| Status : Published | Published On : Aug, 2021 | Report Code : VRICT5147 | Industry : ICT & Media | Available Format :
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Page : 201 |
Global Beacon Technology Market – Analysis and Forecast (2021-2027)
Industry Insights by Deployment Model (Cloud, On-Premise), by Platform (iBeacon, AltBeacon, Eddystone), by Application (Travel, Tourism and Hospitality, Real-Estate, Retail, Healthcare, Education, Financial Institutions), by Technology (Wi-Fi, Combined Technologies, BLE, Ultrasound)
Industry Overview
The global beacon technology market was valued at USD 1.9 billion in 2020 and is expected to reach USD 16.8 billion by 2027, growing at a CAGR of 38.0% during 2021-2027. The beacon technology industry is anticipated to experience substantial growth during the forecast period, owing to the various industry verticals using wide-ranging technology in various industry verticals consisting of education, retail, healthcare and hospitality.
The healthcare industry is experiencing numerous applications with the help of Bluetooth-enabled technologies in order to enhance the standards of healthcare facilities that are being rendered to patients. The beacons offer important data to users for instance navigating the patients to the hospitals and discovering medications to enhance the hospital efficiency that is anticipated to enhance the patient’s satisfaction. In addition, the advancement in the growth of the Internet of Things is up surging the market development. This technology helps beacons to collect data, allowing them to connect with various devices and enable searches based on location.
Market Segmentation
Insight by Deployment Model
On the basis of deployment model, the beacon technology is bifurcated into on-premise and cloud. Between these, cloud-based beacon technology is anticipated to witness faster growth during the forecast period owing to the growing adoption of cloud-based networks that help in eliminating high expenses linked with overlay networks as well as the complex operation and installation processes of these cloud networks. These cloud-based networks help in determining the marketing & engagement, exact location, and are best alternatives for beacons that are powered by battery. The scalability and simplicity of this technology is a major factor which is booting the necessity for cloud-based platforms.
Insight by Platform
Based on platform, the global beacon technology market is categorized into iBeacon, AltBeacon, Eddystone. The AltBeacon sector is predicted to witness fastest growth throughout the estimated period. This is mainly because of its interoperable and open nature for proximity beacons. Additionally, the features of AltBeacon are an ideal choice for creating an extremely competitive market for the implementation of proximity beacons. This technology includes more space for delivery of data than iBeacon, hence it delivers more data over a single message for its users. These factors are expected to boost the necessity for AltBeacon platforms among the other industry segments.
Insight by Application
On the basis of application, the market is subdivided into travel, tourism & hospitality, real-estate, retail, healthcare, education, and financial institutions. The education segment is projected to witness fastest growth in the market during the forecast period, owing to the growing applications of BYOD in schools, classrooms, and universities all across the world in order to enhance the quality, accessibility, and to deliver better education for the students. This is a technology that offers contextual learning practice to students. In order to improve in-class practice, this technology might be used for recording the attendance with the help of check-ins by using beacons rather than manually counting the students. Moreover, it can be used to develop a localized warning system for providing safety alarms. For example, if any natural disaster occurs, officials can inform people with the help of such alarms to evacuate.
Industry Dynamics
Industry Trends
IoT and device automation are two major trends driving the Beacon Technology Market in current phase. The growing adoption of autonomous vehicles with enhanced features promotes the use of different sensors including position sensor in the automotive industry.
Growth Drivers
Beacon technology offers various benefits to venders that are trying to grab consumer attention, which is acting as a major driver for the growth of beacon technology market. For instance, if beacon technology offers consumer demographics such as the age, gender, and buying patterns of a customer, a vender can promptly use that data to send customized messages for the promotion of a product that they feel the customer is interested in buying. This technology builds engagement among the consumer and vendors, and gives rewards to consumers that choose to buy. Moreover, it helps in building customer loyalty and trust. Additionally, this technology is equipped with features such as data generation, employee & asset monitoring, resource optimization, and others which are augmenting the acceptance of beacon technology amongst numerous industrial sectors. Furthermore, due to increase in organized retail such as hypermarkets, departmental stores, supermarkets, and discounters, the demand for beacon technology is anticipated to increase in the upcoming years. This is mainly because of the features of this technology that helps in making organized retail stores smarter.
Challenges
Beacon technology has revolutionized the traditional techniques of marketing with the help of proximity marketing. In this technique, the potential customers are targeted using custom-made advertisements depending on the customer location. However, concerns related to security and accessibility of data from Bluetooth networks and Internet of Things (IoT) are hampering the growth of the market. Moreover, the surge in the menace of cybercriminals targeting companies by means of IoT devices is estimated to restrict the growth of the beacon market during the estimated period.
Opportunities
Growing disposable income, enhanced standard of living of people, advent of consumerism, technological influence, and emergence of foreign merchants is boosting the growth of organized retail sector. When a consumer with smartphone comes in proximity of the beacon installed in a retail store, the beacon releases radio signals to trace the customer and updates information with the associated retail app. Additionally, depending on the position and movement of the buyer inside or nearby the store, the vendor can send customized messages including offers & discounts on products, available brands on customer choice, new arrivals based on earlier buying history, and others. Hence, this technology helps in making the overall buying journey enjoyable by offering easy access to products. Therefore, the growth of the organized retail sector is anticipated to offer various growth opportunity to the beacon technology market.
Geographic Overview
Geographically, the global beacon technology market is segmented into North America, Europe, APAC, LAMEA. North America has led the beacon technology market, due to several smart city initiatives undertaken on a large-scale in this region along with the rising usage of BLE technology in various sectors. In addition to this, the Asia-Pacific region is expected to witness the fastest growth in the global beacon technology market during the forecast period. This growth is majorly due to the growing disposable incomes in this region along with many initiatives taken by the people towards smart homes and smart cities.
Competitive Insight
Key players in the in the Beacon Technology Market are regularly focusing on new product development and existing product enhancement to sustain and grow in the market. Further, merger & acquisition are other key strategies adopted by the players in the ecosystem. For example, in June 2016, Gimbal joined hands with Health Media Network (HMN) in order to develop the largest and the first proximity beacon network for the healthcare sectors in the U.S. as per the agreement signed by both the organizations, Gimbal’s beacon is supposed to supply custom-made mobile messages to target customers within Network’s countrywide offices.
The prominant players functioning in the beacon technology market are Kontakt.io, Apple Inc., Glimworm Beacons, Google Inc., Madison Beacons, Qualcomm Inc., RECO, blueSense Networks, Gimbal, Swirl, Estimote Inc., BlueCat’s, Onyx Beacon, Beaconinside, Cisco Systems Inc., and Accent Systems.
Forecast Parameters
- - Identifying variables and establishing market impact.
- - Establishing market trends regionally.
- - Analyzing opportunities and market penetration rates by understanding product commercialization, regional expansion.
- - Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
- - Analyzing sustainability strategies adhered by market participants in an attempt to determine future course of the market.
- - Analyzing historical market trends and super-imposing them on the current and future variables to determine year-on-year trend.
- - Understanding adoption, production, export, import and regulatory framework.
Data Validation
- - Estimated and forecasted data was validated through industry experts.
- - Apart from industry experts, data triangulation methods were used for validation.
- - Bottom up and top down approach has been used for estimation and forecast of market data, whereas top down approach was used for validation.
- - Demand, as well as supply-side surveys, were conducted in order to understand the industry dynamics and data validation.
Primary Research
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behaviour.
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Source: VynZ Research
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Source: VynZ Research
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Beacon Technology Market