Northbrook, IL -- (SBWIRE) -- 07/11/2019 -- According to the new market research report "Electronic Article Surveillance Market by Component (Tags, Antennas & Detachers), Technology, End User (Apparel & Fashion Accessories Stores, Supermarket & Mass Merchandise Stores, Drug & Health Product Stores), and Geography - Global Forecast to 2024", published by MarketsandMarkets™, the Electronic Article Surveillance Market is expected to grow from USD 981 million in 2019 to USD 1,173 million by 2024, at a CAGR of 3.6%.
Modernizing retail sector, and protection against inventory losses, shoplifting, and theft are the major driving factors for the market's growth during the forecast period. Growing inclination toward digital operations and high growth potential for electronic article surveillance market in emerging economies is expected to offer tremendous growth opportunities in the near future.
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"Apparel & fashion accessories stores to dominate electronic article surveillance market (in terms of share) during the forecast period."
Apparel & fashion accessories are among the major businesses in terms of revenue, investment, trade, and job creation. A need to cater to the growing demand for latest apparels and fashion accessories creates a need for a huge number of stores with technologically advanced systems - such as EAS and video surveillance-for reducing revenue loss. Retail stores are transforming from traditional to modern, with more automation. Also, due to the growing number of consumers, the number of retail stores is also rising at a rapid pace, propelling the growth of the EAS market in this segment.
"Electronic article surveillance market for radio frequency to grow at the highest CAGR from 2019 to 2024."
The RF technology triggers the alarm when an item is shoplifted; it helps exactly identify which item is being stolen. This knowledge enables the stolen item to be quickly identified and facilitates real-time shelf replenishment of merchandise, resulting in improved sales. Moreover, due to the advanced features such as ultra-wide detection distance, simple installation and operation, low false alarm rate, strong anti-interference ability, and high stability & durability, the market for electronic article surveillance systems based on RF technology is expected to grow at the highest CAGR during the forecast period.
"APAC to grow at highest CAGR in electronic article surveillance market during the forecast period."
APAC witnesses robust growth of the EAS market owing to the increasing adoption of EAS in apparel and fashion accessories, supermarket, and mass merchandise stores, among others, due to high shoplifting incidents and shrinkage rates. Moreover, due to the increasing number of supermarkets, hypermarkets, and convenience stores because of the high economic growth, rising consumerism, elevating standards of living, increasing disposable incomes, and changing lifestyles; this is expected to increase the demand for EAS systems in this region.
Browse in-depth TOC on "Electronic Article Surveillance Market"
32 – Tables
34 – Figures
111 – Pages
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Key players in the market include Checkpoint Systems (Canada), Johnson Controls (Ireland), Agon Systems (UK), ALL-TAG Corporation (US), Amersec (Czech Republic), TAG Company (UK), Ketec (US), WG Security Products (US), Softdel (US), Shenzhen Emeno Technology (China), Cross Point (The Netherland), Takachiho Koheki (Japan), Stanley Security (US), Shopguard Systems (Hungary), Dexilon Automation (Spain), Feltron Security Systems (UAE), and Sentry Custom Security (Canada).
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