Global Electronic Article Surveillance Systems Market 2018-2022 | Adoption of Source Tagging in the Retail Sector to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Sep 18, 2018--The global electronic article surveillance (EAS) systems market is expected to post a CAGR of over 3%, according to the latest market research report by . However, the growth momentum of the market is expected to decelerate on a year-over-year basis during the forecast period.
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Technavio has published a new market research report on the global electronic article surveillance systems market for the period 2018-2022. (Graphic: Business Wire)
A key factor driving the growth of the market is the growing need to prevent retail shrinkage. Retail shrinkage is leading to significant financial losses for retailers globally. Shrinkage affects the profitability of retailers in several ways such as loss due to theft by employees and customers, inefficient operations, and poor inventory management. Retailers have realized that additional investments in loss prevention are essential to combat the increasing level of shrinkage. For instance, Walmart stated in its annual report that high inventory shrinkage was one of the reasons for reduced profits in FY2017. In the same year, Target reported in its annual publishing that retail shrinkage has led to inventory loss. Such factors are encouraging retailers to adopt electronic article surveillance systems, which will boost the growth of the overall global market.
This market research report on the provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the adoption of source tagging in the retail sector as one of the key emerging trends in the global EAS systems market:
Global electronic article surveillance systems market: adoption of source tagging in the retail sector
Source tagging is the tagging of a product package or a product with EAS tags at the time of manufacturing. It eliminates the need for staff to apply tags on each product, thus saving time. This provides ample time for the store staff to focus on other work. Source tagging is an effective way of regulating the supply chain. Apart from reduced labor costs, it also reduces tagging costs as the tags can be recycled and reused multiple times. Source tagging not only reduces the cost structure for retailers but also minimizes losses due to in-house theft. Moreover, retailers are seen partnering with EAS tag suppliers and logistics companies to reuse and recirculate apparel tags directly at the time of manufacturing. Thus, with such an implementation, the market is expected to show a positive outlook during the forecast period.
“Apart from the adoption of source tagging, the increased spending on security systems and inclusion of data analytics in EAS systems are two major factors that are expected to boost the growth of the global market in the next few years,” says a senior analyst at Technavio for research on IT security.
Global electronic article surveillance systems market: Segmentation analysis
This market research report segments the global electronic article surveillance (EAS) systems market by application (apparel and fashion accessories, cosmetics and pharmaceuticals, supermarkets and grocery stores, and others) and geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2017 with a market share of close to 46%, followed by EMEA and APAC respectively. However, during the forecast period, the APAC region is expected to show the highest incremental growth.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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PUB: 09/18/2018 01:17 PM/DISC: 09/18/2018 01:17 PM