Beacon Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Beacon Market

The beacon market size was valued at USD 1.36 billion in 2018, and the market is now projected tgrow USD 231.36 billion in 2031 exhibiting a CAGR of 43.38% during the forecast period of 2019-2031.

The beacon market had moderate effects of COVID-19 as the shutdowns impacted the initial deployment as it disrupted manufacturing and logistics systems. Though, the more people resumed their normal activities for buying goods and services, emerging contactless solutions demand raised the beacon technology usage increasing social distancing, contact tracing, and creating better retail, healthcare, and public domain experiences. A lot of companies shifted towards digital adaptations, exploring how they can implement beacons alongside IoT for improved functionality. The pandemic alshelped tfocus more on location-based services and track assets. On balance, the market proved tbe recoveries, especially with the powerful urges seen following the global Covid-19 outbreak tpursue for new advancement in various fields.

The beacon market is growing because of the expanding usage of sophisticated communication technologies such as Bluetooth, Wi-Fi, Near Field Communication, and RadiFrequency Identification Device. They facilitate the improved provision of LBS, inventory management, and customer relations as well. The expansion of IoT devices alsencourages the usage of beacons due tcompatibility with smart systems as well. Moreover, it is realized that business is using beacons more for optimizing processes and for better user engagement. The combined growth in communication and IoT technologies is thought tdrive beacon market growth.

The market has several ongoing trends involving the use of new technologies such as Bluetooth 5.0 and low-power Wi-Fi for connectivity and coverage in beacons. Its usage is gradually shifting towards indoor positioning and navigation and contactless services, especially in the shopping malls, hospitals, and transport. The use of beacons together with IoT solutions is providing real-time information collection and tracking of assets. Further, beacons are gradually applied for customized marketing and customer relations through notifications by distance. Therefore, it opens a demand for better, efficient, and less costly beacon solutions on the market.

Comprehensive Analysis of Beacon Market

The beacon market growth is rising at an exponential rate due tits market segmentation. This market expansion rightly provides a thorough market breakdown near tthe industry considering the leading supply and demand forces. These segmentations are methodically segregated by component analysis, by connectivity type analysis, by deployment analysis, and by end-use analysis. By component analysis includes hardware and platform/software development kit (SDK). By connectivity type analysis includes Bluetooth low energy (BLE), Wi-Fi, hybrid, and others. By deployment analysis includes indoor and outdoor. By end-use analysis includes residential and commercial.

The North America region lead the beacon market share by benefitting a market size of USD 0.59 billion in 2018 due tits advanced technology infrastructure.

The top players in the markets have a central responsibility in the information & communication technology industry tbe sure of industrial prospectus development and testablish the market norms. These players include, Accent Advanced Systems, SLU, Aruba Networks, Inc., Blue Sense Networks, BlueCats, Estimote, Inc., Gelo, Inc., Glimworm Beacon, Kontakt.io, and Sensorberg GmbH these market players provide a level-playing competitive landscape.

In October 2018, BlueCats launched a beacon equipped with Over the Air (OTA) technology, featuring AES encryption and the PLUS Location Engine for cloud data forwarding and automated platform operation.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2015 - 2026

Base Year 2018

Forecast Period 2019 - 2026

Historical Period 2015 - 2017

Unit Value (USD billion)

Segmentation By Component

Hardware (Volume (Million Units)

Platform / Software Development Kit (SDK)

By Connectivity Type

Bluetooth Low Energy (BLE)

Wi-Fi

Hybrid

Other (NFC/RFID)

By Deployment

Indoor

Outdoor

By End-use

Residential

Commercial

Retail

Hospitality

Entertainment

Healthcare

Banking, Financial Services, Insurance (BFSI)

Transportation & Logistics

Other (Education, etc.)

By Region

North America (the U.S. and Canada)

Europe (U.K., Germany, France, Italy, Spain and the Rest of Europe)

Asia Pacific (Japan, China, India, Southeast Asia, and the Rest of Asia Pacific)

Middle East & Africa (South Africa, GCC, and the Rest of Middle East & Africa)

Latin America (Brazil, Mexico, and the Rest of Latin America)