The global beacon market was valued at US$ 1.41 billion in 2020, and it is expected to reach USD 32.12 billion by 2027, with a CAGR of 49.1%, during the forecast period.
Increasing Government Initiatives in Ongoing Smart City Projects to foster the Global Beacon Market growth.
Beacon is a small inexpensive device that is used to send signals through technology includes Bluetooth among others. The beacon industry is witnessing growth due to the rising smart city projects by the government across globe. Beacons are primarily being deployed in public zones for providing the generic surveys, city promotions, location-based services and for other marketing activities. Moreover, in the smart city projects, beacons are being deployed for enhancing the security system and infrastructure assets by rising interaction with the users in the proximity zone. With the increasing smart cities projects across globe, the beacon market is expected to witness rise in the deployment rate across globe during the forecast period. For instance, during 2015-2020, the China Government has been focused on investing in the development of approximately 500 countries under smart city project "PATH". Likewise, during the year 2016-2017, the Indian government initiated a "Smart City Mission" for building 100 Smart Cities enabled with advanced devices and related technologies.
The Beacon market is witnessing growth due to the increasing need for spatial data, which can be used to analyze the current demographic trend. The rising demand for better tracking and precise planning in multiple application areas are further expected to foster the market growth in the coming years. The rising adoption of ibeacons in logistics and transportation is fostering the market growth, as beacons carry low unit costs and it leverages the existing infrastructure. Moreover, it is an alternative for GSM tracker and RFID tags, that have a short life span and high overall cost for unit operation. In transportation, beacon devices connected with the software emulate the electronic bill. The rising demand of beacon technology has led to the advancement in the customization of beacons with additional sensors such as humidity, temperature and light. This are relevant for relevant for freight forwarders, with certain regulations in the supply chain. Additionally, by creating virtual perimeters around real-world geographic areas to communicate with users in those areas, players are focused on innovating advanced geofence technology and spatial data for increasing the audience reach and capturing telematics around hundreds of thousands of points of interests in the smart connect platform.