Beacon Technology Market Size to exceed $25bn by 2024
Published Date: August 26, 2019 Authors: Ankita Bhutani, Preeti Wadhwani
Beacon Technology Market size is set to exceed USD 25 billion by 2024; according to a new research report by Global Market Insights, Inc.
The beacon technology market is expected to witness an accelerated growth over the years as enterprises in various industrial verticals are utilizing and availing the benefits of Bluetooth Low Energy (BLE) technology to achieve their business objectives. For instance, sensors used in retail stores enable customers to receive information at the right time and make the shopping experience more satisfying and quicker. The demand for these small sensors will surge over the years as they help in streamlining operations and improving the overall user experience of any business. The profound growth of the retail industry in countries, including the U.S., Japan, China, India, and South Korea will also support market growth. According to the India Brand Equity Foundation (IBEF), India’s retail industry’s total consumption expenditure will reach USD 3,600 billion by 2020 from USD 1,824 billion in 2017. This will drive the demand for various types of BLE sensors, such as basic, USB, and special beacons, to track in-store visits.
The Eddystone market is expected to grow at a CAGR of over 90% as they are based on BLE technology and comprises EIDs that support unique and encrypted identifiers, providing beacon security. The lower costs associated with the implementation of applications on Eddystone also make it a preferred choice among enterprises, especially SMEs.
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The cloud deployment model is expected to exhibit the fastest growth rate over the forecast timeline due to the huge adoption of cloud-enabled tools, which will provide customers the ability to monitor their devices from remote locations. Some market players also provide services, which enable customers to support their cloud solutions and ensure high-performance and availability. Cloud beacon is accessible even to SMEs as the technology is affordable, preventing the need to manage the hardware and paying hefty prices.
Browse key industry insights spread across 220 pages with 334 market data tables & 14 figures & charts from the report, “Beacon Technology Market Size By Platform (iBeacon, Eddystone, AltBeacon), By Deployment Model (On-Premise, Cloud), By Application (Retail, Travel, Tourism & Hospitality, Healthcare, Financial Institutions, Real-estate, Education), By Technology (BLE, Wi-Fi, Ultrasound, Combined Technologies), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2017 - 2024” in detail along with the table of contents:
The real estate market will also witness a profound growth rate from 2017 to 2024. The real estate market is constantly transforming while adopting modern technologies to enhance marketing strategies and attract potential buyers toward properties for sale. Beacons can be employed to notify potential clients when they drive the property for sale. By placing them in the property or within a certain distance from the road, they can notify passersby using a Bluetooth equipped phone. Many players are entering the market with specialized proximity-based cameras and sensor products to help real estate agents to market their properties in a customized and real-time micro-location marketing campaign.
Ultrasound technology is also gaining popularity in the market as it is used to transmit and receive information, which is beyond the listening capabilities of a human. The technology has a duration of only five seconds and is a step toward an in-depth understanding of a customer’s behavior to provide customized services by targeting and tracking their activities.
The APAC beacon technology market is projected to exhibit the fastest growth rate over the forecast timeline. With global e-commerce giants, such as Amazon and Walmart, rapidly expanding their footprint in the region, brick & mortar retailers are emphasizing on innovative marketing strategies to attract more customers to their stores. For instance, in July 2017, Amazon introduced Amazon Prime in Singapore to support its aggressive expansion in the country. This will augment the need for ceiling-mounted cameras and sensors in brick-and-mortar stores to create more engaging retail experiences. These platforms act as vital solutions in revolutionizing inventory tracking, understanding customer behavior, and preventing losses due to inventory shrinkage. Government agencies in the region are supporting Foreign Direct Investment (FDI) to improve the retail industry, which will ultimately spur market growth.
Companies operating in the market are investing heavily in expanding their business through strategic acquisitions and new product developments to sustain innovation. In March 2016, Blue Sense launched its third-generation beacons, such as the BlueBar Beacon Extended Battery and the BlueBar Beacon Standard, to expand its business. These new offerings benefit from safety & compatibility and also comprise robustness, thus delivering efficiently in all environments. In October 2017, Estimote, Inc. launched Asset Tracking API, which aids in tracking solutions within a few hours. The company is focusing on bettering its services by the addition of building blocks that are dedicated to truly intelligent locations.
Some of the key players operating in the market include Glimworm Beacons, Kontakt.io, Madison Beacons, Apple, Onyx Beacon, Radius Networks, RECO, Gimbal, blueSense Networks, Swirl, Google, BlueCats, Estimote, Sensorberg, Beaconinside, and Texas Instruments.
The beacon technology market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2024, for the following segments:
By Deployment Model
- Travel, Tourism, and Hospitality
- Financial Institutions
- Real Estate
- Combined Technologies
The above information has been provided for the following regions and countries:
- North America
- South Korea
- South Africa