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Smart Beacon Market Overview
Smart Beacon Market
size is expected to reach $9.7 billion by 2026, and estimated to grow at a CAGR
of 42.1% during the forecast period 2021-2026. The
market is estimated to witness substantial growth over the forecast period
primarily due to rising demand for digitalization and adaption of smart devices
such as smartphones and tablets. Smart beacon detects the locations of devices
and perform tracking. For instance when smart device is in beacon’s range, it
automatically detects physical location of that device and start tracking it. Business
intelligence is other factor boosting the smart beacon market, owing to its
advanced technology such as real time tracking is increasing demand for the
industry such as transportation and logistics, retails, automotive and other.
North America is estimated to play a key role in market growth due to rising
adoption.
Smart Beacon Market Report Coverage
The report: “Smart Beacon Industry Outlook (2021-2026)”,
by IndustryARC, covers an in-depth analysis of the following segments of
the Smart Beacon Market.
Key Takeaways
- In 2020, the smart beacon Market was dominated by North America owing to increasing business intelligence, digitalization and so on.
- Smart Beacons enable smart devices to connect when it is in the beacons range, it works on Bluetooth connectivity as make it easy to recognize the devices and perform tracking and identifying
- Logistics and transportation industries are increasing the adoption of smart beacon as an alternative of GSM trackers as it has high cost of operation and has short span compared to smart beacon.
- APAC is expected to have fastest growth in the global smart beacon market, due to the growing need for technological advanced marketing platforms and high adoption of beacon technology.
Smart Beacon Market Segment Analysis – By Type
Eddystone which
is developed by Google LLC has four types - Eddystone-UID, Eddystone-URL,
Eddystone-TLM, and Eddystone-EID. Eddystone aids in providing more accuracy in
performance. Ibeacon launched by Apple Inc., accounted for the largest market
share in the global smart beacon market. However eddystone is expected to
witness substantial growth in forecasted period 2021 -2026 at a CAGR of 36.7%.
Smart Beacon Market Segment Analysis – By End User Industry
The Retail
segment is projected to grow at a fast rate of 47.4% through 2026 due to rising
demand for customer analysis. Tracking a customer's in-store movement has revolutionized
the way retailer’s sale in the market by using smart beacon. To provide better
customer experience major retailers such as Lord& Taylor, Timberland, Urban
Outfitters and other are using beacon technology. Beacon technology enable to
track and attract customers to in-store events, discounts and coupon, with
these beacon technology retailers are now able to meet customer needs and
creates online-to-in-store experience.
Smart Beacon Market Segment Analysis – By Geography
In 2020, North America hold largest
share in smart beacon market with 36.4% share in 2020, followed by APAC which
is considered as the fastest growing region in this market due to the growing
need for technological advanced marketing platforms and high adoption of beacon
technology such as Eddystone in the region. The adoption of beacon in countries
like India and Australia have risen which is actively boosting the growth of
smart beacon market. Moreover, the presence of key players such as Aruba
Networks, Estiomote, Kontakt.io Inc. and others are enhancing the growth of smart beacon market by
developing advance beacon technologies. For instance Estimote introduced new
generation of Proximity Beacons.
Smart Beacon
Market, By Region, 2020
Smart Beacon Market Drivers
Early Adoption of Technology
The growing need for technological advancement in marketing platforms, the concept of smart building and smart cites creates an opportunities for development of smart beacon market. Moreover, the rising demands for digitalization and adoption of smart devices for activities such as tracking and identifying are boosting the market growth. The transportation and logistics industry have increased the adoption of beacons as an alternative of GSM trackers and other devices for tracking and identifying. GSM trackers have high cost of operation and have short life span when compared to smart beacon which is further offering an interactive platform for developing the beacons market.
Increase in advance communication technologies
Rapid
development In advance communication technology is the key driver for smart
beacon market. Bluetooth Low Energy, Wi-Fi, IoT and other are rapidly advancing
in technology and is expected to propel the smart beacon market, especially
Eddystone based devices. Increase in demand for Bluetooth Low Energy enabled
device with Bluetooth 4, 5, 5.5 technologies is further expected to promote
beacon market. Increase in use of smartphone around the world is promoting
beacons with wi fi technology which enables better experience.
Smart Beacon Market Challenges
Management of Beacons
The maximum
range provided in beacons is not enough, for broadcasting signals over the large
scale. Smart beacons are required to be monitored through centralized system as
the beacons cannot connect to the network by themselves it draws up significant
task. When beacons disappear one should investigate physically or analyze
beacon detection data offline, but when it comes to large number of beacons it
creates a huge task.
Smart Beacon Market Landscape
Technology launches, acquisitions and R&D
activities are key strategies adopted by players in the Smart Beacon market. The
Smart Beacon market is dominated by the major players – , Leantegra Inc., Kontakt.io
Inc., Fujitsu Components Ltd, Gimbal Inc., HID Global Corporation, Cisco
Systems Inc., Accent Systems, Onyx Beacon, Beaconinside, Sensoro, Estimote, JAALEE Technology.
Acquisitions/Technology Launches
- In March 2019 Estiomote has launched new generation of Proximity Beacons that comes with many hardware and software innovations such as Bluetooth 5 chip, Long-lasting batteries, Temperature sensing, RGB-color LED for configuration feedback and AR VLC and more.
- In January 2019 Kontakt.io introduced first button-equipped Bracelet Tag BT18-3. This tracking device provides real-time location to ensure the continuous safety and security of the user.
Related Reports
Bluetooth
Low Energy Market - Forecast(2021 - 2026)
Report Code: ESR 0043
Report Code: ESR 27620
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