Beacon Market Overview:
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 (2021-2027). Beacon is inexpensive, small wireless device that transmits signal by using Bluetooth SMART Technology or Bluetooth Low Energy BLE. The device is used to transmit the data to various devices with in a precise range. With the rising demand of the advanced electronic devices across IT professionals such as laptops, tablets, smartphones, among others, the beacon market is also witnessing growth. As, beacons provides various forms of interaction and data capture in places, its adoption has increased across new businesses. Moreover, this beacon technology is primarily being adopted across various industries include healthcare, travel & tourism, education, and retail due to its high degree of accuracy as compared to other geo-location technology, no internet connection required as it communicates through Bluetooth and others, and low impact on the device battery life.
Beacon technology helps in enabling smartphone, laptops, and other devices to perform actions when is close proximity to a beacon. In 2013, Apple launched its iBeacons, proximity marketing became a major trend in the industry, which was widely used by the key industry giants. In 2019, Amazon started using beacon technology for tracking the attendees for the Amazon web services conferences. The company has stated that the devices were used in tracking the foot prints anonymously and gain insights into crowd behaviour instead of sending personalized messages.
Global Beacon Market Segmentation:
By End-Use Industry
The unique insights provided by this report also includes the following:
Based on connectivity, BLE is expected to grow with a high growth rate during the forecast period
Based on the connectivity, the global beacon market has been segmented as Bluetooth low energy (BLE), Wi-Fi, hybrid and others (NFC or RFID). Among which Bluetooth low energy (BLE) segment is expected to grow with the highest CAGR during the forecast period. Bluetooth has a wide range of around 80 to 100 meters and provides a stable and established ecosystem for Beacon connectivity due to which Bluetooth Beacon are broadly adopted among various industries. The key recent technology for beacon is Bluetooth, owing to which this segment was holding the largest market share in the year 2020. Bluetooth beacon is widely being deployed across various indoor applications. With the help of the emerging loT standards, Bluetooth is rapidly replacing ongoing technologies and strengthening beacon solutions. Bluetooth is also being used in combination with Wi-Fi as a hybrid communication technology in beacon devices. The increasing adoption of Bluetooth 5.0 and 5.2, would help to attract high Beacon market revenue during the forecast period.
Based on end-User, the retail segment dominated the Beacon Industry and is expected to witness similar growth rate over the forecast period
Based on end-use industry, the retail industry has dominated the global beacon market in the year 2020 and is witnessing similar growth rate over the coming years. Beacon technology are primarily being deployed across various retail stores Titan, US in their Manhattan retail stores to increase the product sales and maintenance services. In addition, beacon is being deployed across offline retail stores to provide customers and in-store notifications about product reviews, customized deals, customized products, and ongoing offers or sales. For instance, in India, Kochi's Lulu International mall deployed advanced technologies including digital Beacon, automatic number plate recognition (ANPR) and geo-fencing technology to actively engage with mall visitors and notify them about the latest promotional activities and deals available nearby. Furthermore, the companies operating in the beacon market are focused on forming a strategic partnership with the other local players to cater to the rising demand for the customized beacon from retail stores.
Based on Regions, the Asia Pacific region is growing with a high CAGR in the global Beacon market during the forecast period
Based on the regions, the global beacon market has been segmented as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among which Asia Pacific region is expected to grow with the highest CAGR during the forecast period. This region is witnessing growth due to the rising demand for the location-based services from various industries across entertainment, transportation & logistics, and education & research sectors. India, China, and South Korea are expected to witness growth with a significant CAGR during the coming years due to the increasing government investments in various smart cities projects. In addition, rising customer expenditure, and the increasing deployment of beacon across offline stores further fosters the beacon market growth.
Company Profiles and Competitive Intelligence:
The major players operating in the global Beacon market includes Advanced system, SLU, Apple Inc., BlueCats, Blue Sense Networks, Estimote, Inc., Gelo, Glimworm Beacons, Gimbal, Kontakt.io, Beaconinside GmbH, among others.
The report also provides in-depth analysis of market dynamics such as drivers, restraints opportunities and challenges
The report also provides in-depth analysis of key market trends:
|1||The increasing adoption of smart beacons in logistics and transportation drives the market. As beacons carry low unit costs and leverage existing infrastructure, initial investments and operational costs are kept to a minimum in the logistic sector.||Positive|
|2||Bluetooth's next trick is to provide build meshed networks for broadcasting the signal from one sensor to the next. The internet gateway device does not require a direct connection to all loading units, however, as the signal forwards from one device to another, the meshed networks are likely to work very well on ships, trains, or within terminals.||Positive|
The report also provides in-depth analysis of recent News Developments and Investments
Company Profiles and Competitive Intelligence
The key players operating in the market are:
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