The report titled “Global Smart Beacon Market” assesses the smart beacon market globally based on components, standards, connectivity type, end-use, and region. A comprehensive report provides a detailed historical and future market size with market share analysis. RationalStat provides market size, product mix, Covid-19 impact analysis, competition analysis, market strategies, and potential growth areas for the target players evaluated in the global smart beacon market study.
Market Overview and Dynamics: The use of Smart Beacons by various industries is expected to fuel the growth of the Global Smart Beacon Market
The global smart beacon market is expected to grow at a CAGR of around 34.3% during the forecast period of 2022-2028. The constantly increasing smartphone penetration across the globe is anticipated to fuel the market demand for smart beacons in the upcoming years. Moreover, the growth of the automotive sector is expected to contribute to this growth.
- For instance, in 2019, Amazon incurred the use of technology to determine foot traffic by anonymously tracking attendees at one of the Amazon web services conferences.
Moreover, growing capital expenditures on research and developmental activities coupled with the expansion of end-use verticals are anticipated to drive market growth in the forecast period. Besides, the prominent factors that influence the growth of smart beacons are an increase in advanced communication technologies coupled with a rise in the adoption of smart devices.
Furthermore, the market is likely to benefit from the growth of the organized retailing industry. As a result, these factors are projected to have a significant impact on the growth of the smart beacon industry throughout the forecast period.
However, the shortage of technological resources for the execution of smart beacons and concerns about privacy and security are some of the reasons hampering the growth of the global smart beacon market. On the contrary, an upsurge in investments in proximity marketing is expected to drive the demand for smart beacons in the forthcoming years.
- 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 is the result of 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.
Competition Analysis: 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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