DUBLIN, Aug. 12, 2022 /PRNewswire/ -- The "Global Beacon Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The Beacon market was valued at US$1,215.257 million in 2020 and is expected to grow at a CAGR of 41.91% over the forecast period to reach a total market size of US$14,087.993 million by 2027.
Beacons are small, inexpensive devices that broadcast Bluetooth low energy signals or Bluetooth smart signals, using Bluetooth Low Energy (BLE). Compatible apps on mobile devices can listen to signals from adjacent beacons and trigger a series of experiences, including sending a promotional notification, video, URL form, and others, via the app.
Additionally, beacon technology is widely used in a wide variety of industries, such as retail, healthcare, travel and tourism, and education due to its advantages such as superior accuracy in comparison with other geolocation methods, low battery consumption, and not requiring internet connection, among others.
One of the key market trends gaining traction is the adoption of Bluetooth smart technology, loop technology, and over-the-air (OTA) technology based on artificial intelligence. The technology is increasingly being adopted by companies in order to enhance their market presence. For instance, Uber announced, in October 2019, that an updated version of the colorful Beacon gadget would be available as Beacon 2.0., which will sit on the interior of the car and reflect the color chosen by drivers in the app to help them find their cars in crowded situations.
An increase in investment in proximity marketing by the enterprises is furelling the global beacon market growth. For example, a new proximity marketing strategy via beacons at 15 McDonald's outlets in Istanbul was used by the fast-food chain to improve its customer relationship and promote a new coffee-flavored drink line. The need for monitoring employees, managing assets, ensuring safety, and optimizing resources are also contributing to the market's growth. A number of companies have developed advanced beacon protocols including Apple Inc. and Google LLC, which are called iBeacon and Eddystone, respectively.
Integration of advanced communication technologies
There are several factors driving the beacon market growth such as the rising adoption and popularity of advanced communication technologies such as Bluetooth, Wi-Fi, NFC (near-field communication), RFID (radio-frequency identification), and others. The increasing demand for beacon-enabled devices utilizing Bluetooth 5.2, Bluetooth 5, and Bluetooth 4 in all sectors including transportation, logistics, entertainment, and more, is expected to boost their adoption during the projected period.
Approximately 4.0 billion bluetooth devices were manufactured in 2018, as per a report by Bluetooth SIG, Inc. Bluetooth technology has therefore become a key enabler of the beacon market globally. The focus of major enterprises towards this technology is also aiding in its expansion. For e.g., GE and Walmart have partnered to launch a unique trial using the iBeacon technology.
The retailer used GE light bulbs to display beacon technology and provide customers with push notifications of special deals and discounts. Nisa, a popular convenience store group, has launched a pilot program using iBeacon technology. Beacons attached to shopping carts and baskets to track shoppers' movements around the store in conjunction with sensors installed on the ceiling. The US's second-largest general merchandise retailer, Target, has started testing beacon technology across 50 of its stores.
Ongoing Smart City Projects
Beacons are being used in smart city projects by different central and state governments to enhance security of infrastructure assets by enabling increased interaction with users within their proximity zone. As smart cities continue to grow globally, beacons are expected to see increased deployment during the forecast period. iBeacon Living Lab in Amsterdam is an example of smart city technology.
The IoT testing ground is a large, public, and open testbed that offers a large number of iBeacons installations and developer-friendly platforms that generate actionable, open data. RLSB's (Royal London Society for the Blind) Wayfindr, a smartphone app, aims to change the way impairments navigate the world. The application uses beacon technology to track a user's location and offer him/her audio-based directions and advice based on the location.
Privacy and Security
The market is constrained by data security concerns related to wireless networks and the Internet of Things (IoT). By using beacon technology, information is transmitted directly to the relevant mobile application, which then stores all of the user's personal information. Also, the increasing cybersecurity threats targeting businesses through IoT devices is expected to hinder the beacon market growth during the forecast period.
COVID-19 Impact on Global Beacon Market:
Governments are implementing beacons as a safety measure in public places. AI and ML coupled with Bluetooth-enabled low-energy beacons will create increased opportunities for the market players. Estimote, for example, plans to introduce a wearable bluetooth tracking device to support workplace-level safety and prevent the spread of Covid-19.
Key Topics Covered:
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis
5. GLOBAL BEACON MARKET, BY TECHNOLOGY
6. GLOBAL BEACON MARKET, BY END-USERS
7. GLOBAL BEACON MARKET, BY GEOGRAPHY
7.2. North America
7.2.1. United States
7.3. South America
7.4.3. United Kingdom
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.3. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisition, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.2. Estimote, Inc.
9.3. Glimworm Beacons
9.4. Gimbal, Inc.
9.7. Kartographers Technologies Pvt. Ltd.
9.8. Verve Wireless, Inc.
9.9. G24 Power, Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/mrhkix
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets