Transparency Market Research delivers key insights on the global retail loss prevention market. In terms of revenue, the global retail loss prevention market is estimated to expand at a CAGR of 13.7% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global retail loss prevention market.
Retail loss prevention is a broad concept, which helps small and large retail shops, malls and retail, and consumer goods industries to monitor, detect, report, and manage internal and external threats to provide security solutions to various industries. The adoption of advance threat detection systems and sensors, which includes digital tags and labels to increase the efficiency of merchandise and retail stores represents how advanced technologies help stores and shopping malls to more easily, efficiently, and conveniently deal with information and security concerns.
Retail loss prevention is becoming popular due to adoption of digital technologies by various end-use industries, which has increased interest of many researchers. The aim of retail loss prevention is to ensure customer data privacy and security systems of companies in the 21st century to meet the needs of work.
The growing integration of smart solutions and penetration of security in the retail and e-commerce sector is a major factor that drives the growth of the retail loss prevention market.
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Key players operating in the global retail loss prevention market are Axis Communications, Checkpoint Systems, Inc., Hangzhou Hikvision Digital Technology Co., Ltd, Zebra Technologies Corporation, NEC Corporation, Intel Corporation, Huawei Technologies, Honeywell International Inc., Brosnan Risk Consultants, Cisco System Inc., and LG Display.
The growing adoption of various technologies such as cloud computing and AI along with advance technology in different industries is likely to drive the adoption rate of retail loss prevention solutions and services during the forecast period. However, the market faces challenges due to technical errors in security and surveillance components and lack of knowledge about internal threats and generation of new threats among various end-users across countries. Lack of training about security and loss prevention solutions in SME’s negatively impacts the growth of the market. The increasing adoption of AI-based security solutions to provide real-time information to retailers is anticipated to boost the retail loss prevention market during the forecast period.
Rising adoption of point-of-sales analytics solutions to reduce payment threats and prevention of fraud activities in the retail & e-commerce sector to stop theft-attacks on point-of-sales systems is estimated to propel the retail loss prevention market during the forecast period. This factor is likely to drive the growth of the retail loss prevention market in the upcoming years.
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Retail Loss Prevention Market: Prominent Regions
The retail loss prevention market in North America is expected to account for largest share during the forecast period due to innovations in production technologies to reduce employee theft in the U.S. to improve the efficiency of security and surveillance systems, and due to the presence of major market players in the region. In addition, the U.S. Government has increased investments in the security sector, which is fuelling the growth of the retail loss prevention market.
The retail loss prevention market in Asia Pacific is likely to expand at the highest CAGR during the forecast period due to rising penetration of e-commerce industries, which has increased the adoption of payment security solutions to prevent payment theft activities. This factor will further drive the growth of the retail loss prevention market in the region. The Europe market is projected to rise at a notable CAGR during the forecast period, owing to rising government support to provide security to various industries to build strong IT infrastructure in the region, which leads to growth of the retail loss prevention market.
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