SecurityWorldMarket

14/07/2019

Evolving retail sector drives electronic article surveillance market

Northbrook, Il (USA)

The electronic article surveillance market is expected to grow from USD 981 million in 2019 to USD 1,173 million by 2024, at a CAGR of 3.6%, according to the latest information released by Marketsandmarkets. A modernising retail sector and protection against inventory losses, shoplifting, and theft are the major driving factors for the market’s growth during the forecast period.

The evolution of the retail sector means that an increasing number of retailers are deploying retail automation solutions based on innovative technologies, including EAS, to provide services that are flexible as well as easy to access for both retailers and customers. As the EAS solutions help protect inventory loss from shoplifting and theft, optimise retail store performance, and enable inventory intelligence solution along with traffic counting; many retailers are deploying EAS solutions.

Tags are predicted to dominate the electronic article surveillance market (in terms of share) during the forecast period. Tags provide superior protection for goods to reduce theft and shoplifting. They induce an alarm when they pass in an active state through an EAS detection zone at a store's entrance or exit. Two types of tags are available in the market—hard and soft. The functioning of a majority of tags and labels is relatively similar in terms of detection performance by the security antenna located at the doors. The majority of the demand for tags is generated from apparel and fashion accessories stores, due to the growing number of consumers, the number of retail stores is also rising at a rapid pace, propelling the growth of the electronic article surveillance market for tags.

At present, say the analysts, RF technology holds the major share of the electronic article surveillance market, and a similar trend is expected to continue during the forecast period. The growth of RF technology is driven by the growing usage of RF technology based components in the end users including apparel & fashion accessories stores, supermarket & mass merchandise stores, and drug & health product stores. Moreover, RF technology has key features such as ultra-wide detection distance, simple installation and operation, low false alarm rate, strong anti-interference ability, and high stability and durability, due to which the market for RF technology holds major share of the market.

The market in APAC is expected to exhibit the highest growth rate in the electronic article surveillance market. A growing number of retail stores in the apparel and fashion accessories, and supermarket and mass merchandise sector are expected to create a considerable demand for EAS systems. Supermarket and mass merchandise outlets are increasing in number because of the high economic growth, rising consumerism, elevating standards of living, increasing disposable incomes, and changing lifestyles; this is expected to increase the demand for EAS systems in this region.

Companies in this market named as key players by the researchers, include Checkpoint Systems, Johnson Controls, Agon Systems, All-Tag Corporation, Amersec, Tag Company, Ketec, WG Security Products, Softdel, Shenzhen Emeno Technology, Cross Point, Takachiho Koheki, Stanley Security, Shopguard Systems, Dexilon Automation, Feltron Security Systems, and Sentry Custom Security.


Tags

Product Suppliers
Back to top