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 retail sector are the major driving factors for the market growth during the forecast period.
New York, Jan. 21, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electronic Article Surveillance Market by Component, Technology, End User And Geography - Global Forecast to 2024" - https://www.reportlinker.com/p05794756/?utm_source=GNW
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; 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 accoustomagnetic, 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.
In the process of determining and verifying the market sizes for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with people holding key positions across several regions.
The breakup of the profiles of primary participants has been given below:
• By Company Type: Tier 1 = 30%, Tier 2 = 25%, and Tier 3 = 45%
• By Designation: C-Level Executives = 35%, Directors = 45%, and Others = 20%
• By Region: North America = 45%, Europe = 15%, APAC = 35%, and RoW = 5%
Key players in the market include Checkpoint Systems (Canada), Johnson Controls (Ireland), Agon Systems (UK), ALL-TAG Corporation (US), Amersec (Czech Republic), TAG Company (UK), Ketec (US), WG Security Products (US), Softdel (US), Shenzhen Emeno Technology (China), Cross Point (The Netherland), Takachiho Koheki (Japan), Stanley Security (US), Shopguard Systems (Hungary), Dexilon Automation (Spain), Feltron Security Systems (UAE), and Sentry Custom Security (Canada).
The report defines, describes, and forecasts the electronic article surveillance market based on component, technology, end user, and geography.It provides detailed information regarding the major factors influencing the growth of the electronic article surveillance market (drivers, restraints, opportunities, and challenges).
It also analyzes the competitive developments—such as joint ventures, collaborations, agreements, contracts, partnerships, mergers and acquisitions, and product launches—carried out by key players to grow in the market.
Reasons to Buy the Report:
• Illustrative segmentation, analysis, and forecast pertaining to the electronic article surveillance market based on component, technology, end user, and geography have been conducted to provide an overall view of the electronic article surveillance market.
• Major drivers, restraints, opportunities, and challenges for the electronic article surveillance market have been detailed in this report.
• The report includes a detailed competitive landscape of the key players in the market and their ranking.
Read the full report: https://www.reportlinker.com/p05794756/?utm_source=GNW
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