Pune, India, Sept. 28, 2023 (GLOBE NEWSWIRE) -- There is a growing demand for the radio-frequency system as it is an innovative sensing paradigm due to its ease of fabrication, miniaturized dimensions, low costs, endurance for extreme environments, effective read ranges, and beyond-line-of-sight communications. From its conventional use in tracking and identification applications, companies in the market design a novel radio-frequency antenna and develop a complete contactless delivery system for retail products. Furthermore, there is a growing adoption of radio-frequency retail security tag systems as they can detect a device from several feet away, allowing the user plenty of time to deal with any potential shoplifting incidents. Therefore, the adoption of RFID-based retail security solutions is driving the market for the segment.
Retail Security Tags Market in terms of revenue was estimated to be worth $0.70191 billion in 2022 and is poised to reach $1.15158 billion by 2030, growing at a CAGR of 6.4% from 2022 to 2030 according to a new report published by The Insight Partners.
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Global Retail Security Tags Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 0.70191 Billion in 2022 |
| Market Size Value by | USD 1.15158 Billion by 2030 |
| Growth rate | CAGR of 6.4% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Technology, Material, Print Type, and Application |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Radio-frequency (RF) systems install an antenna at the store entrance or exit, creating a narrow, low-frequency, electromagnetic radio field around itself. Retailers most commonly use radio-frequency retail security tag solutions. RFID offers immense information, as tags are issued with unique identifiers. They are the least expensive systems that work effectively for apparel, shoes, sporting goods, liquor, and houseware. The ability of electromagnetic radio to contain specific information allows these systems to be commonly used on media items such as books, DVDs, and other electronic devices.
Germany Dominates Retail Security Tags Market in Europe:
Many new supermarkets were launched in 2022, leading to a wide presence of grocery stores across Germany. In December 2022, a new “Pick&Go'' supermarket in partnership with REWE Group was opened in Munich, Germany. It is Germany’s first fully autonomous cashier-less supermarket. In addition, the REWE Group, a grocery giant, has over 3,700 stores in Germany. Thus, the rise in the number of new supermarkets and the large presence of existing grocery stores augment the demand for retail security tags. Moreover, many manufacturers providing retail security tag solutions attend exhibitions and shows in Germany to showcase their technologies. For instance, in June 2022, SML’s European team attended EuroCIS 2022—Europe’s largest retail technology show in Dusseldorf, Germany—and shared knowledge about item-level RFID solutions. It was a great opportunity for the company to attract customers as more than 9,000 visitors attended the show. The company showcased its products to more than 9,000 visitors and 345 exhibitors from 85 countries through this show. Thus, such strategic actions by companies promote the sales of retail security tag solutions, which is expected to fuel the market growth during the forecast period.
Retail Security Tags Market: Segmental Overview
Based on technology, the retail security tags market is segmented into RF & RFID, AM, and others. The RF & RFID segment held the largest share of the retail security tags market in 2022 and is anticipated to register the highest CAGR in the market during the forecast period. Based on material type, the retail security tags market is bifurcated into paper and plastic. The plastic segment held a larger share of the retail security tags market in 2022 and is anticipated to register a higher CAGR during the forecast period. The retail security tags market is segmented into printable and non-printable segments based on print type. The non-printable segment held a larger share of the retail security tags market in 2022, but the printable segment is anticipated to register a higher CAGR during the forecast period.
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Retail Security Tags Market Analysis: Competitive Landscape and Key Developments
Avery Dennison Corp; 3M Co; Alien Technology, LLC; Brady Corp; Sensormatic Electronics Corp; Checkpoint Systems Inc; Guangzhou Virginland Technology Co Ltd; MaverickLabel.Com Inc; HP Inc; and Century Retail Europe BV are among the key players operating in the retail security tags market players that were profiled in the report. Several other major retail security tags market players were studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The retail security tags market report provides detailed market insights, which help the key players strategize their growth.
Retail Security Tags Market - Key Industry Dynamics:
Drivers:
- Increasing Retail Outlets by Global Brands
- Growing Shoplifting Cases
- Rising Number of Supermarkets and Hypermarkets
Restraints:
- High Presence of Unorganized Retail Sector
Opportunities:
- Increasing Construction of Commercial Complexes
- Growing Digitalization Among SMEs
Future Trends:
- Adoption of Omnichannel Retailing
Recent Developments:
In October 2022, Century—the provider of advanced RFID and EAS products, systems, and solutions—launched the RFID+EAS cable tag T313, the first dual-frequency multi-alarm cable tag. It is mainly designed to enhance security and inventory management. The Century RFID+EAS multi-alarm cable tag offers additional protection using a unique dual lanyard. These tags are portable and reusable objects, simplify open merchandising and require less help from salespeople.
In May 2022, Avery Dennison Corporation announced plans to invest over US$ 64 million to develop its manufacturing capacity and improve factory efficiency in Europe to meet the growing demand for its label and packaging materials.
Go through further research published by The Insight Partners:
Inventory Tags Market - Global Analysis and Forecast to 2028
Digital Tags Management Systems Market - Global Analysis and Forecast to 2030
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