Electronic article surveillance (EAS) system market was valued at USD 1,770 million in 2018 and is expected to reach USD 2,423.1 million by the end of the forecast period. The Electronic Article Surveillance systems are manufactured to protect the articles, clothes, or footwear from shoplifters. They are intensively deployed in the retail shops, libraries, and industrial sectors to prevent shoplifting and other counterfeit activities. The varied types of EAS solutions which include hard tags, soft tags, labels, detachers, and others are utilized in various sectors based on the necessity. The Electronic Article surveillance system market demand is highly influenced by the RF technology because of its potential benefits such as Lower false alarm rate, higher stability and durability, easier installation and operation, and so on. Additionally, the EAS systems offer efficient management in the retail sectors by capturing, interpreting, and analyzing the operation data. Such factors are fuelling the Electronic Article Surveillance System market growth.
COVID 19 Analysis:
The COVID 19 has presented a significant challenge in the growth of several industrial verticals. The stringent restrictions imposed by the government and the reduced workforce have affected the manufacturing and production rates in several industrial verticals. Moreover, the industries were facing issues in receiving the raw materials and delivering the products to their potential customers. The same issues were faced by the manufactures of the Electronic Article Surveillance solutions. The manufacturers were not supplied with the necessary raw materials and the components as the logistics department was also affected by the pandemic. However, the advent of smart technologies was implemented in smart retail management across the developed countries which include artificial intelligence and Machine learning. These implementations have helped the overall growth of the Electronic article surveillance system industry.
The increasing number of global vendors for the Electronic Article Surveillance system market and the increasing inclination and trend among the retailers in deploying the Electronic Article surveillance systems are considered as the major drivers of Electronic Article Surveillance system market growth.
The potential benefits of the Electronic Article surveillance systems such as affordability, quality, accuracy, and reliability, and the technological advancements in the industry are stimulating the overall growth of the Electronic Article Surveillance System Market.
The governmental initiatives such as making the shoplifting tools such as wire cutters, lined bags are considered illegal in several regions are helping the Electronic Article Surveillance system market growth. Moreover, the advancing technologies such as hard tags, concept tags with varied sizes for the articles, and clothing that are smaller in sizes such as lingerie, kids' clothing are increasing the Electronic Article Surveillance market value in recent years.
The recent reports and news regarding the number of shoplifting incidences and theft are impacting the Electronic Article Surveillance System market value. For instance, the report from the National Retail Federation shows that over USD 30 billion cost articles are stolen every year in America. Another report from the region England and Wales show that there were nearly 359.24 thousand theft activities were carried out in the region. Such factors are impacting the overall growth of the Electronic Article Surveillance System industry.
The requirement of higher initial investment and the increasing availability of cheaper substitutes are hindering the overall growth of the Electronic Article Surveillance system industry.
Some of the manufacturers of electronic article surveillance solutions are integrating protective solutions in the packaging of the products or within the products which might affect the quality of the product or customer experience and are not desirable by the consumers, such factors are affecting the growth of the Electronic Article Surveillance System industry negatively.
The casual shoplifters are caught using these Electronic article surveillance systems; however, the well-informed shoplifters are capable of deactivating or removing these protective RF tags with the aid of booster bags which envelop the RF labels from emitting alarming sounds or transmitting radio or electromagnetic signals. Such factors are hindering the overall growth of the Electronic Article Surveillance System Market.
In the case of concealed and integrated tags, removing the tags or deactivating them could be an issue for effective management of the retail shops. Such factors are presenting a significant challenge in the growth of the Electronic Article surveillance system industry.
The Electronic Article Surveillance system market demand has been increasing in recent years, owing to the increasing development in the industry. The increasing digitalization and the automation technology in the security and surveillance systems are influencing the overall growth of the Electronic Article Surveillance system market.
The market value of the Electronic Article Surveillance System was at USD 1,770 million in 2018 and it is expected to surpass USD 2,423.1 million by the end of the forecast period while registering a CAGR of 3.6%. Potential advantages of the Electronic Article Surveillance systems such as higher reliability and unobtrusive nature of the Electronic Article Surveillance solutions are driving the overall growth of the Electronic Article Surveillance industry. Moreover, the growing number of shoplifting cases improved operational efficiencies, and increasing investments from the retail sectors are propelling the Electronic Article Surveillance system market growth.
