Global Smart Beacon Market 2022-2028

Global Smart Beacon Market 2022-2028

Beacon technology was first introduced by Apple Inc., at the Apple Worldwide Developers Conference in 2013. The devices which implement the iBeacon protocol can send the universally unique identifier (UUID) signal. A new beacon format by Google was introduced in 2015, named Eddystone, which is open source and can send three types of signals UID (unique identifier), URL (uniform resource locator), and TLM (telemetry data). Apart from it, many other types of beacons are available in the market such as AltBeacon by Radius Network (launched in 2014) and GeoBeacon by Techno-World (launched in 2017). AltBeacon and GeoBeacon are open sources that are compatible with the other mobile operating platforms such as android and IOS.

The global smart beacon market was valued at around $3.5 billion in 2021 and is estimated to grow at a CAGR of 28.4% during the forecast period. Globally, the growing adoption of smart beacons in end-use industries such as banking, retail, among others, is boosting the growth of the market. As beacon technology enables easy detection and positioning, it provides a seamless experience to the customer of a variety of industries such as the retail, merchandising, banking, and advertising industry. By leveraging the beacon technology, the shop owners and retailers can easily track consumer activity that can deliver targeted information to the customers. The Bluetooth low energy (BLE) beacons have a significant potential owing to various benefits, such as low deployment cost for BLE beacons, and it is ideal for positioning by using a broad spectrum of mobile devices, such as both IOS and Android devices. Additionally, it can continuously work for an optimum duration once it is deployed, as it has low power consumption. Cohesive government policies such as a push for smart cities will create ample opportunity for the global smart beacon market. Smart cities projects in emerging economies create enormous opportunities for smart beacon devices. The US, China, India, Japan, and Germany are among other key regions with a significant rise in smart city projects.

By connectivity, the market is segmented into Bluetooth, Wi-Fi, and others such as Ultra-Wideband Technology. The Bluetooth beacon market is estimated to grow at the highest CAGR of 29.0% during the forecast period. Furthermore, the Wi-Fi segment is anticipated to register the second-largest market share during the forecast period. The market is growing significantly owing to the robust installation of Wi-Fi devices across the globe majorly in airports, railway and metro stations, shopping malls, universities, among other domains. By application, the market is segmented into transportation and logistics, retail, public gathering and spaces, healthcare, and others such as manufacturing and banking.

Geographically, the global smart beacon market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. The market in North American market is anticipated to grow at a significant CAGR of 28.8% during the forecast period. The growth of the smart beacon market in the US is majorly due to the presence of major players such as Cisco, HP, and Apple, Inc. These companies are significantly working to make indoor wayfinding easier. Apple has been working to support smart beacons in publicly accessible areas. For instance, the company’s MapKit framework allows embedding maps directly into the own windows and views, which in turn, supports indoor positioning by using smart beacon technology. Europe is estimated to have the second-largest market during the forecast period. The market is forecast to reach around $3.2 billion in 2028 from $529 million in 2021, growing at a CAGR of 27.5% during the forecast period. Countries such as Germany, France, the UK, Spain, Italy, Switzerland, Russia, Denmark, and the Netherlands are contributing significantly to the European market. These economies have a well-developed infrastructure and connectivity of metro, airports, shopping malls, and universities, among others, which are the target market for smart beacons.

The major players of the market include Cisco Systems Inc., Aruba (A Hewlett Packard Enterprise Company), Estimote, Inc., HID Global Corp., Accent Advanced Systems, SLU, and Kontakt Micro-Location Sp. Z.o.o. These market players are actively adopting different market growth strategies such as product launches, mergers, and acquisitions, collaborations, among others, to remain competitive in the market.