TechNavio recognizes the following companies as the key players in the Global Retail Security Market: Axis Communications AB, Checkpoint Systems Inc., Honeywell International Inc., and Tyco International Ltd.
Commenting on the report, an analyst from TechNavio’s team said: “Since retailers strive to increase their profitability and rely on employees to engage customers and push conversions, they find it difficult to deploy employees for task and shopper-centric activities, as a result of which the efficacy of the employees is divided. Inventory error and employee mismanagement becomes unavoidable, especially because of the high hourly wages and rapid turnover rate at retail stores. In order to allow retail employees to focus on selling and not on such tasks, retailers are forced to implement security systems that streamline employees’ responsibilities. Thus, the increasing focus of retailers on reducing manpower at retail stores and implementing security systems to reduce shrinkage increases the growth prospects of the market.”
According to the report, one of the main drivers in this market is the increasing focus of retailers toward preventing loss due to retail shrinkage. Retail shrinkage is one of the key factors affecting the profitability of retailers. As a result, retail shrinkage has become one of the burning issues that retailers have to deal with. Thus, to overcome such problems, the adoption of retail security systems has increased in the past few years as these systems help monitor and prevent activities such as theft and pilferage of goods taking place in the store. This is one of the primary factors contributing to the growth of the market.
Further, the report states that one of the key challenges in this market is the high cost of ownership required for the implementation and installation of retail security systems in stores. In order to install retail security systems, retailers have to make high initial investments. This is one of the major challenges for retailers as their low profit margins are very low. In addition, the high cost of retail security systems restricts some of the small scale retailers from procuring such systems. Thus, the high cost is a major barrier hindering the growth of the Global Retail Security market.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit https://www.technavio.com/report/global-retail-security-market-2014-2018
TechNavio, the market research platform of Infiniti Research Ltd., publishes periodic market research reports on niche and emerging technologies. For more information on our market research, please visit https://www.technavio.com/it-hardware-software-services
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TechNavio Announces the Publication of its Research Report -Global Retail Security Market 2014-2018
