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Electronic Article Surveillance Market Size, Share, Growth Insights And Forecast Report 2033
Electronic Article Surveillance Market Size
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According to The Business Research Company's, The electronic article surveillance market size has grown steadily in recent years. It will grow from $1.21 billion in 2023 to $1.26 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to a rise in the globalization of retail brands, growth in e-commerce, growth in demand for luxury goods, rise in shoplifting awareness campaigns, and growth in insurance premiums.
The electronic article surveillance market size is expected to see steady growth in the next few years. It will grow to $1.51 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to increasing retail theft incidents, a rising number of mass supermarkets, increasing demand for retail security solutions, growing urbanization, growing investments in retail infrastructure, increasing retail theft incidents, and a rising number of mass supermarkets. Major trends in the forecast period include technological advancements, RFID technology, integration with the Internet of Things, adoption of cloud-based solutions, and wireless EAS systems.
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Market Drivers and Trends:
The expansion in the retail industry is expected to propel the growth of the electronic article surveillance market going forward. The retail industry encompasses businesses directly selling goods or services to consumers, ranging from small local stores to large multinational chains. The expansion of the retail industry is due to shifts in consumer preferences towards online shopping, globalization allowing for broader market reach, and innovations in supply chain management enhancing efficiency and customer satisfaction. Electronic article surveillance is crucial in safeguarding merchandise, improving operational efficiency, and ensuring a secure shopping environment for retailers and customers. For instance, according to the National Retail Federation (NRF), a US-based retail trade association, retail sales in the United States are expected to increase between 2.5% and 3.5% in 2024, from $5.23 trillion to $5.28 trillion. Therefore, the expansion in the retail industry is driving the growth of the electronic article surveillance market.
Major companies operating in the electronic article surveillance market are focused on developing innovative technologies, such as dual tag technology, to enhance retail security and inventory management capabilities. Dual tag technology refers to using two tags on a single item to enhance security and reduce theft. This technology typically combines Radio Frequency (RF) and Acousto-Magnetic (AM) tags, each with its unique detection method, providing a more robust and versatile security solution. For instance, in May 2021, SML Group Limited, a China-based company that provides RFID and trademark identification systems, launched GB24U dual tag technology, a dual tag technology combining item-level tracking abilities of RFID with the loss prevention capabilities of an electronic article surveillance (EAS) tag. This advanced solution offers distinctive features tailored to enhance efficiency and accuracy in inventory management. GB24U integrates UHF and HF RFID technologies, enabling comprehensive tracking capabilities across diverse product ranges. Its dual-frequency functionality ensures seamless compatibility with existing RFID infrastructures while providing robust data capture in various environments.
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Major Key Players of the Market:
Alibaba Group Holding Limited, Avery Dennison Corporation, ADT Inc., Checkpoint Systems Inc., Gunnebo AB, Nedap N.V., Takachiho Koheki Co. Ltd., Hangzhou Century Co. Ltd., Sentry Technology Corporation, Sensormatic Solutions, WG Security Products Inc., Softdel Systems Pvt. Ltd., Adtech Systems Ltd., Shopguard Systems Ltd., Amersec, Ketec Inc., Everon Solutions Limited, Cross Point BV, Axle Systems, Agon Systems Ltd., ALL-TAG Corporation, Dexilon Automation, FE Moran Security Solutions, Feltron Security Systems, Safegear, Security Info Watch
Electronic Article Surveillance Market 2024 Key Insights:
• The electronic article surveillance market size is expected to see steady growth in the next few years. It will grow to $1.51 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%.
• Impact Of Retail Industry Expansion On Electronic Article Surveillance Market
• SML Group Launches GB24U Dual Tag RFID Technology For Enhanced Retail Inventory Management
• North America was the largest region in the electronic article surveillance market in 2023
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