Rising Use of Acousto Magnetic Systems in Retail Outlets to Boost the Market for Electronic Article Surveillance

The protection against inventory losses, shoplifting, and theft has been one of the major reasons for the adoption of EAS products, thus driving the market. Organized retail crime (ORC) costs the retail industry roughly USD 30 billion per year, according to the NRF (National Retail Federation). Shoplifting is also a key cause of shrinkage in the retail industry, according to the National Retail Security Survey (NRRS). All these instances have forced the retailers to implement a solution to prevent theft, thereby driving the demand for EAS. Further, the number of shoplifting offenses in England and Wales in 2019-2020 accounted for 359.24 thousand, as per the Office for National Statistics (UK). Owing to the increasing shoplifting cases across the globe, the application of this technology reduces the need for extensive surveillance in every area, which saves a high investment in providing safety and security of the products. Increase Use of Acousto Magnetic Systems in Retail Outlets for Increased Security to Drive Electronic Article Surveillance Market The Acousto Magnetic (AM) technology is less susceptible to interference from external electronic interference while providing greater flexibility in installing antennas that can be pedestal-based or concealed within the door frames or under the floor at the entry of stores. The AM adhesive security labels can often work on or near metals where other technologies fail to deliver results. The Acousto-Magnetic (AM) technology works with a wide range of hard tags and robust labels to protect a wide array of merchandise categories. It also works well on liquids, metals, and products with foil packaging and is immune to body shielding. These labels can also be reused and reactivated. Moreover, a wide variety of EAS tags exist in the marketplace that works fine with the AM systems for a wide range of merchandise. Additionally, one of the biggest advantages of these AM tags is that they can be scanned from a greater distance and at good speed, making them one of the most popular devices in anti-theft systems (considering the fact that these systems only have seconds to pick up a signal from someone that is walking or running through a store doorway). High Growth Potential in Emerging Economies to Generate New Opportunities New businesses in the Indian retail industry have made it one of the vibrant and fast-paced industries. From USD 1,824 billion in 2017, total consumption expenditure has to reach almost USD 3,600 billion by 2020, as stated by the India Brand Equity Foundation. Moreover, it generates 10% of the country's GDP and employs about 8% of the workforce. In addition to this, the government of India has approved 100% FDI in the online retail of products and services with the automated method. The operations of e-Commerce businesses in India have become more transparent due to this. The industry benefits from the government's focus on developing digital infrastructure in Tier 2 and Tier 3 markets. Moreover, in August 2020, Pomelo, a fashion brand, announced the expansion of retail stores in Southeast Asia, covering countries like Singapore and Malaysia, among others, to enhance the omnichannel customer experience. The company plans to open 20 new stores in the region to broaden its reach. The demand for EAS solutions in the region is fueled by initiatives like this from fashion merchants. Overall, the need for EAS solutions and products in the emerging nations has been increasing with major expansions of retailers and is being slightly offset by growing e-Commerce demand. Got questions about your regional growth of Electronic Article Surveillance Market? Just drop us a line or call on +1 646 480 7505 Impact of COVID-19 With customers staying at their homes in an environment where social distancing is rising, retailers have been witnessing less need for their brick-and-mortar stores. This has resulted in multiple clothing store closures in 2020, primarily affecting the demand for EAS solutions in the category. For instance, owing to foot traffic challenges, DSW’s parent designer brands announced their plans for a 10 to 15% reduction of their store base, which means the closure of around 50 to 78 stores. Moreover, Gap Inc. also stated that it would close around 220 Gap stores and 130 Banana Republic locations by 2023. The company planned to have around 200 stores closed by 2020 and another 75 locations by 2021. However, the market vendors are leveraging their technological expertise in the retail sector to offer solutions that can help retailers provide a safer environment in their stores. For instance, in June 2020, Sensormatic Solutions announced that it had expanded its offerings to help retailers protect their employees, customers, and assets in-store operations and warehouses. The ShopperTrak Real-Time Occupancy solution will help understand shopper density within a store. These new offerings were designed to help the retailers to adhere to the recommended store occupancy and social distancing guidelines during the pandemic situation and in preparation for the reopening and recovery period. Regional Insights The electronic article surveillance market is segmented into four regions: North America, Europe, Asia-Pacific, and the Rest of the World.  Since the opportunities in North America region have been increasing, various vendors have been focusing on venturing into the electronic article surveillance business. For instance, in February 2021, ADT commercials, a provider of commercial security, life safety, fire, and risk consulting services, announced a new venture into electronic article surveillance through a strategic alliance with WG Security Products, Inc. This allows ADT to install and service WG Security EAS products in the United States, including detection systems, specialty tags, hard tags, disposable labels, detachers, and deactivation devices. Canada is the fastest-growing market in the North American region for EAS products and solutions. The rapid expansion plans of various retailers in the country have been driving the market studied. Asia-Pacific is the fastest-growing electronic article surveillance market predicted to be worth USD 352.54 million by 2030, growing at a 4.38% CAGR. Key Highlights The electronic article surveillance market was valued at USD 1,046.14 million in 2021 and is anticipated to generate USD 1,438.2 million by 2030. The market is expected to register growth at a CAGR of 3.6% during the assessment period.  On the basis of components, the global electronic article surveillance market is segmented into tags, antennas, deactivators/detachers, and others. The tags market is overtaken and expected to generate USD 843.10 million by 2030 at a CAGR of 3.74%. By end-user, the electronic article surveillance market is classified into clothing & fashion accessories, cosmetics/pharmacy, supermarkets, and mass merchandise stores. The clothing & fashion accessories segment is anticipated to generate USD 748.56 million by 2030 at a CAGRof 3.27%. Market News In October 2020, Agon Systems released two new Concept Tag sizes: 40 mm and 45 mm. The 40 mm RF "no ink" Concept Tag offers all of the features of the standard Concept Tag, plus it's very noticeable as a theft deterrent and well-suited to high-end, higher-value shops. In June 2018, ALL-TAG introduced Q-Tag, an EAS and RFID solution for garments and soft goods that ensures high security, adaptability, efficiency, and safety. Global Electronic Article Surveillance Market: Segmentation By Component Tags Antennas  Deactivators/Detachers Others By End-User Clothing & Fashion Accessories Cosmetics/Pharmacy Supermarkets Mass Merchandise Stores By Region North America Europe Asia-Pacific Rest of the World " Crucial Insights The Report Provides:" * Known and Unknown Adjacencies Influencing the Growth of Market * Explorable Revenue Sources * Customer Behaviour Analysis * Target Partners * Customized Geographical Data Based on Customers as well as Competitors * Analysis of Market Size and CAGR between the Forecast Periods View Full Report Buy This Report Now