New York, United States, July 19, 2022 (GLOBE NEWSWIRE) — The global electronic article surveillance market had a market share of USD 1,046.14 million in 2021, according to the new report of Straits Research. It is predicted to increase at a CAGR of 3.6% from 2022 to 2030. The protection against inventory losses, shoplifting, and theft have been one of the major reasons for the adoption of EAS products, thus driving the market. Organized retail crime (ORC) costs the retail industry roughly USD 30 billion per year, according to the NRF (National Retail Federation). Shoplifting is also a key cause of shrinkage in the retail industry, according to the National Retail Security Survey (NRRS). All these instances have forced the retailers to implement a solution to prevent theft, thereby driving the demand for EAS.
Further, the number of shoplifting offenses in England and Wales in 2019-2020 accounted for 359.24 thousand, as per the Office for National Statistics (UK). Owing to the increasing shoplifting cases across the globe, the application of this technology reduces the need for extensive surveillance in every area, which saves a high investment in providing safety and security of the products.
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Key Insights
- The electronic article surveillance market was valued at USD 1,046.14 million in 2021 and is anticipated to…