The key market players are continuously working in developing the technology and helping the industry to grow further. For instance, the 'Alpha shoelok' has been launched recently by one of the key market players, which efficiently handles the challenges, present in the conventional surveillance solutions. 'Alpha shoelok' is a single-piece surveillance solution that has been designed for footwear and possesses features such as 2 alarms that are triggered in the case of any incidence, lighter in weight, and unobtrusive which helps the consumer to try on the footwear without any discomfort. Such advancing solutions have significantly impacted the Electronic Article Surveillance System market value.
On the other hand, the presence of numerous global vendors across the globe and an increasing number of retailers who are inclined to deploy the electronic Article surveillance systems are promoting the overall growth of the Electronic Article Surveillance system industry. The retail sectors are facing healthy growth as there are several active distribution channels and higher proficiency in bringing the goods to the customer. Such factors are impacting the overall growth of the Electronic Article Surveillance system industry. This is because; the growth of the Electronic Article Surveillance systems is highly influenced by the growth of the retail sector.
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North America is currently holding the largest market share in the Electronic Article Surveillance industry which is due to the increasing security threats in the region, a recent statistics shows that over 30 million Americans are registered as shoplifters about some frequency whereas the major percentage are adults. Effective controlling of the crowd and managing the retail store is considered as the primary concern for the security authorities in the region. Other statistics report that over USD 13 billion worth of articles is stolen each year from different sectors. Therefore the Electronic Article Surveillance System market demand has been rising due to such factors. Moreover, the Electronic Article Surveillance systems industry is benefiting the economic growth of the region.
On the other hand, the Asia Pacific region is expected to witness higher growth in the Electronic Article Surveillance System industry owing to the presence of numerous manufacturers of electronic devices and possessing a huge number of the consumer base for the electronic devices. However, some countries like India, are expected to grow at a slower pace owing to insufficient infrastructural growth and economic condition.
In the year 2020, one of the leading market players, Checkpoint Systems has introduced a specialized tag that is designed for footwear that is extremely challenging to protect. Check Point systems are considered the most renowned supplier of Electronic Article surveillance which has previously launched several successful surveillance solutions. They have recently launched the Shoelok which is a single-piece ratchet that clamps easily onto the footwear without causing any damage. The solution is found to be effective during the sale as it consumes no time to remove the clamp; however, they reduce the theft incidences significantly.
In the year 2020, one of the leading market players, Agon systems has introduced the Concept tags which are intensively utilized in the retail shops, as it entails a distinctive locking mechanism. The latest version of the concept tag has come with even more strength and can’t be removed with screws, hand-held devices, or drills. Moreover, the organization has launched the Concept Tag mini that is only 40 mm in size and is utilized for kids' clothing and lingerie.
This report has covered:
|Market Size||USD 2,423.1 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||CheckPoint Systems (US), Tyco International PLC (US), Nedap NV (Netherlands), Gunnebo Gateway AB (Sweden), Sentry Technology Corporation (US), Ketec Inc (US), ALL-TAG Corporation (US), Universal Surveillance Systems (US), FE Moran Security Solutions (US), Industrial Security Solutions Inc (US), SPIE AGIS Fire & Security (Hungary), and STANLEY Security (US).|
|Key Market Opportunities||Technological advancements for the adoption of electronic article surveillance (EAS) systems.|
|Key Market Drivers||Constant growth in the retail sector is likely to be the major driver for the global electronic article surveillance system market.|
The global electronic article surveillance system market is expected to reach a valuation of USD 2.4 billion by 2025.
Major types of electronic article surveillance system include hard tags, soft tags, deactivator or detacher, and detection systems.
Constant growth in the retail sector is likely to be the major driver for the global electronic article surveillance system market.
North America dominates the global electronic article surveillance system market.
Leading players in the global electronic article surveillance system market include Nedap NV, CheckPoint Systems, Tyco International PLC, ALL-TAG Corporation, Ketec Inc., Gunnebo Gateway AB, and STANLEY Security, among others.