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According to our latest market study on “Smart Pest Monitoring Management System Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component and End User,” the 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.
The mounting adoption of advanced technology to ease the overall processes performed in the agriculture sector, which includes adopting the automated pest monitoring system by the farmers, decreases the manual intervention in fields. The manual pest controlling process in farming is time-consuming, it involves more labor at an additional cost for farmers, and it raises safety issues for workers. The adoption of smart pest monitoring management systems reduces crop damage by pests and decreases the farmer’s field visits for pest monitoring from time to time. The application of smart pest monitoring management systems boosts the accuracy of pest monitoring at a lower cost. Additionally, the adoption of smart pest monitoring management systems in farm fields reduces the application of chemical pesticides. The smart pest monitoring management systems ease the risks by giving prior intimation to the farmers/end users with the help of accurate data about the influence of pests on the yields. Consequently, the early control of pests helps in resolving issues before the crop sustains severe damage.
The adoption of IoT-enabled solutions is one of the most significant factors for adopting smart agriculture systems, which includes a smart pest monitoring management system. The smart pest monitoring system helps farmers embrace modern technologies such as artificial intelligence and analytics to enhance crop management and insect monitoring. Thus, the mounting adoption of advanced technologies in the agriculture sector is driving the adoption of smart pest monitoring management systems across the globe.
The global smart pest monitoring management system market is segmented into five major regions—North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South America (SAM). APAC led the market in 2020, followed by Europe and North America.
The smart pest monitoring management system market in APAC is growing at the fastest rate as the region is characterized with fastest growing countries, such as China and India, in the world. The region comprises many countries, such as China, India, Indonesia, and Thailand, whose economy is dominated by the agriculture sector. Further, rapid urbanization and industrialization in the region is fueling the growth of the market in APAC. Further, the market in MEA and South and Central America would grow at a notable rate during the forecast period.
The COVID-19 outbreak pandemic has severely affected the hospitality industry, owing to a complete shutdown due to government social distancing norms to curb the spread of the novel coronavirus. Additionally, the tourism business has been adversely affected due to a complete travel ban in all the regions. The COVID-19 pandemic has suppressed the growth of the smart pest monitoring management system market, owing to the closure of all major businesses in the MEA in 2020. However, with the introduction of the COVID-19 vaccine, the economy of the region is slowly resuming and expected to start recovering in the coming years.
Key Findings of Study:
Several players operating in the global smart pest monitoring management system market are adopting significant strategic initiatives. For instance, in February 2021, as a part of international growth strategy, Pelsis acquired Edialux France. Edialux France is now a wholly owned subsidiary of Pelsis, with all its customers, employees, and suppliers getting transferred to Knaresborough-headquartered Pelsis Group.