Global Electronic Article Surveillance Market Report and Forecast 2023-2028

Global Electronic Article Surveillance Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global electronic article surveillance market attained a value of USD 1264 million in 2022. Aided by the increasing concerns regarding retail shrinkage and theft, the market is projected to further grow at a CAGR of 3.5% between 2023 and 2028 to reach a value of USD 1556.27 million by 2028.

Electronic article surveillance is a technological approach used to prevent shoplifting in retail stores, libraries, and other commercial establishments. It involves attaching electronic security tags to merchandise, which can be deactivated by authorised personnel during checkout. EAS systems consist of antennas and tags, which work in tandem to alert store employees of any unauthorised removal of items from the premises.

The increasing concerns regarding retail shrinkage and theft, along with the growing need for efficient inventory management and improved customer experience, have contributed to the growth of the global electronic article surveillance market. Efficient inventory management is crucial for retailers to optimize their operations, reduce costs, and enhance customer satisfaction. EAS systems, particularly those based on RFID technology, enable real-time tracking and monitoring of inventory, streamlining the inventory management process. The rising need for efficient inventory management has bolstered the demand for EAS solutions, contributing to the expansion of the electronic article surveillance market.

Technological advancements in EAS systems, such as the development and adoption of RFID-based solutions, have increased the efficiency and effectiveness of these systems. RFID technology enables improved tracking, faster inventory audits, and enhanced data collection, offering significant benefits over traditional EAS systems. The increasing adoption of RFID-based EAS solutions has fuelled the growth of the electronic article surveillance market. EAS systems allow retailers to focus on enhancing the customer experience by reducing the time spent on manual inventory tracking and loss prevention efforts. By implementing EAS solutions, retailers can allocate more resources to improving customer service and in-store experience, leading to increased customer satisfaction and loyalty. This, in turn, has driven the demand for EAS systems in the retail sector.

The retail sector has witnessed significant growth in recent years due to factors such as urbanization, increasing disposable incomes, and changing consumer preferences. The expansion of the retail sector has led to an increase in the number of stores, resulting in a greater demand for EAS systems. The need for efficient loss prevention and inventory management solutions in the retail sector has contributed significantly to the growth of the electronic article surveillance market. Governments worldwide have implemented regulations aimed at reducing retail crime and protecting retailers' profits. Such regulations have increased the adoption of EAS systems in the retail sector, fuelling the growth of the electronic article surveillance market.

Market Segmentation

The market can be divided on the basis of component, type, end use, and region.

Market Segmentation by Component

• Tags
• Antennas
• Deactivators/ Detachers

Market Division by Type

• Acoustomagnetic
• Electromagnetic
• Radio Frequency
• Microwave

Market Segregation by End Use

• Apparel and Fashion Accessories Stores
• Supermarkets and Mass Merchandise Stores
• Drug and Health Product Stores
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global electronic article surveillance companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• Johnson Controls
• ALL-TAG Corporation
• Ketec, Inc.
• WG Global GmbH
• Safegear
• Checkpoint Systems, Inc.
• Agon Systems Ltd.
• Others

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.