Dublin, June 14, 2023 (GLOBE NEWSWIRE) -- The "Electronic Article Surveillance Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Product Type, and Application" report has been added to ResearchAndMarkets.com's offering.
The electronic article surveillance market is expected to grow from US$ 1,116.07 million in 2022 to US$ 1,484.00 million by 2028; it is estimated to register a CAGR of 4.9% from 2022 to 2028.
The retail industry in Europe has experienced significant growth owing to the growing adoption of omnichannel business strategies by several retail brands. For instance, European brands such as Nordstrom and Louis Vuitton have significantly adopted the omnichannel model for business.
The region is also experiencing a significant rise in the number of retail outlets. For instance, in February 2023, Reserved announced its plans to open several new stores across the UK. Similarly, in May 2021, Action announced its plans to open 200 new stores across Europe over the next five years. Electronic article surveillance is increasingly adopted across retail stores to monitor inventory and signal the management if any product is leaving the retail campus without billing.
This is majorly adopted to reduce shoplifting cases. Thus, the rise in the number of retail stores across the region is driving the demand for electronic article surveillance, thereby contributing to the electronic article surveillance market growth.
Electronic article surveillance has a major application in the apparel & fashion accessories industry. The presence of global fashion brands such as H&M, ASOS, Prada, Burberry, Levi's, Gucci, Benetton, Ted Baker, and Promod, coupled with their investment to expand the number of retail outlets across the region, is boosting the demand for electronic article surveillance in the fashion industry.
For instance, in November 2022, Goldsmiths announced its plan to expand its operations across Europe by opening a new luxury concept store in England. Similarly, in August 2022, H&M opened its new stores in Costa Rica and North Macedonia. These factors are further contributing to the rise in demand for security solutions across the stores, thus, contributing to the growth of the Europe electronic article surveillance market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 170 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $1116.07 million |
| Forecasted Market Value (USD) by 2028 | $1484 million |
| Compound Annual Growth Rate | 4.9% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Increasing Retail Outlets by Global Brands
- Growing Product Development Initiatives by Global Players
- Rising Number of Supermarkets
Restraints
- High Presence of Unorganized Retail Sector
Opportunities
- Increasing Construction of Commercial Complexes
Future Trends
- Technology Integration in Electronic Article Surveillance Systems
Companies Mentioned
- Agon Systems
- ALL-TAG Corporation
- Amersec s.r.o.
- Cross Point Middle East Technologies LLC
- Feltron Security Systems LLC
- Ketec, Inc.
- Shopguard Limited
- Tekno Electro Solutions
- Sensormatic (Johnson Controls)
- Checkpoint Systems
- Sabel
- Nedap
For more information about this report visit https://www.researchandmarkets.com/r/v5btki
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