Report Overview

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.

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.

Growth Drivers

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, beacon does not need an internet connection; the mobile app will capture beacon signals without an internet connection and store data on the device locally.

Rising organized retail and increasing disposable income is expected to drive the market

With the rise of organized retail outlets such as supermarkets, department stores, hypermarkets and discounters, demand for beacon technology is expected to increase, as beacon makes organized retail outlets smarter. Based on the location and movement of the customer within or near the store, the retailer can send targeted messages such as product offers & discounts, available customer choice brands, new arrivals based on previous purchase history and others. This makes the shopping experience more enjoyable, with easier access to the products. Hence, contributing to drive the beacon market growth

Restraint

Data security concerns related to data access and the threat of cybercrime hamper the market growth

Beacon technology has transformed the traditional marketing process through proximity marketing, where it targets potential customers with customized customer location-based advertisements. However, data security concerns to access data from Bluetooth networks and IoT hinders the market growth. Moreover, increasing threats of cybercrimes via IoT devices is expected to restrict the beacon technology market.

Global Beacon Technology Market: Type

By type, the global market for Beacon Technology is segmented into iBeacon, Eddystone, AltBeacon, Others. AltBeakon is expected to be the most lucrative segment due to the increasing adoption of AltBeacon, which is an open and interoperable proximity beacon that can be integrated into any BLE-compliant device. It offers space to mobile applications to listen to the signals from beacon devices. With just one byte of reserved data at the end, the altBeacon holds specific manufacturers' details in it. This leads to the growth of this segment.

Global Beacon Technology Market: Application

Through the application, the Beacon Technology market is segregated into Retail, Travel, tourism & hospitality, healthcare, BFSI, and Others. The retail segment is projected to grow at a significant rate as retail beacons usually use information about proximity to deliver personalized messages in marketing campaigns, loyalty programs, and other consumer-facing initiatives. These can also be used to produce data to understand the customer experience in-store, or used in campaigns for monetization and reassignment.

Global Beacon Technology Market: Regional Insights

Geographically, the beacon technology market is segmented into North America, Europe, Asia-Pacific, and Latin America & MEA. Among all the regions, North America is anticipated to hold the highest market share over the forecast period. The 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.

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.

Global Beacon Technology Market: Recent Developments

Ø  April 2018, Cassia Networks, a Bluetooth loT solution provider, completed a partnership with Kontakt.io. With this partnership, Cassia Networks started to provide enhanced Beacon offerings based on Bluetooth technology to its customers.

Ø  October 2018, high-precision indoor positioning Beacons were installed at Narita Airport, Tokyo, Japan by NTT Corp and GiPStech. 

Scope of the Report

 By Type

Ø  iBeacon

Ø  Eddystone

Ø  AltBeacon

Ø  Others  

By Technology

Ø  Bluetooth

Ø  Wifi

Ø  Ultrasound

Ø  Combined Technology

By Application

Ø  Retail

Ø  Travel, tourism & hospitality

Ø  Healthcare

Ø  BFSI

Ø  Others

By Region:  

Ø  North America

Ø  Europe

Ø  Asia Pacific

Ø  Latin America

Ø  Middle East & Africa

The objective of the Study:

Ø  To analyze and forecast the global Beacon Technology Market size of the market in terms of value.

Ø  To examine the careful market segmentation and forecast the market size, in terms of value, based on the region by segmenting.

Ø  The Global Beacon Technology Market segmented into five regions, namely, North America, Europe, Asia Pacific, Latin America and Middle East & Africa coupled with their leading countries.

Ø  To outline, categorized, and forecast the global Beacon Technology Market based on the Type, Technology, Application coupled with the region.

Ø  To examine competitive developments like technological advancement, services, and regulative framework within the global Beacon Technology Market.

Ø  To highlight the impact analysis of the factors affecting the market dynamics such as drivers, restraints, opportunities, and challenges.

Ø  To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.