Beacon Technology - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Beacon Technology market is accounted for $1.58 billion in 2019 and is expected to reach $34.48 billion by 2027 growing at a CAGR of 47.0% during the forecast period. The extensive usage of technology in industry verticals, growing adoption of IoT, demand for location-based marketing solutions, and increasing penetration of mobile devices are the major factors driving the market growth. However, presence of alternatives, high initial setup cost and security issues are restraining the market growth.
Beacons are small wireless transmitters that use Bluetooth low energy (BLE) technology to send signals to smart devices by conducting a location-based search. The beacon technology is mostly used in location-based technology. Most of the beacons come in a standard size of a Wi-Fi router; each beacon has a unique number and letter ID, and Bluetooth broadcasts identification information several times a second. Beacons are used as proximity technology to detect human presence in nearby areas with an average range of 70 meters. These beacons get activated after detecting the human presence and record human actions to deliver contextual, personalized, and informational experiences.
Based on the deployment model, the on-cloud segment is going to have high growth during the forecast period due to the rising implementation of cloud-enabled BLE networks, which will eliminate the high costs related to overlay networks and complicated deployment & operation of these networks. These cloud-based networks aid in finding the accurate location, marketing & engagement, and replacements of battery-powered beacons through network-managed virtual beacons with simplicity and scalability which accelerates the demand for cloud-based platforms.
By geography, North America is going to have lucrative growth during the forecast period due to the early adoption of the technology in numerous industries across the region because of the increasing demand for proximity tools in the retail and public sectors. The government in this region is focusing on smart city initiatives, which, in turn, is resulting in the deployment of Bluetooth low energy (BLE) devices.
Some of the key players profiled in the Beacon Technology Market include Accent Advanced Systems, Apple Inc., Beaconinside, Blue Sense Networks, BlueCats, Estimote Inc., Gimbal, Glimworm Beacons, Google Inc., Kontakt.io, Madison Beacons, Onyx Beacon Ltd, Radius Networks Inc., Sensorberg, Swirl Networks, Samsung, Bluvision Inc., and ROXIMITY
• Bluetooth Low-Energy (BLE)
• Combined Technologies
Deployment Models Covered:
• Travel, Tourism & Hospitality
• Financial Institutions
• Transportation & Logistics
• Banking, Financial Services, and Insurance (BFSI)
• Indoor Positioning and Navigation
• Employee Attendance and Tracking
• Facilities Management
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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