Artificial Intelligence
Electronic Article Surveillance (EAS) System Market to Reach USD 2,423.1 Million by 2025 – Report by Market Research Future (MRFR)
New York, US, June 24, 2021 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Electronic Article Surveillance System Market information by Type, by Application and Region – forecast to 2027” the market valuation is expected to increase from USD 1,770 MN in 2018 to USD 2,423.1 MN by 2025
Market Scope:
Electronic article surveillance systems provide analytics and insights powered by multiple wide-ranging technologies (AM, RF, and RFID) and components (detection systems, tags and labels, video solutions, source tagging solutions, deactivators & detachers, and shrink management software). EAS solutions are built around reliable anti-shoplifting technology.
EAS Detection System helps prevent loss and Organized Retail Crime (ORC) with innovative technology designed to match a range of in-store aesthetics. EAS with efficient sensors incorporated Secures and protects merchandise with a broad selection of tags and labels designed for various store formats and inventory. EAS Detachers and Deactivators are designed to deliver ease and efficiency in deactivating and removing sensors, creating a seamless checkout experience and ease of use for store operations.
Dominant Key Players on EAS System Market Covered Are:
- Tyco International PLC (US)
- CheckPoint Systems (US)
- Nedap NV (Netherlands)
- Sentry Technology Corporation (US)
- Gunnebo Gateway AB (Sweden)
- Ketec Inc (US)
- Universal Surveillance Systems (US)
- ALL-TAG Corporation (US)
- FE Moran Security Solutions (US)
- SPIE AGIS Fire & Security (Hungary)
- Industrial Security Solutions Inc (US)
- STANLEY Security (US)
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Market USP exclusively encompassed:
Market Drivers
The global electronic article surveillance system market is growing rapidly. EAS system is a proven technology investment for retailers to combat the increasing risk of ORC and other forms of shrink. The system provides retailers with a comprehensive solution to meet all their loss prevention needs, regardless of technology choice and store format, thus improving sales and staffing.
Growing prevalence of unauthorized access, theft, and criminal activities in industries, commercial as well as residential setups boost the EAS systems market growth. Rising need to maintain safety in residential and commercial infrastructure boosts the demand for security solutions such as surveillance systems, intruder alarms, and electronic article surveillance.
Segmentation of Market covered in the research:
The electronic article surveillance system (EAS) research report is segmented into type, application, and region. The type segment is sub-segmented into hard tag, soft tag, deactivator or detacher, and detection system. The application segment is sub-segmented into clothing & fashion accessories, cosmetic/pharmacy, supermarket & large grocery stores, automotive, industrial, and others.
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Regional Segmentation
The regional segment is bifurcated into the Asia Pacific (China, Japan, India, South Korea, and Rest-of-the-APAC), the Americas (Canada, Mexico, US, Rest-of-North America), and South America, Europe (the UK, Germany, France, Italy, and Rest-of-Europe), and Rest-of-the-World.
North America has been consistently leading the global electronic article surveillance system market and is estimated to maintain its market position during the assessment period. Increasing security concerns at the shopping store and demand for efficient systems to manage & control sales in retail stores drive the EAS system market in the region.
Additionally, factors such as the vast digitalization, technological advances, and growing number of retail stores in the region drive the market growth, leading to higher adoption of EAS solutions. The large presence of key EAS solution providers propels the market growth, allowing the higher penetration of EAS technology. The US leads the regional market, whereas Canada is projected to witness a high growth rate in the coming future.
Europe holds the second spot globally in terms of the electronic article surveillance system market revenue. Factors such as the increasing digitalization and automation of security and surveillance systems of retail stores influence the EAS market growth across the region. Moreover, the increasing uptake of EAS platforms creates substantial market demand, inducing the region’s electronic article surveillance system market growth.
The Asia Pacific region witnesses a spurring rise in the electronic article surveillance system market value. Proliferation of digitalized surveillance solutions, increasing numbers of retail stores, and economic growth are major electronic article surveillance system market trends. Moreover, improved Internet connectivity with high reliability in this region boosts the electronic article surveillance system market size.
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Industry Trends
With growing cases of shoplifting and store shrink, there is a need to have EAS solutions incorporated into every retail store. Increasing demand for Shrink Management as a Service (SMaaS) platform for improved equipment uptime and data analytics to help reduce shrink, control organized retail crime (ORC), and improve sales and staffing fosters the EAS market growth.
The increasing initiatives by retailers to improve their operational and business process efficiency boost the electronic article surveillance system market size. Moreover, the increasing focus on boosting operational efficiencies and profitability creates a significant demand for advanced tagging & tracking systems. Therefore, electronic article surveillance system markets worldwide are garnering significant traction.
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COVID-19 Impact on the Global Electronic Article Surveillance (EAS) System Market
The EAS market landscape largely depends on the retail industry and automotive industry. Covid-19 significantly disrupted most of the industries, causing huge revenue losses. The pandemic disruption changed consumer buying patterns shifting them from in-store to online/virtual purchases. Manufacturers faced various problems ranging from obtaining raw materials and components required to develop EAS systems and delivering end products to attracting workers from quarantines.
Moreover, strict lockdown mandates forced many manufacturers to cut down on their production output, bringing the production facilities to a halt. There was increasing pressure on supply chains for delivering the products. This, as a result, spiked product prices and reduced the market demand, which further encouraged EAS vendors to take innovative steps to stay afloat in the market.
They focus on four key areas to address critical needs and prepare to thrive in the future. Smart retail management solutions that use advanced technologies such as artificial intelligence and machine learning can improve supply chain visibility, predict demand, and forecast retail trends to keep one step ahead of the competition.
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