Global Smart Beacon Market Expected To Grow At 34% CAGR In The Upcoming Years
The “Global Smart Beacon Market” report examines the global smart beacon market based on components, standards, connectivity type, end-use, and region. It also provides market share analysis and historical market data. RationalStat offers market size, product mix and Covid-19 impact analysis. It also analyzes competition, market strategies, market trends, and growth areas for target players.
Global Smart Beacon Market Overview & Dynamics
The increasing need for spatial data for analytics is augmenting the smart beacons’ demand. The global smart beacon market is expected to increase at a rate of 34.3% over the 2022-2028 forecast period. In the coming years, smart beacons will be in high demand due to the increasing penetration of smartphones and the soaring need for spatial data for analytics across the globe. This growth is also expected to be aided by the growing automotive industry in the coming future.
In 2019, Amazon used technology to track foot traffic anonymously at one of its web services conferences.
Market growth is expected to be driven by increased capital expenditures for research and development activities and the expansion of end-use verticals. The growth of smart beacons is also influenced by the rise in smart device adoption and advanced communication technologies.
The market will also benefit from the growth in organized retailing. These factors will significantly impact the industry’s growth over the forecast period. Further, smart beacons will be in demand due to an increase in investments in proximity marketing.
- Based on end use, the retail industry holds a dominant share of the global smart beacon market and is expected to continue dominating in the upcoming years.
- This growth results from the use of smart beacons in tracking customers’ in-store movement, helping customers find their way around the store, alert-in-store customers of discounts and coupons, attracting customers to store events, and improving in-store conversion rates.
- Based on region, North America holds one-third of the global share of the smart beacons market owing to the high penetration of advanced technologies in the region. Other regions like Europe and the Asia Pacific are expected to grow significantly in the forecast period as the advanced technologies market blooms in these regions.
The growing need for spatial data for analytics by key players is expected to lead the growth of the global smart beacon market in the upcoming years. Due to the presence of many well-established companies in the global smart beacon market, there is intense competition in the global smart beacon market.
The global smart beacon market is expected to witness a pool of export opportunities due to the increasing need of tracking customers’ in-store movement by various multinational brands. Pivotal growth factors such as the growing need for spatial data for analytics, growth in proximity marketing, increasing adoption of smartphones, and the development of advanced communication technologies are driving the growth of the global smart beacon industry.
Acquisitions, product launches, and partnerships are the identified industry trend in the global smart beacon market. Significant consolidation is expected in the global smart beacon market during the forecasting period 2022-2028.
- In July 2021, China-based Tuya Inc. launched Tuya Beacon, a developer-friendly Bluetooth protocol to empower the intelligent upgrade and transformation of smart devices with location-based technology.
- In March 2019, Estiomote released a new generation of proximity beacons that have a Bluetooth 5 chip, long-lasting batteries, temperature monitoring, RGB-color LED for configuration feedback, and AR VLC, among other features.
Some of the prominent players that contribute significantly to the market growth include Fujitsu Components Ltd., Aruba Networks (Hewlett Packard Enterprise Development LP), HID Global Corporation (ASSA ABLOY), Leantegra Inc., Sensoro Co. Ltd., Radius Networks, Kontakt.io, Cisco System Inc., Tuya Inc., Estimote Inc., JAALEE Technology Co. Ltd., Accent Advanced Systems SLU, and others. To fuel business growth, companies use various growth strategies including new product launches, mergers, and acquisitions, partnerships, collaborations, etc.
RationalStat has segmented the global smart beacon market on the basis of components, standards, connectivity type, end-use, and region.
- By Components
- Standard Beacon
- Card Beacon
- Sticker Beacon
- By Standard
- By Connectivity Type
- Bluetooth Low Energy (BLE)
- BLE 4.0
- BLE 5.0
- Bluetooth Low Energy (BLE)
- By End Use
- Transportation and Logistics
- Banking, Financial Services, and Insurance (BFSI)
- Others (Education)
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
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