Electronic Article Surveillance Market Global Segments, Size, Recent Trends and Forecast to 2028

The Electronic Article Surveillance Market is expected to grow from US$ 1,116.07 million in 2022 to US$ 1,484.00 million by 2028; it is estimated to register a CAGR of 4.9% from 2022 to 2028.

The retail industry in Europe has experienced significant growth owing to the growing adoption of omnichannel business strategies by several retail brands. For instance, European brands such as Nordstrom and Louis Vuitton have significantly adopted the omnichannel model for business. The region is also experiencing a significant rise in the number of retail outlets. For instance, in February 2023, Reserved announced its plans to open several new stores across the UK. Similarly, in May 2021, Action announced its plans to open 200 new stores across Europe over the next five years.

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Analysis of the Top Market Players:

1. Agon Systems
2. ALL-TAG Corporation
3. Amersec s.r.o.
4. Cross Point Middle East Technologies LLC
5. Feltron Security Systems LLC
6. Ketec, Inc.
7. Shopguard Limited
8. Tekno Electro Solutions
9. Sensormatic (Johnson Controls)
10. Checkpoint Systems

In this report, the market has been segmented on the basis of:

Component (Electronic Tag, Electronic Antenna, Deactivator/Detacher, and Others)
Product Type (Radio Frequency Systems, Acousto-Magnetic Systems, Electromagnetic Systems, and Microwave Systems)
Application (Apparel & Fashion Accessories, Cosmetic & Pharmaceuticals, and Supermarkets)

Electronic article surveillance is increasingly adopted across retail stores to monitor inventory and signal the management if any product is leaving the retail campus without billing. This is majorly adopted to reduce shoplifting cases. Thus, the rise in the number of retail stores across the region is driving the demand for electronic article surveillance, thereby contributing to the electronic article surveillance market growth.

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Electronic article surveillance has a major application in the apparel & fashion accessories industry. The presence of global fashion brands such as H&M, ASOS, Prada, Burberry, Levi's, Gucci, Benetton, Ted Baker, and Promod, coupled with their investment to expand the number of retail outlets across the region, is boosting the demand for electronic article surveillance in the fashion industry. For instance, in November 2022, Goldsmiths announced its plan to expand its operations across Europe by opening a new luxury concept store in England. Similarly, in August 2022, H&M opened its new stores in Costa Rica and North Macedonia. These factors are further contributing to the rise in demand for security solutions across the stores, thus, contributing to the growth of the Europe electronic article surveillance market.

Impact of COVID-19 Pandemic on Electronic Article Surveillance Market

The COVID-19 crisis drastically affected two huge markets-India and China. Lockdowns and temporary shutdowns of manufacturing plants across major countries in Asia Pacific led to the disruption of the supply chain of various raw materials and goods. Further, as governments of various countries such as India and Japan announced a state of emergency due to the pandemic, several essential retail businesses that offered food and daily necessities remained operational. The retail industry was severely affected since governments of various countries forced people to quarantine themselves, which restricted face-to-face services in stores. As a result, the preference for online purchasing significantly increased, which boosted the demand for electronic article surveillance in stores. The shutdown of manufacturing industries, supply chain disruptions, and low consumer demands were the primary implications of the COVID-19 pandemic, which highly impacted the electronic article surveillance market growth.

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