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.
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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.
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.
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.
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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.
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.
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