Global Beacon Technology market witness market size of USD 1.29 billion in 2019, and 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. The key trends in the Beacon market include the rising adoption of Bluetooth smart technology, loop technology, and over-the-air (OTA) technology based on Al capabilities. Beacons are experiencing rising demand from industries such as retail, hospitality, transportation and logistics, entertainment, and others.
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. Vendors operating in the market are implementing technology to develop beacon. Additionally, beacon technology can be deployed on-premise and on-cloud, which is promoting the growth of technology.
Rising integration of advanced communication technologies are leading towards the adoption of beacon
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. With the increasing market popularity of Bluetooth technology-enabled devices, the market for Beacon is expected to grow with a substantial CAGR during the forecast period.
The retail application segment is expected to capture the highest market share in the global Beacon Technology 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. Furthermore, companies operating in the Beacon market are focused on forming a strategic partnership with other players to fulfill the demand for customized Beacon from retail stores. The retailers realize the advantages of location-based analytics services and are increasingly deploying them in their stores.
North America is expected to witness the highest market share in the Global Beacon Technology market
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.