Smart Beacon Market

Global Smart Beacon Market Size (2024 to 2029)

The global smart beacon market is predicted to reach USD 7.73 billion in 2024 and USD 71.89 billion by 2029, growing at a CAGR of 56.2% during the forecast period.

Beacons are small wireless transmitters using low-power Bluetooth technology to send signals to nearby smart devices. With its offerings in the form of service, hardware, and software, the market is likely to expand its applications in end-user verticals like retail, sports, transportation, and logistics. The growing need for spatial data, which can be used to analyze the current demographic trend, is driving the growth of the smart beacon market in various applications. One of the most popular uses of beacon technology in higher education is submitting administrative tasks, such as monitoring attendance. Presence control using beacons increases efficiency and saves time. It also replaces a physical attendance sheet with spatially and automatically detected presence information. For example, the Hong Kong Polytechnic University uses iBeacons for engagement and other functions through an in-house developed mobile app.

Global Smart Beacon Market Drivers:

Smart beacons have seen tremendous growth over the past four years due to the increasing digitization and adoption of smart devices. However, due to their high application areas, the worldwide market is expected to show a double-digit growth rate during the forecast period. Increased investment in proximity marketing, improved tag functionality, increased privacy and security concerns, and increased organized commerce are major factors affecting the growth of the global tags market, which is expected to either stimulate or hinder the growth of the Smart Beacon industry

Due to the increasing growth in retail sales, smartphones have completely revolutionized how people shop. To enhance customers' overall experience, increase revenue, and improve operational efficiency, retailers are actively implementing the location-based proximity marketing solution known as Beacon Technology. Beacon technology is an incredibly efficient way to create a consistent online and in-store experience. By tracking a customer's movements in the store, retailers can provide specific information and discounts based on the products the customer viewed. This can lead to higher conversion rates. Gamers, such as Swirl Networks Inc., have found that more than 70% of shoppers believe that the tag triggered content and increased their likelihood of buying from the store.

Additionally, to solve the personalization problem, retailers are using technology to better understand their customers. Stores like Target and CVS have installed beacons, wireless devices that communicate with customers' Bluetooth-enabled cell phones while they shop. An estimated mid-size Target store uses 1,000 labels. Retailers ensure that the majority of their customers can be traced. This even includes customers who don't download their app. Therefore, a hidden industry of third-party location marketing companies is helping retailers. These companies take the tracking code from the customer's tag and bundle it into a developer toolkit. Companies like Reveal Mobile collect SDK data on hundreds of frequently used applications. In the United States, another company called InMarket covers about 38% of Millennials, about a quarter of all smartphones, and tracks 50 million people monthly.

Impact of COVID-19 on the global smart beacon market:

With the COVID-19 pandemic currently spreading across the globe, this report covers the impact of the coronavirus on the top growth companies in the worldwide Smart Beacon industry. The increasing trend of digitization is estimated to create lucrative opportunities for the development of the smart beacon industry post-COVID-19 period.

GLOBAL SMART BEACON MARKET REPORT COVERAGE:

This research report on the global smart beacon market has been segmented and sub-segmented based on the connectivity, beacon standard, offering, end user, and region.

Global Smart Beacon Market - By Connectivity:

• Bluetooth Low Energy (BLE)             

• Hybrid      

The global smart beacon market is segmented into Bluetooth Low Energy (BLE) and Hybrid.

Bluetooth Low Energy (BLE) is subdivided into BLE 4.0 and BLE 5.0.

Global Smart Beacon Market - By Beacon Standard:

• iBeacon    

• Eddystone

Global Smart Beacon Market - By Offering:

• Hardware

• Software 

• Services   

The global smart beacon market is divided into hardware, software, and service.

The hardware is subdivided into a standard beacon, an adhesive beacon, and a map beacon.

The software is further subdivided into analysis software, content management software, and other software.

The services are subdivided into project management, consulting, maintenance, and support services.

Global Smart Beacon Market - By End User:

• Transportation and Logistics            

• Retail         

• Meeting and Public Spaces              

• Hospitality               

• Healthcare              

• Automotive            

• Banking, Financial Services and Insurance (BFSI)     

• Education

• Sports       

• Aviation 

The global smart beacon market is segmented into transportation and logistics, retail, meeting and public spaces, hospitality, healthcare, automotive, banking, financial services and insurance (BFSI), education, sports, and aviation.

Global Smart Beacon Market - By Region:

• North America

  • The United States

  • Canada

  • Rest of North America

• Europe

  • The United Kingdom

  • Spain

  • Germany

  • Italy

  • France

  • Rest of Europe

• The Asia Pacific

  • India

  • Japan

  • China

  • Australia

  • Singapore

  • Malaysia

  • South Korea

  • New Zealand

  • Southeast Asia

• Latin America

  • Brazil

  • Argentina

  • Mexico

  • Rest of LATAM

• The Middle East and Africa

  • Saudi Arabia

  • UAE

  • Lebanon

  • Jordan

  • Cyprus

Among these, the Asia-Pacific region is expected to experience significant growth due to the increasing traction of beacon technology in India and Australia for various applications. The market is still at an early stage and has much potential in this region. North America and Europe are considered as developed regions in this industry.

KEY MARKET PARTICIPANTS:

The major players operating in the global smart beacon market include Estimote, Aruba, Kontakt.Io, Cisco, Bluvision, Onyx Beacon, Leantegra, Gimbal, Accent Systems, Swirl Networks, Sensoro, Jaalee Technology, Beaconinside, Blesh and Blueup.

RECENT HAPPENINGS IN THE MARKET:

• In October 2019, Uber announced the introduction of an updated version of its colorful Beacon device, Beacon 2.0. The digital display is supposed to be placed on the car's dash and glow in a specific color that racers have chosen in the app to help them find the right car in crowded situations. The Beacon's digital display also reminds drivers to wear seat belts, close doors carefully, and pull off the curb.

• In 2013, Apple, Inc. enabled iBeacon in 254 stores in the US. Eddystone was launched by Google LLC in 2015 and is now widely adopted in the market. It is specially developed for Android users.