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Beacon Technology Market Growth Drivers, Application Analysis and Forecast to 2024

Author : Ronak Bora | Published Date : 2020-09-10 

North America will hold majority of the share in beacon technology market throughout the forecasted period owing to the increase adoption of the BLE in the region for proximity marketing. With high penetration of mobile devices in U.S. and Canada, marketers are leveraging the technology to increase their operating profits and maximize their ROI. With extensive presence of beacon platform providers such as Apple and high investment opportunities for advancing beacon technology, the market is experiencing exponential growth in this region. It is expected that APAC will have huge opportunity due to increasing investment in marketing especially in countries such as India, Japan, and China.

The worldwide adoption of IoT technology is largely contributing to the growth of beacon technology market by facilitating different applications such as asset tracking, proximity marketing, in-door navigation, smart devices and smart home products. Increasing demand for location-based marketing modalities to deliver real-time marketing messages and bridge the gap between physical and online customer experiences is also boosting the market growth considerably. Moreover, growing government emphasis on developing smart cities is also a major driver favorably assisting the market growth.

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Beacons are facilitating the development of smart urban infrastructure to efficiently manage traffic networks, public events and administrative functions. Hence, the technology will increasingly play a major role in automating modern urban governance with further proliferation of smart cities over the timeline. Given the contextual and hyper-location capabilities of beacons, they are of a great value for travelers as well as for the players operating in the tourism industry. Hence, numerous airports around the world have deployed beacon networks to better serve their passengers.

Having been chronicled as one of the most opportunistic business spheres for potential investments, the growth chart of beacon technology market is forecast to be exponential over the coming seven years. The commercialization potential of the entire business space is quite evident from the estimates by Global Market Insights, Inc., that claims beacon technology market to exceed a valuation of USD 25 billion by 2024. The technology has been creating a buzz since for a while now, particularly post the introduction of Apple’s first Bluetooth based ibeacon protocol in the year 2013. How beacon technology is making a head way across myriad end-use domains in a comparatively short span has been a subject of contention for tech investors. Given the backdrop of a tech-driven era, the surging demand for proximity based merchandizing solutions in the retail space, as per experts’ opinion, can be fundamentally credited for the increasing popularity of beacon technology industry over the recent years.

In this regard, it is important to mention that the retail space, of late, has been undergoing a stage of transition, where determinants like payment technology, in-store experience, and personalization are playing a bigger role.  Sum and substance, higher customer engagement is presently the prime focus for retailers today – the profound factor behind the exceptional beacon technology market proceeds from retail applications. Whether e-commerce giants launching full-fledged mobile applications or brick-and -mortar storeowners launching companion mobile apps to enhance instore shopping experience, penetration of beacon technology has become imperative to keep pace with the consumers expectations.

Having been recognized as a technology that is a breakthrough in itself in reaching out consumers, beacon technology market penetration in the retail space can be aptly quoted as revolutionary. In fact, experts claim, it has taken contextual marketing completely to a new level. One of the major factors that was somewhat standing in the way of beacon technology adoption even until a few years back, is the difficulty of integrating beacon-enabled app into the business model.

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Some of the key players in the beacon technology market include Accent Advanced Systems, SLU, Apple, Beaconinside GMBH, BlueCats, Blue Sense Networks, Estimote, Gimbal, Glimworm Beacons, Google, Kontakt.io, KS Technologies, Madison Beacons, Onyx Beacon, Radius Networks, RECO (Perple Inc.), Sensorberg GMBH, Swirl Networks, and Texas Instruments.

Table of Contents (ToC) of the report:

Chapter 1.   Methodology & Scope

1.1.  Methodology

1.1.1. Initial data exploration

1.1.2. Statistical model and forecast

1.1.3. Industry insights and validation

1.1.4. Scope, definition and research parameters

1.2.  Data Sources

1.2.1. Primary

1.2.2. Secondary

Chapter 2.   Executive Summary

2.1.  Beacon technology industry 360º synopsis, 2013 - 2024

2.1.1. Region trends

2.1.2. Platform trends

2.1.3. Deployment Model trends

2.1.4. Application trends

2.1.5. Technology trends

Chapter 3.   Beacon Technology Market Insights

3.1.  Introduction

3.2.  Benefits of beacons

3.2.1. Relevant, real-time information

3.2.2. Cheap and easy to adopt and implement

3.2.3. Reduced waiting time and queuing

3.2.4. Assistance with indoor navigation

3.2.5. Increased customer visits and purchases

3.2.6. Personalized marketing with relevant offers and discounts

3.2.7. Increased app engagement and retention

3.3.  Industry segmentation

3.4.  Evolution of Beacons

3.5.  Addressable Market

3.6.  Industry landscape, 2015 - 2024

3.7.  Industry ecosystem analysis

3.8.  Beacon architecture analysis

3.9.  Regulatory landscape

3.10. Technology & innovation landscape

3.10.1.  Bluetooth 5

3.10.2.  Online retargeting and attribution

3.10.3.  Acquisitions

3.11.      Industry impact forces

3.11.1.  Growth drivers

3.11.1.1.     Growing adoption of IoT

3.11.1.2.     Demand for location-based marketing solutions

3.11.1.3.     Increasing penetration of mobile devices

3.11.1.4.     Emphasis on developing smart cities

3.11.2.  Industry pitfalls & challenges

3.11.2.1.     Data security and privacy concerns

3.11.2.2.     Networking and precision challenges

3.12.      Porter's analysis

3.13.        PESTEL Analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/beacon-technology-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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