The report encompasses the major developments within the Smart Beacon Market amidst the novel COVID-19 pandemic. The report offers a thorough understanding of the different aspects of the market that are likely to be feel the impact of the pandemic.

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Market Scope

The global market for smart beacon 2020 is on track to grow from the value of USD 1,240.0 million it reached in 2018 to a valuation of USD 25,000.0 million by 2025, asserts Market Research Future (MRFR). The market has the capacity to attain a spectacular growth rate of 54% over the forecast period (2019 to 2025).

Primary Drivers and Key Restraints

A prominent trend making its way into the smart beacon market is the increasing adoption of Bluetooth smart technology, over-the-air (OTA) technology, and loop technology, backed by artificial intelligence (AI) capabilities. Smart beacons are witnessing massive demand from a variety of industries like hospitality, retail, BFSI, entertainment, transportation and logistics, and others.

Renowned companies like Google LLC and Apple, Inc. have come up with their own advanced smart beacon protocol called iBeacon and Eddystone respectively. Both protocols are used via different platforms depending on customer preference. One of the prime functionalities of a smart beacon is that there is no need for the internet for connection with the users' smartphone. Smartphones within the proximity range of the smart beacon are able to pick up signals even if there is no internet connection. A number of manufacturers are focusing on the development of smart beacons with cloud storage capability that can help elevate the customer experience. These kinds of efforts by the manufacturers are bound to propel the market growth in the following years.

Mounting demand for smart beacon that is based on advanced Bluetooth technology such as Bluetooth 5, Bluetooth 4 and Bluetooth 5.2, across different industries like entertainment, transportation, and logistics, and others can benefit the global market. The annual report by Bluetooth SIG, Inc., issued in 2018 said that roughly 4.0 billion Bluetooth devices were manufactured across the globe, making Bluetooth technology an enabler of the global smart beacon market.

Market Trends

Given the boost in the number of smart city projects around the world by the government, smart beacons are being used in public zones to provide location-based services, generic surveys, city promotions, as well as other marketing activities. Moreover, smart beacons help optimize the security system as well as infrastructure assets by enhancing the interaction with the users. With the increasing number of smart city projects, the smart beacon market can experience more deployment in the coming years.

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