Global Beacon Technology Market, By Component (Software and Hardware), By Technology (iBeacon, Eddystone and Others), By Connectivity Type (BLE, Wi-Fi and Others), By Application (Retail, Transportation & Logistics, Healthcare, BFSI, Automotive, Sports and Others), By Region, Competition, Forecast & Opportunities, 2024
Global beacon technology market stood at $ 1.17 billion in 2018 and is projected to grow at a CAGR of 45.5% during 2019-2024 to reach $ 10.2 billion by 2024, on account of increasing demand for technology as it can assist marketers in building and optimizing their strategies. Beacons are small, inexpensive wireless transmitters, which use low-energy Bluetooth technology to send signals to nearby compatible smart devices. The technology has been around for few years and is expanding to various verticals, such as retail and healthcare, among others at a rapid pace. Beacon technology is based on taking the advantage of physical location and proximity for the transfer of signals. Moreover, increasing proliferation of smartphones and surging demand for location-based marketing solutions is expected to drive the market through 2024.
Beacon technology market can be segmented based on component, technology, connectivity, application and region. On the basis of technology, the market can be segmented into iBeacon, Eddystone and Others. In 2018, iBeacon dominated the market and the trend is anticipated to continue in the forthcoming years, as Apple was the first company to introduce a beacon standard, which received rapid adoption by companies. Vendors operating in the market are adopting technology to develop beacon. Moreover, beacon technology can be deployed on-premise and on cloud, which is promoting the growth of the technology. In terms of connectivity type, the market can be segmented into BLE, Wi-Fi and others. BLE or Bluetooth low-energy is anticipated to witness extensive adoption, as it is inexpensive when compared with the prices of Wi-Fi and other location-based technologies such as GPS. Beacon technology is at a nascent stage and expanding to various verticals. The technology finds application in retail, transportation and logistics, healthcare, logistics, automotive, sports, among others. Retail and transportation & logistics are the major segments in the market, on account of extensive adoption of beacon technology in these sectors for implementing proximity marketing campaigns.
Regionally, the market for beacon technology is gaining traction and expanding to various regions including Asia-Pacific, North America, Europe and CIS, South America and Middle East & Africa. Owing to the early adoption of technology and presence of major players in the region, North America is expected to acquire the majority share during the forecast period. Moreover, major US retailers such as Target and Walmart have started
implementing beacons in retail stores.
Some of the major players operating in global beacon technology market include Qualcomm Inc., Cisco Systems Inc., Samsung Electronics Co. Ltd., Apple Inc., Aruba Networks, Inc, Estimote, Inc., Kontakt.io, Accent Advanced Systems SL, Onyx Beacon, Blue Sense Networks Ltd. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments. Apple is among the key providers of the beacon technology, however, companies such as Kontakt.io and Estimote Inc are developing innovative beacons, so as to register positive growth in the market.
Years considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020–2024
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