The Global Beacon Market size was valued at USD 1.35 billion in 2019 and is predicted to reach USD 49.31 billion by 2030 with a CAGR of 38.6% from 2020-2030.
Beacon is a small, battery-powered, electronic device that runs on Wi-Fi, low energy Bluetooth, ultrasound, or hybrid technologies. It is used for transmitting digital information to nearby devices such smartphones, tablets, laptops, and other smart gadgets. With the help of Beacons, marketers can send timely and targeted messages to potential customers present in and around their physical location. Once beacons are placed in a brick-and-mortar store, detailed information about the customer movements can be gathered by the retailers, which help them optimizing the in-store experience and create highly personalized marketing campaigns. The promotional content can be in the form of videos, URL, notifications, and others. The use of 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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Market Dynamics and Trends:
The major factors driving the global beacon market growth are, upsurge in location-based services, improved efficacy of targeted marketing, hybridization of advanced communication technologies, as well as commencement of smart city projects. Also, increasing adoption of smartphones and wearable, growing penetration of AI, and IoT technologies, as well as increasing utilization of Beacons in logistics, warehousing and retail, are the factors anticipated to propel the growth of global Beacon market. However, increase in cyber-attacks and concerns regarding privacy and data security are likely to inhibit the beacon market growth.
Moreover, government initiatives in developing the smart cities, shopping malls, advancement in telecommunication infrastructures and Bluetooth technologies, as well as market players launching innovative technologies to gain competitive edge, are some of the factors anticipated to create new opportunities for the market players throughout the forecast period.
Market Segmentations and Scope of the Study:
The global beacon market share has been analyzed based on type, technology, application, and geography.
Based on type, the market is segmented into iBeacon, Eddystone, AltBeacon, and others. Based on technology, the market is fragmented into BLE, Wi-Fi, ultrasound, and combined technology. Based on application, the market is divided into retail, travel, tourism & hospitality, healthcare, BFSI, and others. Geographic breakdown and analysis of each of the previously mentioned segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
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North America is expected to dominate the global Beacon market thought the forecast period accounting for the highest market share. This is attributed to factors such as presence of well-establish networking & telecommunication infrastructure, and development of advanced technologies.
Asia Pacific is gaining traction in the global Beacon market, with gradual increase in market share owing to rapid urbanization and surge in population growth in this region. Furthermore, growing adoption of smartphone, increasing inclination towards geo-marketing, and increasing adoption of advanced technologies are expected to further accelerate the growth of beacon market.
The beacon market is highly competitive and consists of various market players. Some of the major market players include advanced system, Apple Inc., SLU, Blue Sense Networks, BlueCats, Gelo, Estimote, Inc., Glimworm Beacons, Kontakt.io, Gimbal, and Beaconinside GmbH among others.
The key players are employing strategies such as product launches, acquisition, and technical collaboration, in-order to gain stronger position in the Beacon market. 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 not become an excuse to fulfill the willingness of the donor to donate.
The beacon market report provides a quantitative analysis of the current market and estimations through 2020-2030 that assists in identifying the prevailing market opportunities to capitalize on.
The study comprises a deep dive analysis of the beacon market trend including current and future trends for depicting the prevalent investment pockets in the market.
The report provides detailed information related to key drivers, restraints, opportunities and their impact on the beacon market.
The report incorporates a competitive analysis of the market players along with their market share in the global beacon market.
The study elaborates SWOT analysis and Porters Five Forces model for the beacon market.
Value chain analysis in the beacon market study provides a clear picture of the stakeholders’ roles.
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