The Beacon market was valued at US$1,221.364 million in 2019 and is expected to grow at a CAGR of 35.85% over the forecast period to reach a total market size of US$10,427.588 million by 2026.
Beacons are small, inexpensive devices that broadcast Bluetooth Low Energy signals or Bluetooth Smart signals, using Bluetooth Low Energy BLE. Compatible apps on mobile devices can listen to signals from adjacent beacons and trigger a series of experiences, including sending a promotional notification, video, URL form, and others, via the app. Additionally, beacon technology is widely used in a wide variety of industries, such as retail, health care, travel and tourism, and education due to its advantages such as superior accuracy in comparison with other geolocation methods, low battery consumption, no need for an internet connection since Bluetooth works on mobile devices, and more. One of the key market trends right now is the adoption of Bluetooth smart technology, loop technology, and over-the-air (OTA) technology based on artificial intelligence. The technology is increasingly being adopted by companies in order to enhance their presence in the market. For instance, Uber announced, in October 2019, that an updated version of the colorful Beacon gadget would be available as Beacon 2.0., which will sit on the interior of the car and reflect the color chosen by drivers in the app to help them find their cars in crowded situations.
An increase in investment in proximity marketing globally will fuel significant growth in the global beacon market. For example, a new proximity marketing strategy via beacons at 15 McDonald's outlets in Istanbul was used by the fast-food chain to improve its customer relationships and promote a new coffee-flavored drink line. Monitoring employees, managing assets, ensuring safety, and optimizing resources contribute to the market's growth. A number of companies have developed advanced beacon protocols including Apple Inc. and Google LLC, which are called iBeacon and Eddystone, respectively.
There are several factors driving the beacon market growth such as the rising adoption and popularity of advanced communication technologies such as Bluetooth, Wi-Fi, NFC (near-field communication), RFID (radio-frequency identification), and others. The increasing demand for Beacon-enabled devices utilizing Bluetooth 5.2, Bluetooth 5, and Bluetooth 4 in all sectors including transportation, logistics, entertainment, and more, is expected to drive the adoption of Beacon. Approximately 4.0 billion Bluetooth devices were manufactured in 2018, according to a report by Bluetooth SIG, Inc. Bluetooth technology has therefore become a key enabler of the beacon market worldwide. GE and Walmart have partnered to launch a unique trial using the iBeacon technology. The retailer used GE light bulbs to display beacon technology and provide customers with push notifications of special deals and discounts. With the aid of Bluetooth Low Energy (BLE) beacons attached to baskets and trolleys, Nisa, a popular convenience store group, has launched a pilot program using iBeacon technology. Beacons attached to shopping carts and baskets tracked shoppers' movements around the store in conjunction with sensors installed on the ceiling. The US's second-largest general merchandise retailer, Target, has started testing beacon technology in 50 of its stores. The beacon market is expected to grow substantially during the forecast period due to the growing popularity of Bluetooth technology-enabled devices.
Beacons are being used in smart city projects by the government worldwide to enhance security and infrastructure assets by enabling increased interaction with users within their proximity zone. As smart cities continue to grow globally, Beacons are expected to see growing deployments during the forecast period. iBeacon Living Lab in Amsterdam is an example of smart city technology. The IoT testing ground is a large, public, and open testbed that offers a large number of iBeacons installations and developer-friendly platforms that generate actionable, open data. RLSB's (Royal London Society for the Blind) Wayfindr, a smartphone app, aims to change the way impairments navigate the world. The application uses beacon technology to track a user's location and offer him/her audio-based directions and advice based on the location.
The market is constrained by data security concerns related to wireless networks and the Internet of Things (IoT). By using beacon technology, information is transmitted directly to the relevant mobile application, which then stores all of the user's personal information. Also, the increasing threat of cybercriminals targeting businesses through IoT devices is expected to limit the growth of the beacon market.
Governments are implementing beacons as a safety measure in public places. AI and ML coupled with Bluetooth low-energy beacons will create increased opportunities. Estimote, for example, plans to introduce a wearable Bluetooth tracking device to support workplace-level safety and prevent the spread of Covid-19. Thus, positively affecting the market.
|Market size value in 2019||US$1,221.364 million|
|Market size value in 2026||US$10,427.588 million|
|Growth Rate||CAGR of 35.85% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Technology, End-User Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||BlueCats, Estimote, Inc., Glimworm Beacons, Gimbal, Inc., Kontakt, Signal360, Kartographers Technologies Pvt. Ltd., Verve Wireless, Inc., G24 Power, Ltd., MokoSmart|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the beacon market?
A1. The global beacon market is expected to grow at a CAGR of 35.85% during the forecast period.
Q2. What will be the beacon market size by 2026?
A2. The beacon market is expected to reach a market size of US$10,427.588 million by 2026.
Q3. What is the size of the global beacon market?
A3. Beacon Market was valued at US$1,221.364 million in 2019.
Q4. How is the beacon market segmented?
A4. The beacon market has been segmented by technology, end-user industry, and geography.
Q5. What factors are anticipated to drive the beacon market growth?
A5. There are several factors driving the beacon market growth such as the rising adoption and popularity of advanced communication technologies such as Bluetooth, Wi-Fi, NFC, RFID, and others.
Kartographers Technologies Pvt. Ltd.
Verve Wireless, Inc.
G24 Power, Ltd.
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