Global Beacon Technology Market Anticipated to Reach $10.2 Billion by 2024, Rising at a CAGR of 45.5% During 2019-2024
DUBLIN, Oct. 31, 2019 /PRNewswire/ -- The "Global Beacon Technology Market, By Component (Software and Hardware), By Technology, By Connectivity Type, By Application, By Region, Competition, Forecast & Opportunities, 2024" report has been added to ResearchAndMarkets.com's offering.
The Global Beacon Technology market stood at $1.17 billion in 2018 and is projected to grow at a CAGR of 45.5% during 2019-2024 to reach $10.2 billion by 2024, on account of increasing demand for technology as it can assist marketers in building and optimizing their strategies.
Beacons are small, inexpensive wireless transmitters, which use low-energy Bluetooth technology to send signals to nearby compatible smart devices. The technology has been around for few years and is expanding to various verticals, such as retail and healthcare, among others at a rapid pace. Beacon technology is based on taking the advantage of physical location and proximity for the transfer of signals. Moreover, increasing proliferation of smartphones and surging demand for location-based marketing solutions is expected to drive the market through 2024.
The Beacon Technology Market can be segmented based on component, technology, connectivity, application and region.
On the basis of technology, the market can be segmented into iBeacon, Eddystone and Others. In 2018, iBeacon dominated the market and the trend is anticipated to continue in the forthcoming years, as Apple was the first company to introduce a beacon standard, which received rapid adoption by companies. Vendors operating in the market are adopting technology to develop beacon. Moreover, beacon technology can be deployed on-premise and on cloud, which is promoting the growth of the technology.
In terms of connectivity type, the market can be segmented into BLE, Wi-Fi and others. BLE or Bluetooth low-energy is anticipated to witness extensive adoption, as it is inexpensive when compared with the prices of Wi-Fi and other location-based technologies such as GPS.
Beacon technology is at a nascent stage and expanding to various verticals. The technology finds application in retail, transportation and logistics, healthcare, logistics, automotive, sports, among others. Retail and transportation & logistics are the major segments in the market, on account of extensive adoption of beacon technology in these sectors for implementing proximity marketing campaigns.
Regionally, the market for beacon technology is gaining traction and expanding to various regions including Asia-Pacific, North America, Europe and CIS, South America and Middle East & Africa. Owing to the early adoption of technology and presence of major players in the region, North America is expected to acquire the majority share during the forecast period. Moreover, major US retailers such as Target and Walmart have started implementing beacons in retail stores.
Some of the major players operating in the Global Beacon Technology Market include Qualcomm Inc., Cisco Systems Inc., Samsung Electronics Co. Ltd., Apple Inc., Aruba Networks, Inc, Estimote, Inc., Kontakt.io, Accent Advanced Systems SL, Onyx Beacon, Blue Sense Networks Ltd. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market.
Other competitive strategies include mergers & acquisitions and new product developments. Apple is among the key providers of the beacon technology, however, companies such as Kontakt.io and Estimote Inc are developing innovative beacons, so as to register positive growth in the market.
Years Considered
- Historical Years: 2014-2017
- Base Year: 2018
- Estimated Year: 2019
- Forecast Period: 2020-2024
Objective of the Study
- To analyze and forecast the Global Beacon Technology Market size.
- To classify and forecast the Global Beacon Technology Market based on component, technology, connectivity type, application and regional distribution.
- To identify drivers and challenges for the Global Beacon Technology Market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the Global Beacon Technology Market.
- To identify and analyze the profile of leading players operating in the Global Beacon Technology Market.
Key Topics Covered
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer
4.1. Challenges Faced in Adopting Beacon Technology
4.2. Key Factors Driving Adoption of Beacon Technology
4.3. Most Preferred Broadcast Range
4.4. Major Benefits of Installing a Beacon
5. Global Beacon Technology Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Component (Software and Hardware)
5.2.2. By Technology (iBeacon, Eddystone, and Others)
5.2.3. By Connectivity Type (BLE, Wi-Fi, and Others)
5.2.4. By Application (Retail, Transportation & Logistics, Healthcare, BFSI, Automotive, Sports, and Others)
5.2.5. By Region (North America; Europe; Asia Pacific; South America and Middle East & Africa)
5.2.6. By Company (2018)
5.3. Market Attractiveness Index
6. North America Beacon Technology Market Outlook
7. Europe Beacon Technology Market Outlook
8. Asia-Pacific Beacon Technology Market Outlook
9. Middle East & Africa Beacon Technology Market Outlook
10. South America Beacon Technology Market Outlook
11. Market Dynamics
11.1. Drivers
11.2. Challenges
12. Market Trends & Developments
13. Competitive Landscape
13.1. Company Profiles
13.1.1. Qualcomm Inc.
13.1.2. Cisco Systems Inc.
13.1.3. Samsung Electronics Co. Ltd.
13.1.4. Apple Inc.
13.1.5. Hewlett-Packard Enterprise
13.1.6. Estimote Inc.
13.1.7. Kontakt.io
13.1.8. Leantegra Inc.
13.1.9. Bluvision Inc.
13.1.10. Accent Systems
14. Strategic Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/aojbgr
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