According to the recent research report titled ‘Global Electronic Article Surveillance Market size study Component (Tags, Antennas, Deactivators/Detachers), End-User (Clothing & Fashion Accessories, Cosmetics/Pharmacy, Supermarkets and Mass Merchandise Stores), Regional Forecasts 2021-2027’, available with MarketStudyReport, global electronic article surveillance market size was worth USD 0.97 billion in 2020 and is projected to record 3.6% CAGR over 2021-2027, subsequently amassing USD 1.2 billion by the end of the assessment period.
 

Key factors driving global electronic article surveillance market growth include the widespread use of the Acousto Magnetic System in retail businesses to defend against inventory losses, shoplifting, and theft, cites the study.
 

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According to the National Retail Federation (NRF), organized retail crime (ORC) costs the retail industry roughly USD 30 billion per year. The National Store Security Survey (NRRS) cites that shoplifting is also a major cause of retail shrinkage. All these occurrences have spurred merchants to install a theft-deterrent system, resulting in a surge in EAS demand.
 

For the uninitiated, electronic article surveillance (EAS) is a technological approach that employs detection antennae at the store's departure, as well as hard tags, which are labels attached to the products being manufactured.
 

These are electronic detectable tags or labels that are attached to products and deactivated by employees once the item has been purchased or checked out. The EAS system helps in eliminating shoplifting, bookstore theft, and library theft, as well as property removal from office buildings, thereby stimulating the overall industry outlook.
 

Speaking of factors restraining worldwide electronic article surveillance industry expansion, disruptions in the retail sector is likely to negatively impact demand, further posing a challenge to businesses in this domain.
 

Citing the regional bifurcation, it is expected that the Asia Pacific market will witness considerable growth over 2021-2027, owing to increased demand for EAS systems, driven by a rising number of garment and fashion accessory merchants, as well as supermarkets and mass merchandisers.
 

The region expects to observe an increase in number of stores as a result of the rapid economic growth, high consumerism, higher standards of living, increasing disposable incomes, and changing lifestyles, further boosting demand for EAS systems.
 

Major players operating in global electronic article surveillance market sphere are Nedap N.V., Tag Company (UK) Ltd., Dexilon Automation S.L., Shenzhen Emeno Technology Co. Ltd., Ketec Inc., Agon Systems Ltd., All-Tag Corporation, Gunnebo Gateway AB, Sensormatic Solutions, and Checkpoint Systems Inc.