- April 2020 |
- Information and Communication Technology (ICT) / Software
Global Beacon Technology Market by Type (iBeacon, Eddystone, AltBeacon, Others), By Technology (Bluetooth, Wifi, Ultrasound, Combined Technology), By Application (Retail, Travel, Tourism & Hospitality, Healthcare, BFSI, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, And Middle East & Africa); Trend Analysis, Competitive Market Share & Forecast, 2016-2026
Global Beacon Technology Market Forecast and Trends
Global Beacon Technology market witness market size of USD 1.29 billion in 2019 to projected to reach USD 19.32 billion by 2026 at a CAGR of 47.6% during 2020-2026. The major factors contributing to the growth of the beacon market include rising demand for Indoor Positioning and Indoor Navigation (IPIN) systems in retail stores and shopping malls.
In addition cohesive government policies and growing internet penetration coupled with increasing smartphone users contributing with significant growth rate in global market. Due to its marketing significance, IPIN systems are increasingly being adopted in retail stores and shopping malls to send push notifications through it. The rising penetration of the Internet of Things (IoT) is also assisting the market growth. The technology allows beacons to detect information, enabling them to communicate more accurately with other devices and to make location-based searching and interaction.
Global Beacon Technology Market: Overview
Beacon is a small, inexpensive wireless device that transmits signals using either Bluetooth Low Energy BLE or Bluetooth SMART. Mobile apps on compatible devices can listen to signals from nearby beacons and then trigger an experience such as sending a promotional notification, a coupon, a video, a URL form, and others through the app. Each beacon has a unique number and letter ID, and Bluetooth broadcasts identification information several times a second.
Increasing investments in proximity marketing lead to market growth
Proximity marketing target potential customers with personalized customer location-based advertisements to attract the customer to purchase. Over the last few years, proximity marketing has seen an increase in investment due to several factors such as high chances of successful sales conversion, improved customer relationships, enhanced personalized experience, real-time and inexpensive compared to traditional marketing. Increasing usage of mobile leads to proximity marketing, which will, in turn, drive the growth of beacon technology as it is the simplest way to connect the customers. However, to connect customer devices,...