The Global Beacon Technology Market is expected to grow at a CAGR of 47.6% from 2020-2026
Published | April 2020
Global Beacon Technology market witness market size
of USD 1.29 billion in 2019 to projected to reach USD 19.32 billion by 2026. Such
market growth is attributed to increasing smartphone penetration around the
world and the need for location-based proximity.
Business owners are becoming aware of these
customer preferences and are thus leveraging proximity-based beacon
transmitters in order to enable real-time communication with those clients. In
addition, the proliferation of smart cities around the world contributes
favorably to the growth of the beacon technology market, since beacons can
facilitate highly connected urban infrastructures. The key trends in the Beacon
market include the rising adoption of Bluetooth smart technology, loop
technology, and over-the-air (OTA) technology based on Al capabilities. Beacons
are experiencing rising demand from industries such as retail, hospitality,
transportation and logistics, entertainment, and others.
In the retail industry, it improves the guest
experience by offering virtual maps, sharing relevant tips and facts in
different languages, via. offering promotions and discounts. In the healthcare
industry, beacons attached to mobile hospital devices would allow equipment to
be tracked and located in an emergency. Beacons could also help patients and
visitors find their way through the typical hospital’s maze of corridors,
locating users and guiding them on a map. These benefits are contributing to
the growth of the beacon technology market and thus, drive market growth.
Vendors operating in the market are implementing technology to develop beacon.
Additionally, beacon technology can be deployed on-premise and on-cloud, which
is promoting the growth of technology.
Rising
integration of advanced communication technologies are leading towards the
adoption of beacon
The rising adoption of advanced
communication technologies such as Bluetooth, Wi-Fi, NFC (near-field
communication), RFID (radio-frequency identification) and others along with
rising popularity of loT technology are few of the key drivers promoting the
beacon market growth. Also, rising demand for Beacon based on advanced Bluetooth
technology including Bluetooth 5.2, Bluetooth 5, and Bluetooth 4, from various
industries such as transportation and logistics, entertainment and others are
expected to boost the adoption of Beacon. This has made Bluetooth technology a
global enabler of the Beacon market. With the increasing market popularity of
Bluetooth technology-enabled devices, the market for Beacon is expected to grow
with a substantial CAGR during the forecast period.
The retail application segment is expected to capture the highest market share in the global Beacon Technology market.
The retail segment is expected to register highest
market share as retail beacons usually use information about proximity to
deliver personalized messages in loyalty programs, marketing campaigns, and
other consumer-facing initiatives. These can also be used to produce data to
understand customer experience in-store, or used in campaigns for monetization
and reassignment. Beacons are also being deployed in offline retail stores to
provide the customers with in-store notifications about ongoing offers, product
reviews, and customized deals. Furthermore, companies operating in the Beacon
market are focused on forming a strategic partnership with other players to
fulfill the demand for customized Beacon from retail stores. The retailers
realize the advantages of location-based analytics services and are
increasingly deploying them in their stores.
North America is expected to witness the highest market share
in the Global Beacon Technology
market
North
America is anticipated to hold the highest market share over the forecast
period. This is attributed to the string existence of key players in the region
as well as the rising adoption of core communication technologies such as
Bluetooth, NFC, Wi-Fi, and ongoing loT (internet of things) technology. Other
key drivers for this market include growing investment by North American
countries and increasing demand for proximity tools in the retail and public
sector. This deployment of Beacon will assist them to boost their
location-based marketing strategies and offer a customized shopping experience
to the customers.
Global
Beacon Technology Market: Competitive Landscape
The
major market players in the Beacon Technology market are Advanced system, SLU.,
Apple Inc., BlueCats, Blue Sense Networks, Estimote, Inc., Gelo, Glimworm
Beacons, Gimbal, Kontakt.io, and Beaconinside GmbH, Qualcomm Inc., Cisco
Systems Inc., Samsung Electronics Co. Ltd., Madison Beacons, Swirl Networks,
Onyx Beacon, Aruba Networks, Inc, Onyx Beacon, Blue Sense Networks Ltd., Texas
Instruments, and other prominent players. Major companies are developing
advanced technologies and launching new products in order to stay competitive
in the market.