The size is expected to grow from US$ 701.91 million in 2022 and is expected to reach US$ 1,151.58 million by 2030; it is estimated to record a CAGR of 6.4% from 2022 to 2030.
Digitalization in the retail sector results in the incorporation of several technologies by retail brands to efficiently manage the retail store and enhance its security is one of the major factors leading to the adoption of retail security sensors. Global retail brands such as 7-Eleven Supermarket, Spar Supermarket, Walmart Inc, Aldi, and Carrefour are engaged in expanding their global footprints to enhance their business growth and reach more customers, leading to the launch of new retail stores across the globe. To maintain the security of these retail stores, retailers install security tags on their merchandise, which fuels the retail security tags market.
Europe Retail Security Tags Market Growth
The Europe retail security tags market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. The retail industry in Europe has experienced significant growth owing to the growing adoption of omnichannel business strategies by several retail brands. For instance, European brands such as Nordstrom and Louis Vuitton have significantly adopted the omnichannel model for their business growth.
The region is also experiencing a significant rise in the number of retail outlets. For instance, in February 2023, the fashion brand "Reserved" announced its plans to open several new stores across the UK and Europe. Similarly, in May 2021, Action announced its plans to open 200 new stores across Europe over the next five years. The rise in retail outlets is contributing to the increasing adoption of retail security sensors across retail stores to monitor inventory and signal the management if any product is leaving the retail campus without billing, thereby contributing to the retail security tags market growth.
The presence of global fashion brands such as H&M, ASOS, Prada, Burberry, Levi's, Gucci, Benetton, Ted Baker, and Promod, coupled with their investment to expand the number of retail outlets across the region, is boosting the demand for retail security tags market retail security tags in the fashion industry. For instance, in November 2022, Goldsmiths announced its plan to expand its operations across Europe by opening a new luxury concept store in England. Similarly, in August 2022, H&M opened its new stores in Costa Rica and North Macedonia. Such type of opening a new retail store is helping to boost the adoption of the retail security tags market
its new stores in Costa Rica and North Macedonia.
These factors are further contributing to the rise in demand for security solutions across the stores, thus contributing to the growth of the Europe retail security tags market.
The key players operating in the Europe retail security tags market include ALL-TAG, Century Europe, and Johnson Controls. The increasing adoption of strategies such as new product development, merger & acquisition, partnerships, and geographical expansion to cater to the growing demand for retail security tags is promoting the retail security tags market growth across the region.
France has a wide retail industry, which includes a range of retail businesses, hypermarkets/supermarkets, and specialty stores. According to the International Trade Administration, as of 2020, there were 2,257 hypermarkets, there were 5,716 supermarkets, and more than 7,140 convenience Stores of various retail brands, including Leclerc, Intermarché, Super U, Carrefour, and others, which had complimented the adoption of retail security tag solution across its wide retail industry.
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 a few key Retail Security Tags Market players.