The electronic article surveillance market (EAS) is expected to grow from USD 981 million in 2019 to USD 1,173 billion by 2024, at a CAGR of 3.6%. Modernizing retail sector and protection against inventory losses, shoplifting, and theft are the major driving factors for the market’s growth during the forecast period.
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With the evolution of the retail sector, 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. While adopting retail automation solutions in stores, retailers are facing the challenge of inventory loss due to shoplifting and theft. As the EAS solutions help protect inventory loss from shoplifting and theft, optimize retail store performance, and enable inventory intelligence solution along with traffic counting; many retailers are deploying EAS solutions.
Tags provide superior protection for goods to reduce theft and shoplifting. Tags 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 on the market—hard and soft. The functioning of a majority of tags and labels is reasonably similar in terms of detection performance by the security antenna located at the doors. Growing adoption of electronic article surveillance systems for protection against inventory loss primarily in apparel and fashion accessories stores and supermarkets and mass merchandise stores to drive the growth of the market for antennas during the forecast period
The radio frequency EAS technology triggers the alarm when an item is shoplifted; it also identifies exactly which item is being shoplifted. This knowledge enables the stolen item to be quickly identified and facilitates real-time shelf replenishment of merchandise, resulting in improved sales. The high growth rate of the radio frequency technology is due to the features such as ultra-wide detection distance, simple installation and operation, low false alarm rate, strong anti-interference ability, and high stability and durability.
Supermarkets and mass merchandise stores are transforming themselves into smart stores from recent past for providing better shopping experience. To match with the pace of changing shopping behavior and the emergence of new trends, many store operators are adopting new technologies in their supply chain as well as in their storefronts, thereby trialing new delivery models, developing private labels, and forming partnerships with leading internet connectivity providers for increasing their market presence. The use of EAS systems helps retailers optimize their businesses and reduce inventory loss. Supermarkets and mass merchandise stores were among the first retail outlets to adopt EAS systems.
The leading position of North America can be attributed to the high demand for EAS systems from end users including apparel and fashion accessories stores, supermarkets & mass merchandise stores, drugs & health product stores, and others. The region, being technologically advanced and developed, is a pioneer market for the cutting-edge technology used for reducing shoplifting incidents, including EAS systems. Moreover, favorable economic conditions for the growth of retail stores, including apparel & fashion accessories manufacturers, supermarkets & mass merchandise manufacturers, and drug & health stores, create huge demand for EAS systems in the region.