Pune, India, Jan. 31, 2023 (GLOBE NEWSWIRE) -- The global beacon market size was valued at USD 1.36 billion in 2018. The market is projected to grow to USD 31.61 billion by 2026, exhibiting a CAGR of 48.9% during the forecast period. This is attributable to the increasing adoption of advanced communication technologies worldwide. This information is presented by Fortune Business Insights, in its report titled, “Beacon Market Forecast, 2023-2026.”
Key Industry Development
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 into wireless platforms of the network.
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.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2019 to 2026 |
| Forecast Period 2019 to 2026 CAGR | 5.7% |
| 2026 Value Projection | USD 31.61 Billion |
| Base Year | 2018 |
| Beacon Market Size in 2018 | USD 1.36 billion |
| Historical Data for | 2015 to 2017 |
| No. of Pages | 180 |
| Segments covered | Component, Connectivity Type, Deployment and Geography |
| Beacon Market Growth Drivers | Wireless Communication Facility to Help Promote Growth |
Key Takeaways
- Increasing Government Initiatives in Ongoing Smart City Projects to Boost the Market 2023-2026
- Beacon are being deployed in public zones for providing location-based services, city promotions, generic surveys, and other marketing activities.
- Connectivity Type Analysis: Increasing Popularity of Upcoming Bluetooth 5.0 and Bluetooth 5.2 Technology would help to Fuel the Demand for Beacon
- Enterprise WLAN Market Size in North America was USD 0.59 Billion in 2018
- The deployment of Beacon will help boost location-based marketing strategies and provide a customized shopping experience to customers.
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Drivers and Restraints
- 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 beacon 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 beacon market revenue in the forecast duration.
Segments
Growing Smart City Projects Expected to increase the deployment of Outdoor Beacon
Based on deployment, the market is segmented into indoor and outdoor. The outdoor segment is expected to hold a dominant beacon market share during the forecast period. This is owing to the rising demand for Beacon in ongoing smart city projects across various countries such as China, India, U.K., and others. According to the Consumer Technology Association, the global investment for the development of smart city projects is expected to reach a value of around USD 34.35 billion, by the end of 2020. Similarly, Beacon are highly preferred to be deployed in public places to provide enhanced location-based services, generic public surveys, city promotions, and other marketing activities. With the rising investment for smart city projects in developed countries such as U.K., Germany and developing countries, the demand for the Beacon is also expected to rise with a decent growth rate.
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Regional Insights
North America to Continue Dominance on Account of Rising Adoption of Core Communication Technologies
Geographically, the global beacon market is widespread in 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 beacon 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 beacon 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.
Competitive Landscape:
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 beacon 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.
List of Key Players Profiled in the Beacon Market Report
- Accent Advanced Systems, SLU.
- Aruba Networks, Inc.
- Blue Sense Networks
- BlueCats
- Estimote, Inc.
- Gelo, Inc.
- Glimworm Beacon
- Kontakt.io
- Sensorberg GmbH
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Major Table of Contents:
- Global Beacon Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights, and Forecast – By Component (Value)
- Hardware
- Platform / Software Development Kit (SDK)
- Market Analysis, Insights, and Forecast – By Connectivity Type (Value)
- Bluetooth Low Energy (BLE)
- Wi-Fi
- Hybrid
- Other (NFC/RFID)
- Market Analysis, Insights, and Forecast – By Deployment (Value)
- Indoor
- Outdoor
- Market Analysis, Insights, and Forecast – By End-user (Value)
- Residential
- Commercials
- Retail
- Hospitality
- Entertainment
- Healthcare
- Banking, Financial Services, Insurance (BFSI)
- Transportation & Logistics
- Commercials Offices
- Other (Education, etc.)
- Market Analysis, Insights, and Forecast – By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Beacon Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights, and Forecast – By Component (Value)
- Hardware
- Platform / Software Development Kit (SDK)
- Market Analysis, Insights, and Forecast – By Connectivity Type (Value)
- Bluetooth Low Energy (BLE)
- Wi-Fi
- Hybrid
- Other (NFC/RFID)
- Market Analysis, Insights, and Forecast – By Deployment (Value)
- Indoor
- Outdoor
- Market Analysis, Insights, and Forecast – By End-user (Value)
- Residential
- Commercials
- Retail
- Hospitality
- Entertainment
- Healthcare
- Banking, Financial Services, Insurance (BFSI)
- Transportation & Logistics
- Commercials Offices
- Other
Toc Continued…
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FAQ’s
How big is the beacon market?
Beacon Market size to reach USD 31.61 billion by 2026
How fast is the beacon market growing?
The Beacon Market will exhibit a CAGR of 48.9% during the forecast period, 2019-2026
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