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The increased necessity to avoid retail shrinkage due to rising cases of theft and shoplifting in order to give better shopping experiences to customers in a growing number of retail outlets is a key factor driving the growth of the electronic article surveillance market. The risk of theft has increased in recent years due to increasing technological innovation and ongoing growth in the retail sector, which force retailers to adopt EAS.
The growth of innovative technology-based retail automation solutions, such as electronic article surveillance to provide both retailers and consumers with versatile and easy access, is introducing a number of retailers that help grow the market in the upcoming years.
Additionally, the reasons for adopting EAS products, which are driving the market, are inventory loss prevention, shoplifting prevention, and theft prevention. For Instance, In 2020, According to National Retail Federation, the average loss from organized retail crime exceeds USD 700,000 per USD 1 billion in sales, making it a serious concern for retailers.
COVID-19 has had major impacts on people and companies all around the world. Due to the closure of specific locations, staff layoffs, shifting suppliers, or eliminating salaries, this market faces significant issues. One of the areas that will be affected by budget and manpower reduction is security and surveillance. The electronic article surveillance industry has taken a significant downwards as a result of the temporary closure of retail companies, bookshops, supermarkets, and mass goods stores, which has resulted in a drop in demand. Additionally, supply chain disruptions are caused by temporary shutdowns in manufacturing facilities for components such as tags, antennae, and deactivators.
Furthermore, the continuous release of global lockdown is likely to create new market growth in the coming years.
The report will cover the following insights-
Electronic Tag to Boost the Market Growth.
Electronic tags offer improved protection for items, reducing stealing and theft. When tags pass across an EAS detection zone at a store's entrance or exit in an active state, they trigger an alert. The number of retail outlets is rapidly increasing as a result of the growing number of consumers, which is fueling the expansion of electronic tags. Additionally, the rising partnerships, new product launches across the industry will likely boost the market growth.
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The Asia Pacific is expected to hold a major market share in the coming years due to the growing number of supermarkets and mass merchandise; retail stores in apparel and fashion accessories are likely to demand the Electronic Article Surveillance Market. Additionally, the region's rapid economic growth, increased consumerism, rising living standards, increasing disposable incomes, changing lifestyles, and mass merchandise outlets are likely to grow in number, increasing demand for EAS systems. For Instance,
Key players in the electronic article surveillance market include CheckPoint System, Inc., Tyco International PLC, Nedap NV, Gunnebo AB, Sentry Technology Corporation, ALL-TAG Corporation, Ketec Inc., ADT Commercial, FE Moran Security Solution, Avery Dennison Corporation, Shopguard System, Shenzhen Ameno Technology, WG Security products, TAG Company, Amersec, Agon Systems, and others.
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