Electronic Article Surveillance (EAS) Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Electronic Article Surveillance (EAS) Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)
The Electronic Article Surveillance Market size is expected to grow from USD 1.129 billion in 2023 to USD 1.328 billion by 2028, at a CAGR of 3.29% during the forecast period. The rise in the adoption of Electronic Article Surveillance (EAS) devices, especially in retail stores throughout the globe, to prevent shoplifting and technological advancements by market players are expected to drive the market studied during the forecast period. Key HighlightsThe threat of organized retail crime continues to grow around the world. Organized retail crime, from brazen thefts of goods by aggressive gangs to sophisticated eBuyer fraud teams, is an increasing concern for retailers. Hence, the safeguard against shoplifting, inventory losses, and theft is becoming a main issue for retail stores, generating demand for EAS products and thus boosting the growth of the market studied significantly.Shoplifting is a major cause of retail contraction. The increasing number of shoplifters worldwide has increased the demand for electronic merchandise surveillance systems, especially in the retail industry. Using EAS reduces the need for comprehensive surveillance in all areas, saving significant investments and providing security for the products.Moreover, the rising trend of digital operations and growing potential for growth in emerging markets are some of the significant opportunities for EAS providers. Apparel and fashion stores are expected to capture a large market share of EAS technology.However, aspects such as the need for extra investment to implement EAS solutions and disruptions in the retail industry affecting demand are anticipated to be significant factors impeding the growth of the market studied throughout the forecast period.In the post-COVID-19 scenario, the market is expected to grow due to the growing retail industry. For instance, according to the US Census Bureau, the retail monthly sales in the United States increased from USD 547 billion in January 2023 to USD 631 billion in May 2023. Moreover, companies invest heavily in this technology to gain a competitive advantage, bringing innovative and intelligent products to market. Market providers leverage their technical expertise in the retail industry to provide solutions that enable retailers to create a safer in-store environment. Such initiatives and developments by market players are projected to boost the demand for electronic article surveillance and help the growth of the market studied in the post-COVID-19 scenario.Electronic Article Surveillance (EAS) Market TrendsClothing and Fashion Accessories to Hold Significant Market Share Electronic Article Surveillance (EAS) helps apparel retailers detect and prevent theft, protecting everything from designer jeans and handbags to leather jackets and shoes. Sensor tags or labels are attached to items and removed or deactivated by staff when items are properly purchased or checked out. The integration of EAS into apparel and fashion accessories is driven by related benefits such as ease of use, reduced effort, open merchandising and branding, faster delivery in stores, and better customer experience. Merchandise visibility with Radio Frequency Identification (RFID)-based solutions that provide detailed information on the location and quantity of footwear and apparel from source to store to reduce costs inventory, reduce stockouts, and increase sales and profits. Clothing is usually secured by using hard security tags available in various shapes with different operating mechanisms and strengths. Each of these factors improves the security of the items. For safety considerations, round or shell-shaped labels are recommended as it is less likely to peel off. At the same time, attention is also paid to the size of the pin head to ensure safety. The larger the pinhead, the more difficult it is to pull on clothing without damaging the item and making it unusable due to shoplifting. In addition, ink labels are also used on clothing and can be applied to enhance EAS labels. Ink-dye labels release permanent ink onto clothing if the label is tampered with, ensuring a denial-of-profit strategy. An RFID (Radio Frequency Identification) based solution shows exactly how many shoes and clothes are on their way from the factory to the store. This means lower inventory costs, fewer out-of-stocks, and more sales and profits. By region, Asia Pacific is projected to grow due to the growing demand for clothing and fashion accessories and the increasing export of fashion goods. According to World Trade Statistical Review 2023, China was the leading exporter of the clothing industry in 2022, with a total export value of USD 182 billion. The export value for Bangladesh and Vietnam was valued at USD 45 billion and USD 35 billion, respectively. The growing export of clothing is expected to drive the retail sales of clothing, which in turn is expected to drive the segment growth. Asia Pacific to Register Major Growth In India's retail industry, luxury shopping is progressively gaining traction. Growing shopping activities have resulted in increased sales for luxury online players as consumers are still trying novel methods to get their hands on luxury and rare things. According to IBEF, India's e-commerce market is expected to reach a value of USD 200 billion by 2026. There is a growing demand for international brands and foreign products among India's digitally connected consumers, leading to high-volume orders for advanced automated warehouses to accommodate the growing volume of general merchandise. An increase in such purchases is expected to boost the market studied. As per the Ministry of Commerce, China General Chamber of Commerce, the Number of Store data was reported at 24,685.000 units in 2021. This recorded an increase from the previous total of 24,082.000 units for 2020. Therefore, the aforementioned factors are augmenting the market's growth. In order to expand their product lines, market players are investing in R&D, which is expected to help the Chinese electronic article surveillance system market grow further. In Japan, investments in commercial infrastructure, such as airports and shopping malls, are being accelerated by the government. This offers the retail sector lucrative trade opportunities with a view to opening stores and shopping centers, which in turn attracts more customers and drives the market's demand in the country. In Asia Pacific region, countries such as Bangladesh, South Korea, Singapore, Australia, and Malaysia have a huge opportunity in the electronic article surveillance (EAS) market. The EAS market is anticipated to grow at a significant rate in Asia-Pacific. EAS systems are expected to be in increased demand as the number of retail platforms in the garment, supermarket, and mass merchandise sectors grows.Electronic Article Surveillance (EAS) Industry Overview The global EAS system market is moderately competitive, with many global and regional players. Increased R&D investments and innovation, along with strategies such as partnerships and collaborations, are expected to drive market growth in the near future and provide potential growth opportunities for new market entrants in the future. Some of the major players are Sensormatic Solutions (Johnson Controls International PLC), Nedap NV, Avery Dennison Corporation, Ketec Inc., and Checkpoint Systems Inc. (CCL Industries Inc.). May 2023 - Shenzhen Emeno Technology is actively involved in strategically expanding its operations in new markets to expand its customer base as the Emeno AM9800 model was installed by NOCIBE, a beauty store located in French Polynesia. April 2023 - Checkpoint Systems, a global provider of RFID and RF technology solutions, announced the acquisition of Denmark-based Alert Systems, an Internet of Things (IoT) expertise with a focus on metal and magnet detection in the retail environment. The acquisition would help the company to strengthen its focus on loss-prevention solutions and bolster its product line. Additional Benefits: The market estimate (ME) sheet in Excel format 3 months of analyst support