Increasing Construction of Commercial Complexes to Provide Opportunities for Retail Security Tags Market During 2022–2030
According to our latest market study on " Retail Security Tags Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Technology, Material, Print Type, and Application," the market was valued at US$ 701.91 million in 2022 to US$ 1,151.58 million by 2030; it is estimated to register a CAGR of 6.4% from 2022 to 2030.
The rise in the adoption of retail security sensors, especially in retail stores across the globe; the high adoption of security systems for broader protection in retail stores; and an increase in crime levels such as thefts and shoplifting in organized retail stores are among the factors driving the retail security tags market. Further, huge growth in the retail industry and digitalization in retailing are anticipated to provide lucrative growth opportunities for the market during the forecast period.
The growth of the security tags market in Asia Pacific is attributed to the massive presence of many supermarkets operating in the region. According to Bscholarly LLC, in January 2023, the 7-Eleven supermarket had more than 21,800 outlets in APAC compared to more than 46,000 outlets in total. Further, according to Red Hat, Inc., in July 2020, there is rising adoption of technologies across APAC, which is transforming the region digitally and making it modern by simplifying business processes. This digitization is contributing to the modernization of the region’s retail industry. Many companies are introducing solutions to increase security and ensure better inventory management. For instance, Infotek Software & Systems (P) Limited, an Indian RFID Solutions provider company, provides RFID item-level identification and tagging solutions. In addition, ATSS, an EAS system provider, provides anti-theft tags to manage the inventory efficiently and reduce retail traffic. Thus, the rising adoption of retail security tag solutions among key players is fueling the retail security tags market growth in Asia Pacific.
Retail Security Tags Market — by Geography, 2022
Retail Security Tags Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Technology (RF and RFID), Material (Paper and Plastic), Print Type (Printable and Non-Printable), and Application (Apparel & Fashion Accessories, Cosmetic & Pharmaceuticals and Others)
Retail Security Tags Market Analysis Report & Growth Outlook 2030
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Source: The Insight Partners Analysis
Avery Dennison Corp; 3M Co; Alien Technology, LLC; Brady Corp; Sensormatic Electronics Corp; Checkpoint Systems Inc; Guangzhou Virginland Technology Co Ltd; MaverickLabel.Com Inc; HP Inc; and Century Retail Europe BV are among the key players operating in the retail security tags market players that were profiled in the report. Several other major consent management market players were studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The retail security tags market report provides detailed market insights, which help the key players strategize their growth.
The North America retail security tags market is segmented into the US, Canada, and Mexico. The significant presence of the retail industry in North America is one of the major factors driving the retail security tags market in the region. Major retail brands, including The Kroger Co., Costco, Best Buy, Carvana, The Home Depot, Target, eBay, and Walmart, are present across the region. The abovementioned brands have adopted many expansion strategies, including opening several new retail stores across the region. For example, in 2022, Target opened 23 new stores across different locations, such as New York, Texas, Pittsburgh, and South Carolina. Thus, the increase in the number of retail stores is further boosting the demand for retail security tags across the region.
North America has a significant presence of several retail security tags market players, including Johnson Controls; Checkpoint Systems, Inc.; and SECURITY TAGS. The growing adoption of organic and inorganic growth strategies by the players is propelling the market's growth. For instance, in March 2021, Johnson Controls announced its partnership with Intel Corporation to develop new and advanced solutions for improving the overall shopping experience for customers. Sensormatic Solutions by Johnson Controls is a prominent retail security tags solution provider across the region that integrates advanced technologies in collaboration with Intel Corporation.