Smart Beacon Market: Size, Growth, Trend And Market Analysis



Beacons:

Beacons are small, low-cost wireless transmitters that deliver signals to nearby compatible smart devices using low-energy Bluetooth technology. The technology has been around for a few years and is rapidly growing into numerous verticals, including retail and healthcare. The conveyance of signals via beacon technology is based on making use of physical position and proximity. Furthermore, the market is likely to be driven by increasing smartphone adoption and the rising need for location-based marketing solutions through 2024.


Market Analysis:

The global smart beacon market is expected to increase by US$39.2 billion by 2022, with a compounded annual growth rate of 53.5 percent. One of the sectors evaluated and assessed in this report, iBeacon, has a growth potential of over 48.7%. Because of the shifting forces that underpin this expansion, enterprises in this sector need to stay on top of the market's pulse. By 2025, iBeacon is expected to generate over $16.1 billion in revenue, giving substantial momentum to global growth.


Smart beacons are increasingly being used for advertising. When people visit malls, cafes, restaurants, and other places, beacons can be utilized to trigger responses, and relevant advertising messages can be delivered to the smartphone to generate leads. The APAC region is likely to see significant expansion in the global smart beacon market.


Impact Of COVID-19:

During the recent COVID-19 pandemic epidemic, smart beacons can be used for contact tracing. Intending to prevent the transmission of this contagious disease, the business has developed a wristband beacon. It has the capability of detecting everyone who has had recent touch with the sick individual and, as a result, isolating the individual in question.


The ongoing advances in the automobile industry, including electric and autonomous vehicles, are expected to drive up demand for smart beacons that can connect with infrastructure and other vehicles and the driver.


Bluetooth beacons are being integrated into queue management systems in airports to help reduce traffic congestion. In addition, beacons deployed in parking lots, entrances, and other locations can be used to track movement.


Due to the desire from businesses to track and navigate consumers and employees inside the premises, in-door navigation accounted for a substantial portion of the global smart beacon market.


Regional Analysis:

Beacon technology is gaining ground in several regions, including Asia-Pacific, North America, Europe, the CIS, South America, the Middle East, and Africa. However, North America is predicted to gain the majority share throughout the projected period due to the early adoption of technology and the presence of key players in the area. Furthermore, prominent US shops like Target and Walmart have begun to use beacons throughout their stores.


Key Players:

Some Key Players in the smart beacon market are Accent Advanced Systems, SLU., BLESH, BlueUpSrl, Blukii, Chengdu JAALEE Technology Co., Ltd., Cisco Systems, Inc., Estimote, Inc., FUJITSU, Gimbal, Hewlett Packard Enterprise Development LP, HID Global Corporation/ASSA ABLOY AB, Kontakt.io, Leantegra Inc., MOKOSmart, Radius Networks Store, Sensor Co., Ltd.

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