Global Beacon Market - Forecasts from 2024 to 2029

Global Beacon Market - Forecasts from 2024 to 2029

The global beacon market is evaluated at US$4.001 billion for the year 2022 growing at a CAGR of 11.82% reaching the market size of US$8.744 billion by the year 2029.

Beacons are small, inexpensive devices that broadcast Bluetooth low-energy signals or Bluetooth smart signals, using Bluetooth Low Energy (BLE). Compatible apps on mobile devices can listen to signals from adjacent beacons and trigger a series of experiences, including sending a promotional notification, video, URL form, and others, via the app. Additionally, beacon technology is widely used in a wide variety of industries, such as retail, healthcare, travel and tourism, and education due to its advantages such as superior accuracy in comparison with other geolocation methods, low battery consumption, and not requiring an internet connection, among others. One of the key market trends gaining traction is the adoption of Bluetooth smart technology, loop technology, and over-the-air (OTA) technology based on artificial intelligence. The technology is increasingly being adopted by companies to enhance their market presence.

An increase in investment in proximity marketing by the enterprises is fuelling the global beacon market growth. For example, a new proximity marketing strategy via beacons at 15 McDonald's outlets in Istanbul was used by the fast-food chain to improve its customer relationship and promote a new coffee-flavored drink line. The need for monitoring employees, managing assets, ensuring safety, and optimizing resources are also contributing to the market's growth. Several companies have developed advanced beacon protocols including Apple Inc. and Google LLC, which are called iBeacon and Eddystone, respectively.

MARKET DRIVERS:

Integration of advanced communication technologies

Several factors are driving the beacon market growth such as the rising adoption and popularity of advanced communication technologies such as Bluetooth, Wi-Fi, NFC (near-field communication), RFID (radio-frequency identification), and others. The increasing demand for beacon-enabled devices utilizing Bluetooth 5.2, Bluetooth 5, and Bluetooth 4 in all sectors including transportation, logistics, entertainment, and more, is expected to boost their adoption during the projected period. Bluetooth technology has become a key enabler of the beacon market globally. The focus of major enterprises on this technology is also aiding in its expansion. E.g., GE and Walmart have partnered to launch a unique trial using the iBeacon technology. The retailer used GE light bulbs to display beacon technology and provide customers with push notifications of special deals and discounts. Nisa, a popular convenience store group, has launched a pilot program using iBeacon technology. Beacons are attached to shopping carts and baskets to track shoppers' movements around the store in conjunction with sensors installed on the ceiling. The US's second-largest general merchandise retailer, Target, has started testing beacon technology across 50 of its stores.

Ongoing Smart City Projects

Beacons are being used in smart city projects by different central and state governments to enhance the security of infrastructure assets by enabling increased interaction with users within their proximity zone. As smart cities continue to grow globally, beacons are expected to see increased deployment during the forecast period. iBeacon Living Lab in Amsterdam is an example of smart city technology. The IoT testing ground is a large, public, and open testbed that offers a large number of iBeacons installations and developer-friendly platforms that generate actionable, open data. RLSB's (Royal London Society for the Blind) Wayfindr, a smartphone app, aims to change the way impairments navigate the world. The application uses beacon technology to track a user's location and offer him/her audio-based directions and advice based on the location.

MARKET RESTRAINTS:

Privacy and Security issues are anticipated to hamper the market.

The market is constrained by data security concerns related to wireless networks and the Internet of Things (IoT). By using beacon technology, information is transmitted directly to the relevant mobile application, which then stores all of the user's personal information. Also, the increasing cybersecurity threats targeting businesses through IoT devices are expected to hinder the beacon market growth during the forecast period.

The North American beacon market is anticipated to grow significantly.

Several factors are driving the beacon market in North America, which is not surprising given how widely beacon technology is being adopted by a variety of sectors. Beacons are essential to proximity marketing in the retail industry since they offer tailored incentives and improve the whole shopping experience. The incorporation of beacon technology, which provides real-time location-based information, has been motivated by the need for seamless indoor navigation and wayfinding in locations such as airports and retail malls. Beacons are also used in parking control, urban planning, and public transit because of the growing interest in IoT and smart city development. Beacons are integrated with wearables and mobile apps to improve user engagement by providing location-specific services and content. Beacons are used in the healthcare industry for asset tracking, which increases operational effectiveness in healthcare institutions.

Key Developments:

In June 2022, InPlay, the creator of the ultra-low-cost, low-power, bluetooth sensor NanoBeacon system-on-chip (SoC) technology, and Powercast Corporation, the pioneer in radio-frequency (RF)-based over-the-air wireless power technology, have joined forces to create a platform for designing long-range, wireless, battery-free, and maintenance-free Internet of Things (IoT) sensor systems that can be readily deployed for monitoring in the retail, medical, warehousing, and industrial IoT markets.
In May 2021, as part of its AirMapperTM Site Survey Ecosystem of products, NetAlly announced the release of the EtherScope nXG v1.5 software with Bluetooth and BLE (Bluetooth Low Energy) site survey functionality.

Segmentation:

By Technology
Bluetooth
Wi-Fi
Ultrasound
Others
By End-User Industry
Retail
Hospitality
Healthcare
BFSI
Others
By Geography
North America
USA
Canada
Mexico
Others
South America
Brazil
Argentina
Others
Europe
Germany
France
United Kingdom
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Israel
Others
Asia Pacific
China
India
South Korea
Taiwan
Thailand
Indonesia
Japan
Others