The global beacons market is anticipated to reach USD 31.61 billion by 2026, with a promising CAGR of 48.9% within the forecast period of 2019 to 2026. This is attributable to the increasing adoption of advanced communication technologies worldwide. Techno giants such as Google LLC. and Apple, Inc. has created its own beacon protocol viz., Eddystone and iBeacons for operating as per customer’s requirements. Such innovations by major industries are likely to help augment the global beacons market size in the forecast period.
Fortune Business Insights™ provides a comprehensive overview of the beacons market in their recently published report titled, “Beacons Market Size, Share & Industry Analysis, By Component (Hardware and Platform / Software Development Kit (SDK)), By Connectivity Type (Bluetooth Low Energy (BLE), Wi-Fi, Hybrid and Others), By Deployment (Indoor and Outdoor), By End-use (Residential and Commercial) and Regional Forecast, 2019-2026”. As per the report, the market value was USD 1.36 billion in 2018. Additionally, the report provides a 360-degree overview of the market, listing various factors restricting, propelling, and obstructing the market in the forecast duration. The report also provides additional information such as interesting insights, key industry developments, detailed segmentation of the market, list of prominent players operating in the market, and other beacons market trends. The report is available for sale on the company website.
Wireless Communication Facility to Help Promote Growth
Beacons are wireless transmitter devices used for generating information in the form of promotional videos, notifications, coupons, URL forms, and others. These devices are capable of operating in low-energy Bluetooth, hybrid technology or Wi-Fi for transferring information to the surrounding smart devices such as tablets, smartphones, and others. The fact that beacons can operate in low Bluetooth connectivity is a major factor promoting the beacons market growth. In addition to this, beacons also do not require any internet connection and are capable of cloud storage for enhancing the experience of the customer. The aforementioned factor is further prognosticated to attract high beacons market revenue in the forecast duration.
North America to Continue Dominance on Account of Rising Adoption of Core Communication Technologies
Geographically, the global beacons market is widespread into Latin America, the Middle East and Africa, Asia Pacific, North America, and Europe. Each of these regions is further classified into nations. Among these, North America is holding a dominant beacons market share on account of the strong presence of major players in the region, coupled with the increasing adoption of core communication technologies such as Wi-Fi, ongoing Internet of Things (IoT) technology, Bluetooth, NFC, and others. Besides this, the surging demand for proximity tools from the public and retail sector is anticipated to help North America continue dominating the market in the coming years as well.
On the other side, Asia Pacific beacons market size is likely to expand significantly attributable to the rise in demand for location-based services from various industries such as education & research sectors, entertainment, transportation & logistics, and others.
Companies Striving for Top Position by Introducing New Technologies such as Asset Tracking
In 2018, Kontakt. io emerged as the leading beacons manufacturer on account of their wide portfolio. This, coupled with the availability of various technologies such as Bluetooth enabled sensors, Internet of Things (IoT), beacons, and Bluetooth low energy (BLE) tags that the company offered also helped Kontakt.io, earn the largest beacons market share. Currently, this company is focused on manufacturing beacon products based on location data insights. Other companies are trying to include various updated technology in their beacon products to provide services such as asset tracking, location tracking, and other applications compatible with a cloud platform.
Major industry developments of the beacons market include:
June 2017 – A hybrid asset tracking solution was launched by Aruba Networks, Inc. This solution is based on the Internet of Things (IoT) and is developed for integration in wireless platforms of the network.
October 2018 – Beacons equipped with Over the Air (OTA) technology was launched by BlueCats. These advanced beacons are expected to provide the AES Encryption module as they are enabled with PLUS Location Engine for forwarding data to the cloud so that the platform can run automatically.
Key Beacon market manufacturers include:
• Blue Sense Networks
• Aruba Networks, Inc.
• Gelo, Inc.
• Accent Advanced Systems, SLU.
• Glimworm Beacons
• Estimote, Inc.
• Sensorberg GmbH