Furthermore, they also help the users decide on preventive actions to be taken before the pest population spreads. Smart pest monitoring systems help reduce costs that the users incur as a result of the use of chemicals and various pest activities. Moreover, the need for timely pest control is vital to evade feeding damages on fields. This boosts the demand for Integrated Pest Management (IPM). IPM improves and increases food availability and farm productivity.
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The Europe Smart Pest Monitoring Management System market size is anticipated to register commendable growth during 2022 to 2032, due to a rise in demand for consumer-based goods and warehouses. Germany and France are the top countries for the smart pest monitoring management system market in Europe. The three leading industries in the region are automotive, food & beverage, and pharmaceutical industries.
Key Takeaways from Market Study
- The global smart pest monitoring management system market is expected to garner a market value of US$ 1,740.09 Million.
- Market is projected to exhibit a compound annual growth rate (CAGR) of 8% from 2022 to 2032.
- The Europe Smart Pest Monitoring Management System market size is anticipated to register commendable growth.
- North America was the leading regional segment in terms of revenue and market share.
- Based on component, the smart pest monitoring management system market is segmented into hardware and software & services.
“The rapid escalation in the energy consumption rate has fostered the discovery and production of offshore oil & gas wells, which could become a prominent driver for the market growth,” says an analyst at Future Market Insights.
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Key Market Players
Major players are channeling efforts toward expanding their production capacities to strengthen their market share and cater to the growing demand. Market expansion is anticipated to be aided by the growing number of partnerships and collaborations among key players that are looking to increase their presence in the market. Some of the players in the Smart Pest Monitoring Management System market are Anticimex, Bell Labs, Bayer AG, Corteva, Ecolab, and Rentokil Initial PLC.
- In 2022, RATSENSE's technology will be applied in NEA markets. All NEA markets and hawker centers will have rat surveillance devices installed. Under a two-year experiment, the NEA will deploy around 20 rat surveillance technologies every month, beginning with marketplaces and hawker centers.
- In 2022, Bayer AG announced the launch of its brand-new Research and Innovation Center at Kendall Square in Boston-Cambridge, Massachusetts (U.S.A.), further extending the company's presence into one of the most cutting-edge pharmaceutical research and development centers worldwide.
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global Smart Pest Monitoring Management System market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of Component (Hardware and Software Services), End User (Commercial, Residential, Agriculture, and Industrial), & Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
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Key Segments Profiled in the Smart Pest Monitoring Management System Market Industry Survey
Smart Pest Monitoring Management System Market by Component:
- Hardware
- Software & Services
Smart Pest Monitoring Management System Market by End-User:
- Commercial
- Residential
- Agriculture
- Industrial
Smart Pest Monitoring Management System Market by Region:
- North America
- Europe
- East Asia
- South Asia
- Oceania
- Latin America
- Middle East and Africa
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
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