Global Beacon Technology market witness market size of USD 1.29 billion in 2019 to projected to reach USD 19.32 billion by 2026. Such market growth is attributed to increasing smartphone penetration around the world and the need for location-based proximity.
Business owners are becoming aware of these customer preferences and are thus leveraging proximity-based beacon transmitters in order to enable real-time communication with those clients. In addition, the proliferation of smart cities around the world contributes favorably to the growth of the beacon technology market, since beacons can facilitate highly connected urban infrastructures.
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The key trends in the Beacon market include the rising adoption of Bluetooth smart technology, loop technology, and over-the-air (OTA) technology based on Al capabilities. Beacons are experiencing rising demand from industries such as retail, hospitality, transportation and logistics, entertainment, and others.
In the retail industry, it improves the guest experience by offering virtual maps, sharing relevant tips and facts in different languages, via. offering promotions and discounts. In the healthcare industry, beacons attached to mobile hospital devices would allow equipment to be tracked and located in an emergency.
The rising adoption of advanced communication technologies such as Bluetooth, Wi-Fi, NFC (near-field communication), RFID (radio-frequency identification) and others along with rising popularity of loT technology are few of the key drivers promoting the beacon market growth. Also, rising demand for Beacon based on advanced Bluetooth technology including Bluetooth 5.2, Bluetooth 5, and Bluetooth 4, from various industries such as transportation and logistics, entertainment and others are expected to boost the adoption of Beacon. This has made Bluetooth technology a global enabler of the Beacon market.
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North America is anticipated to hold the highest market share over the forecast period. This is attributed to the string existence of key players in the region as well as the rising adoption of core communication technologies such as Bluetooth, NFC, Wi-Fi, and ongoing loT (internet of things) technology.
The major market players in the Beacon Technology market are Advanced system, SLU., Apple Inc., BlueCats, Blue Sense Networks, Estimote, Inc., Gelo, Glimworm Beacons, Gimbal, Kontakt.io, and Beaconinside GmbH, Qualcomm Inc., Cisco Systems Inc., Samsung Electronics Co. Ltd., Madison Beacons, Swirl Networks, Onyx Beacon, Aruba Networks, Inc, Onyx Beacon, Blue Sense Networks Ltd., Texas Instruments, and other prominent players. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market.
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