Electronic Article Surveillance Market Share & Growth [2031]

Report Description

Electronic Article Surveillance Market Outlook 2031 `

The global electronic article surveillance market was valued at USD 1.0 Bn in 2022 and is likely to reach USD 1.33 Bn by 2031, expanding at a CAGR of 3.2% from 2023-2031. The increasing adoption of Electronic Article Surveillance (EAS) devices to limit shoplifting in stores is driving the market.

The increasing need for EAS devices is boosting the market as it tends to reduce theft and stealing of accessories from stores. It is designed to detect unpaid items in consumers' bags or pockets while leaving the stores. The increasing demand for these devices in retail stores is deploying solution-based technologies that are flexible for consumers and retailers. It enables advanced solutions and protects from inventory loss EAS devices are anticipated to grow in the forecast period.

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Ongoing technical advancements in electronic article surveillance devices are fueling the growth of the market. It is a technical tool that helps to reduce property removal from offices, book theft from libraries, and others. When it detects active tags near the exits, it sounds an alarm or otherwise warns other employees. Furthermore, integration with online to offline strategies, retail analytics, and expansion of retail chains are projected to drive the market in the upcoming years.

Covid-19 Analysis

The COVID-19 pandemic hampered the global electronic artificial market surveillance market. The government's strict rules and regulations on various stores of merchandise, fashion & clothing accessories have been affected badly due to the lack of workforce and labor, severely affecting the market growth.

Additionally, supply chain disruptions were caused by temporary shutdowns in the manufacturing process for components such as tags and antennas. In addition, due to the loss of manpower and budget, the EAS market was affected which resulted in to decline in the demand for electronic article surveillance.

Impact of AI on the Electronic Article Surveillance Market

The surveillance and security industry has integrated with advanced solutions with the emergence of AI for organizations. The impact on the EAS system resulted in the video surveillance market. With the growing innovation, AI has improved the picture quality through real-time monitoring of video footage, which helps to prevent any security incidents.

Numerous IT merchants have come up with AI solutions that detect unattended objects like bags in airports and public spaces, ensuring security agencies react within no time. Global spending on security services is expected to drive the market during the forecast period.

• For instance, global security is expected to spend 20 billion U.S. dollars in 2023 and spending on security services is projected to reach nearly 76.5 billion U.S. dollars in the same year.

Electronic Article Surveillance Market Dynamics

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Major Drivers

Rising demand to prevent retail shrinkage due to an increase in shoplifts and thefts to provide a better shopping experience to consumers is driving the market. These tools are widely used across the globe as they are safe and secure. The analytics data generated can be used for better retail strategies and detect systems that help to prevent extra inventory loss. This results in fueling the market.

Increasing usage of EAS systems in healthcare is driving the market. As it protects newborns from being kidnapped from hospitals or maternity wards. In addition, the person who is suffering from Parkinson's or Alzheimer's helps to detect wandering patients.

The advancement in the technology integrated with Radio Frequency Identification technology (RFID) technology enables wide detection distance, paving new avenues for the electric article surveillance industry which is anticipated to grow in the forecast period. For instance,

• In October 2023, UNICEF supports the Government in launching a Lead Surveillance System in Georgia that includes annual monitoring of blood lead levels in children, nationally and regionally, to measure changes over time and to detect sources of exposure.

Existing Restraints

High implementation and maintenance costs of electronic artificial surveillance systems hamper the market due to the technological upgrades of the software and radio frequency components are expensive compared to conventional ones declining the growth of the market.

The lack of skilled professionals to perform testing of EAS devices which comes with manual instructions, and the proper knowledge before experimenting is much needed, such factors are likely to hamper the market.

Emerging Opportunities

The growing adoption of Radio-Frequency Identification (RFID) technology is enabled by the EAS system. It provides tags that are attached to goods to have unique identification to improve customer experiences, such factor to create lucrative opportunities in the market.

The ability for retailers to track product movement from warehouses to stores has improved stock visibility and decreased the risk of out-of-stock situations that tend to fuel the market. For instances,

• In October 2022, Checkpoint Systems launched SFERO - a high-performing, modular RFID as an EAS solution for apparel with high detection performance to minimize losses and protect stores.

Growing inclination towards digital technologies to upgrade EAS systems to convert them into software for advanced monitoring using cameras tends to boost the growth in the forecast period. The increasing number of retail stores and the growing consumer footfall in retail stores and malls are fueling the expansion of electronic tags.

Furthermore, retailers can make data-driven decisions to optimize product placements and shop designs which result in better customer satisfaction are tend to fuel the market. In addition, the rising partnerships and launch of new products across the industry are projected to drive the market. For instances,

• In September 2023, Amazon and Anthropic announced a strategic collaboration to Advance Generative AI to trigger an RPi camera mounted on a panel driven by servo motors, captures real-time video, and performs facial recognition of persons inside the monitoring area which further controls the door lock via the voice commands given by the user.

Scope of Electronic Article Surveillance Market Report

The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Electronic Article Surveillance Market Segment Insights

Type Segment Analysis

Based on type, the global electronic article surveillance market is segregated into electronic tags, detachers, and antennas. The electronic tags segment dominates the market as it includes an alarm system when passed through an EAS detection zone at a store's entry/exit, it triggers alerts.

It reduces the possibility of shoplifting and thefts, which is anticipated to fuel the segment. Moreover, companies present in the market are focusing on launching advanced tags for better security purposes. For instances,

• In April 2021, Prosegur Security introduced double Lock EAS tag features which are able to reduce shrink by 40% and 60% respectively. The double lock detacher is compatible with your existing tags from other manufacturers and requires no additional training for your associates.

The detachers segment is anticipated to hold significant growth in the forecast period as these are attached to the merchandise during checkout, and tags are easily deactivated by the storekeeper. With the help of a deactivation pad or detacher, it gets removed which reduces shoplifting or theft. Growing demand for easy to simple and easy to remove tags in expected to drive the segment in the coming years.

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Technology Segment Analysis

In terms of technology, the global market is divided into magneto-harmonic, acoustic-magnetic, radiofrequency, and microwave. The radiofrequency segment is expected to dominate the market due to its ultra-long detection range and strong anti-interference ability.

The rise of RF technology in electronic surveillance systems results in the integration of anti-theft properties that are anticipated to drive the growth of the segment in the forecast period.

The acoustic-magnetic segment is anticipated to grow rapidly in the coming years, as it regulates to perform in a particular frequency (58 kHz) and is designed to detect tags. They are used to simplify operations and avoid the mismatch of wrong tags at a store as it provides reliability and is resistant to radio or magnetic interfaces.

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Vertical Industry Segment Analysis

On the basis of vertical industry, the global electronic article surveillance market is segregated into pharmaceuticals, supermarkets, clothing & fashion, and mass merchandise. The clothing & fashion segment is expected to dominate the market as in recent years. It has been used in many retail stores due to its anti-theft properties.

As the population is increasing, the demand for EAS devices is also rising which results in limiting losses and prevents security incidents. Such factors tend to be projected to grow the segment in the forecast period.

The supermarket segment is anticipated to register lucrative growth during the forecast period. Supermarkets are turning into smart stores enabled with the EAS systems resulting in the collection of physical data and helping store staff to make better decisions.

In addition, concepts like Amazon Go are seeking new successful stores that use cameras and sensors to detect, which items shoppers pick up and automatically charge them when they exit. Such technical advances are fueling the growth of the market.

Regional Outlook

In terms of region, the global electronic article surveillance market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America dominates the regional segment owing to a big market share and the presence of key players manufacturing electronic article surveillance systems.

In addition, especially in U.S., the number of retail stores and utility mall openings has increased in the last year, especially after the pandemic. Many manufacturers are collaborating to develop more enhanced EAS systems as they contain anti-theft luggage properties which result in to increase more profitability.  Such factors tend to drive the growth of the regional segment. For instance,

• In March 2023, Ulta Beauty’s annual revenue surpassed ten billion dollars, annual net income exceeded one billion dollars, and they exceeded 40 million Ultimate Rewards members. Net sales increased 18.2% to $3.2 billion compared to $2.7 billion in the fourth quarter of fiscal 2021.

The market in Asia Pacific is projected to register lucrative growth in the coming years. The presence of prominent players in the region is driving the market to make better consumer experiences. The ongoing increase in industrialization and R&D activities led to an increase in the opening of new retail stores, utility malls, and others. Many key vendors are collecting analytical data to make shopping strategies for better shopping experiences. Such factors are boosting the growth of the segment.

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