DUBLIN--(BUSINESS WIRE)--The "Electronic Article Surveillance Market by Component (Tags, Antennas & Detachers), Technology, End User and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The electronic article surveillance (EAS) market is expected to grow from USD 981 million in 2019 to USD 1,173 billion by 2024, at a CAGR of 3.6%.
Protection against inventory losses, shoplifting, and theft and modernizing the retail sector are the major driving factors for the market growth during the forecast period. However, additional investment required to implement EAS systems and the high adoption rate of RFID technology in the retail sector is likely to hinder the growth of the electronic article surveillance market in the future.
The major applications of EAS systems in the retail industry include tracking for apparel, general merchandise, sports goods, luggage, power tools, jewelry, eyewear, etc. EAS systems are popular among both retailers, and source tagging manufacturers and distributors. Apart from the retail sector, EAS labels also find application in tracking goods such as food, drugs, and books; these are the factors that propel the growth of the electronic article surveillance market.
Tags to grow at the highest CAGR during the forecast period
Tags provide superior protection for goods to reduce theft and shoplifting. The EAS tags are available based on technologies such as account magnetic, electromagnetic, radio-frequency, and microwave. In response to modernizing the retail sector, retail stores are transforming from traditional stores to modern stores with more automation. Also, due to the growing number of consumers, the number of retail stores is rising at a rapid pace, propelling the growth of the EAS market for tags. The major demand for EAS tags is from apparel and fashion accessories stores.
Apparel and fashion accessories stores to hold the largest market share during the forecast period
Apparel and fashion accessories stores are among the major businesses in terms of revenue, investment, trade, and job creation. An urge to catering to the growing demand for latest apparels and fashion accessories creates a need for a huge number of stores with technologically advanced systems such as EAS and video surveillance for reducing revenue loss. The industry has been undergoing the transitional shift over the last few years as the users' buying preference is shifting to the latest stylish outfits, trying to replicate themselves as the elite section of the modern society. In response to this, retail stores are transforming from traditional stores to modern stores with more automation, owing to fuel the growth of the EAS market in this segment.
APAC to record the highest growth rate during the forecast period
The market in APAC is expected to exhibit the highest growth rate in the electronic article surveillance market. The growth is attributed mainly to increasing developments in the field of retail. The retail vertical is thriving because of strong economic growth, rising consumerism, rising standards of living, increasing disposable incomes, and changing lifestyles; this is expected to increase the demand for electronic article surveillance in this region. Countries such as China, India, Australia, Singapore, Thailand, and Malaysia are expected to witness higher growth in the electronic article surveillance market.
Market Dynamics
Drivers
- Protection Against Inventory Losses, Shoplifting, and Theft
- Modernizing Retail Sector
Restraints
- Additional Investment Required to Implement EAS Systems
- High Adoption Rate of RFID Technology in Retail Sector
Opportunities
- Growing Inclination Toward Digital Operations
- High Growth Potential in Emerging Economies
Challenges
- Reluctance of Retailers
Companies Mentioned
- Agon Systems
- All-Tag Corporation
- Amersec
- Checkpoint Systems
- Cross Point
- Dexilon Automation
- Feltron Security Systems
- Gunnebo Gateway
- Hangzhou Century
- Johnson Controls
- Ketec
- Nedap
- Sentry Custom Security
- Shenzhen Emeno Technology
- Shopguard Systems
- Softdel
- Stanley Security
- Tag Company
- Takachiho Koheki Co
- WG Security Products
For more information about this report visit https://www.researchandmarkets.com/r/cwdnfh
