Dublin, Sept. 04, 2023 (GLOBE NEWSWIRE) -- The "Electronic Article Surveillance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The global electronic article surveillance market is poised to register a CAGR of 3.20% during the forecasted period.
Key Highlights
Rise in the adoption of Electronic Article Surveillance (EAS) devices, especially in retail stores throughout the globe, and the high adoption of acoustic-magnetic systems for broader protection in retail stores, the demand for EAS systems is expected to grow and expand throughout the forecast period.
Organized retail crime remains a growing threat throughout the globe. From brazen merchandise heists by aggressive gangs to sophisticated e-commerce fraud teams, organized retail crime is an increasing concern for retailers. Hence, the protection against inventory losses, shoplifting, and theft are becoming a primary issue for retail stores, creating the demand for EAS products and thus driving the market growth significantly.
Shoplifting is a significant cause of shrinkage for the retail business. Hence, owing to the increasing number of shoplifting cases globally, there is a growing demand for Electronic Article Surveillance systems, mainly in the retail sector.
The application of EAS reduces the need for extensive surveillance in every area, saving a significant investment and providing maximum safety and security for the products. Moreover, the increased inclination toward digital operations and augmented growth potential in emerging economies are some of the principal opportunities for EAS providers. The clothing & fashion accessories stores are anticipated to have a significant market share of the EAS technology.
Further, companies are investing hugely in this technology of smart labels. For instance, ThinFilm from Oslo launched a smart label for electronic product security to improve traditional Electronic Article Surveillance (EAS) technology. The result was a new category of anti-shoplifting brands that is easy to incorporate into merchandise and is compatible with the world's 8.2 MHz radiofrequency EAS infrastructure.
However, aspects like the requirement of additional investment to implement EAS Systems and the disruption in the retail sector affecting the demand could be significant factors hindering market growth throughout the forecasted period.
Electronic Article Surveillance Market Trends
Tags to Witness Significant Market Growth
Tags are expected to witness significant demand during the forecasted period. The labels are usually offered in various designs and sizes according to their different applications. Vendors all across the world innovate and launch new tags at regular intervals so that the products can contain the latest technology involved within it.
For instance, in the first quarter of the last year, Prosegur Security introduced DoubleLock, a new EAS tag, which reduced the number of tag defeats by 60% in a use case. The Double Lock EAS tag incorporates a patented hook and magnet release mechanism, making this tag difficult to defeat.
The EAS tags primarily come in multiple form factor types. The most common type is a pin that goes through the item, which is generally attached to the product's tags with a looping wire. These EAS tags are compatible with AM and RF systems, and some work with RFID technology. Further Incorporation of EAS in clothing & fashion accessories is driven by the benefits provided, such as ease of application, reduced labor, open merchandising and brand enhancement, speed of delivery on the shop floor, and better customer experience.
Nowadays, source tagging has been an effective security strategy that retailers use to prevent theft and has become a commonly accepted practice. The process includes directly applying electronic security tags to consumer products when manufacturing and packaging the product.
As per Office for National Statistics (UK), in England and Wales, there were around 275 thousand shoplifting offenses recorded by the police in the last financial year, whereas in the period of 2020/21, about 228 thousand shoplifting offenses were recorded. This significant increase in overall shoplifting offenses will fuel the market to grow and expand throughout the forecast period.
North America to Hold a Significant Market Share
In the EAS market, North America is anticipated to have a sizable market share. The increasing number of retail stores in the apparel, supermarket, and mass merchandise sectors is anticipated to create a considerable demand for EAS systems.
Moreover, the United States is expected to account for the highest market share in the North American region during the forecast period. The country has been witnessing various retail store expansions.
Furthermore, the market is witnessing mergers, acquisitions, and investments by key players as part of its vital strategy to improve business and their presence to reach customers and meet their requirements for various applications.
Electronic Article Surveillance Market Competitor Analysis
The Global Electronic Article Surveillance (EAS) system market is moderately competitive, with many regional and global players. The rise in investments in R&D activities and innovations is expected to enhance the market growth shortly and offer potential growth opportunities for the new entrants in the coming few years.
A selection of companies mentioned in this report includes
- Sensormatic Solutions (Johnson Controls International plc)
- Nedap N.V.
- Gunnebo Gateway AB
- Ketec, Inc.
- Checkpoint Systems, Inc. (CCL Industries Inc.)
- Agon Systems
- All-Tag Corporation
- Shenzhen Emeno Technology
- Dexilon Automation S.L.
- Tag Company (UK) Ltd
For more information about this report visit https://www.researchandmarkets.com/r/lql4hk
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
