Beacon Market
The Global Beacon Market sizewas valued at USD 1.35 billion in 2019 and is predicted to reach USD 49.31billion by 2030 with a CAGR of 38.6% from 2020-2030.
Beacon is a small, battery-powered, electronic devicethat runs on Wi-Fi, low energy Bluetooth, ultrasound, or hybrid technologies.It is used for transmitting digital information to nearby devices suchsmartphones, tablets, laptops, and other smart gadgets. With the help ofBeacons, marketers can send timely and targeted messages to potential customerspresent in and around their physical location. Once beacons are placed in abrick-and-mortar store, detailed information about the customer movements canbe gathered by the retailers, which help them optimizing the in-storeexperience and create highly personalized marketing campaigns. The promotionalcontent can be in the form of videos, URL, notifications, and others. The useof Beacon is gaining momentum across industries such as healthcare, tourism,hospitality, retail, BSFI and others, due to its advantages such as indoor navigation,delivery tracking, and real time information sharing among others.
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MarketDynamics and Trends:
Themajor factors driving the global beacon market growth are, upsurge inlocation-based services, improved efficacy of targeted marketing, hybridizationof advanced communication technologies, as well as commencement of smart cityprojects. Also, increasing adoption of smartphones and wearable, growingpenetration of AI, and IoT technologies, as well as increasing utilization ofBeacons in logistics, warehousing and retail, are the factors anticipated topropel the growth of global Beacon market. However, increase in cyber-attacksand concerns regarding privacy and data security are likely to inhibit thebeacon market growth.
Moreover,government initiatives in developing the smart cities, shopping malls,advancement in telecommunication infrastructures and Bluetooth technologies, aswell as market players launching innovative technologies to gain competitiveedge, are some of the factors anticipated to create new opportunities for themarket players throughout the forecast period.
Market Segmentations andScope of the Study:
Theglobal beacon market share has been analyzed based on type, technology,application, and geography.
Basedon type, the market is segmented into iBeacon, Eddystone, AltBeacon, andothers. Based on technology, the market is fragmented into BLE, Wi-Fi,ultrasound, and combined technology. Based on application, the market isdivided into retail, travel, tourism & hospitality, healthcare, BFSI, andothers. Geographic breakdown and analysis of each of the previously mentionedsegments includes regions comprising North America, Europe, Asia-Pacific, andRoW.
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Geographical Analysis:
NorthAmerica is expected to dominate the global Beacon market thought the forecastperiod accounting for the highest market share. This is attributed to factorssuch as presence of well-establish networking & telecommunicationinfrastructure, and development of advanced technologies.
AsiaPacific is gaining traction in the global Beacon market, with gradual increasein market share owing to rapid urbanization and surge in population growth inthis region. Furthermore, growing adoption of smartphone, increasinginclination towards geo-marketing, and increasing adoption of advancedtechnologies are expected to further accelerate the growth of beacon market.
Competitive Landscape:
Thebeacon market is highly competitive and consists of various market players.Some of the major market players include advanced system, Apple Inc., SLU, BlueSense Networks, BlueCats, Gelo, Estimote, Inc., Glimworm Beacons, Kontakt.io,Gimbal, and Beaconinside GmbH among others.
Thekey players are employing strategies such as product launches, acquisition, andtechnical collaboration, in-order to gain stronger position in the Beaconmarket. The Bluetooth Beacons launched by Accent Systems’ in March 2019,enables organizations to receive online donations via mobile phone. Direct,easy, and completely anonymous transactions can make the lack of cash notbecome an excuse to fulfill the willingness of the donor to donate.
Key Benefits:
Thebeacon market report provides a quantitative analysis of the current market andestimations through 2020-2030 that assists in identifying the prevailing marketopportunities to capitalize on.
Thestudy comprises a deep dive analysis of the beacon market trend includingcurrent and future trends for depicting the prevalent investment pockets in themarket.
Thereport provides detailed information related to key drivers, restraints,opportunities and their impact on the beacon market.
Thereport incorporates a competitive analysis of the market players along withtheir market share in the global beacon market.
Thestudy elaborates SWOT analysis and Porters Five Forces model for the beaconmarket.
Valuechain analysis in the beacon market study provides a clear picture of thestakeholders’ roles.
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