Smart Beacon Market Forecasts to 2028 - Global Analysis By Beacon Standard (iBeacon, Eddystone and Other Standards), Connectivity Type (Bluetooth Low Energy (BLE), Wi-Fi and Hybrid), Component (Hardware, Software and Service), Application (Analytics, Engagement, Position & Navigation, Tracking & Tracing and Other Applications), End User (Automotive, Aviation, Banking, Financial Services and Insurance (BFSI) and Other End Users) and By Geography

According to Stratistics MRC, the Global Smart Beacon Market is accounted for $11.88 billion in 2022 and is expected to reach $159.81 billion by 2028 growing at a CAGR of 54.2% during the forecast period. A smart beacon is a tiny device that uses Bluetooth low energy proximity sensing technology to send signals to other nearby smart devices using compatible software or an operating system. When a smart device, such as a smartphone or tablet, comes within range of a beacon, it automatically recognizes the device's physical location, starts tracking the customer, and sends an allocation-based notification to the device.

According to kontakt.io, there are over 8.2 billion Bluetooth-equipped devices in the world. Bluetooths’ high efficiency, incredible penetration rate and increased capabilities help connect millions of things in smart cities.



Market Dynamics:

Driver:

Early adoption of technology

The concept of smart cities, smart buildings, and the growing need for technological innovation in marketing platforms all present opportunities for the growth of the smart beacon market. Additionally, the market is expanding as a result of the growing demands for digitalization and the adoption of smart devices for tasks like tracking and identification. Beacons are increasingly being used in the transportation and logistics sector in place of GSM trackers and other devices for tracking and identification. When compared to smart beacons, which are also providing an interactive platform for developing the beacons market, GSM trackers are expensive to operate and have a short lifespan. These elements are fueling market expansion.

Restraint:

Maintenance issues and mandatory application download

The short-term expansion of the smart beacon market may be constrained by issues with range, the requirement to download an application, and other maintenance-related concerns. Customers can only use proximity marketing with beacons after installing a specific mobile application. Additionally, users can only get beacon notifications if they have Bluetooth and Wi-Fi turned on, as well as the required app downloaded to their smartphones. Also, because of the limited range of beacons, it is difficult to determine where they should be placed to ensure complete coverage of a particular area. Due to all of these factors, there is a low level of demand for smart beacons, which affects their deployment.

Opportunity:

Increasing demand from the automobile industry

Increasing demand from the automotive industry and growing globalization are some of the main factors propelling market expansion. Increased use of spatial data in analytics, a rise in the demand for smart beacons for indoor navigation, and extensive industrialization may exacerbate market value. The market will expand further as a result of rising investment in R&D resources and the expansion of numerous end-user verticals, particularly in developing countries.

Threat:

Lack of technological resources

A significant barrier to the expansion of the global market is the lack of technological resources for the deployment of smart beacons across numerous countries. Additionally, it is anticipated that the target market's expansion during the analysis period may be hampered by a lack of awareness of smart beacon technology among people worldwide.

Covid-19 Impact

Due to the disruption of production cycles and supply chains across industries, the COVID-19 outbreak has had both positive and negative effects on significant businesses worldwide. The retail sector has encountered enormous difficulties in putting an end to the pandemic. Due to postponed development projects, the growth rate of the smart beacon market's revenue saw a significant decline. The pandemic has, however, increased demand from the healthcare sector. Additionally, numerous market participants have been funding the research and development of smart beacon technology globally.

The tracking & tracing segment is expected to be the largest during the forecast period

Over the forecast period, it is expected that the tracking & tracing segment will dominate the global market. Smart beacons can be used as active tags in a variety of industries that transmit positioning information periodically. It makes it easier for drivers of forklift trucks to locate and accurately identify the goods they are looking for. As a result, the segment's growth will be supported over the forecast period by the increasing adoption of beacons for tracking and tracing in logistics and transportation.

The retail segment is expected to have the highest CAGR during the forecast period

The retail segment is anticipated to grow at the highest rate during the anticipated period. The way retailers conduct business has changed as a result of the use of smart beacons to monitor a customer's movements inside a store. Large retailers like Timberland, Urban Outfitters, Lord & Taylor, and others are using beacon technology to improve the shopping experience for customers. Additionally, businesses can track and draw customers to in-store events, deals, and coupons with the beacon technology. Retailers can now match customer needs and create an online-to-in-store experience using beacon technology. Such instances are booming the segment growth.

Region with largest share:

The North America region is expected to hold the largest share during the forecast period, owing to rising demand for smart beacon technology across a wide range of end-use industries such as retail, public transportation, logistics, and hospitality. Furthermore, by creating cutting-edge beacon technologies, key players like Aruba Networks, Estiomote, Kontakt.io Inc., and others are promoting the growth of the smart beacon market in the North American region.

Region with highest CAGR:

The Asia Pacific region is anticipated to experience lucrative growth over the course of the forecast period as a result of rising demand for smart beacons across a range of end-use sectors, including healthcare, retail, education, and the automotive industry, among others, in numerous Asian countries. The market in this area is still expanding and has enormous potential in nations like Australia and India. A number of retail chains in malls have successfully implemented technologies like beacons, and mall developers in India have found suitable technological solutions. Because of these benefits, it is anticipated that the market will expand throughout the region.



Key players in the market

Some of the key players profiled in the Smart Beacon Market include Accent Advanced Systems, Aruba Networks, BlueCats, Blueup, Bluvision-HID Global Company, Cisco Systems Inc., estimate Inc., Gimbal Inc., Glimworm, HID Global Corporation, Kontakt.io Inc., Leantegra Inc., Sensorberg, Sensoro, Swirl Networks and Vision IOT.

Key Developments:

In January 2023, Berkeley Lights, Inc., a life science tools company, announced the launch of Beacon Select, the company's new optofluidic system for cell line development. Beacon Select is based on the same cutting edge technology offered by the original Beacon System launched in 2017 which currently has over 130 systems installed globally.

In December 2021, CAR-LITE and Sigfox launched an intelligent light beacon based on the oG network to replace emergency triangles on the road. The new light beacon, designed and developed by CAR-LITE, will send automatic alerts to the relevant road safety authorities and accurately geo-locate the location of failed vehicles, based on the Sigfox oG network, without the need for an internet connection, Wi-Fi or SIM card.

In January 2020, Australia launched the new Waze-designed technology in its M4 tunnel. 500 beacons were installed that can provide phone navigations through BLE signals in places that are not accessible through GPS. Later in February 2020, Sydney joined Brisbane to introduce the new Waze technology in all its underground tunnels connecting Sydney and Brisbane.

Beacon Standards Covered:
• iBeacon
• Eddystone
• Other Standards

Connectivity Types Covered:
• Bluetooth Low Energy (BLE)
• Wi-Fi
• Hybrid

Components Covered:
• Hardware
• Software
• Service

Applications Covered:
• Analytics
• Engagement
• Position & Navigation
• Tracking & Tracing
• Other Applications

End Users Covered:
• Automotive
• Aviation
• Banking, Financial Services and Insurance (BFSI)
• Education
• Healthcare
• Public Gatherings and Spaces
• Retail
• Sports
• Transportation & Logistics
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances