ALBANY, New York, September 19, 2018 /PRNewswire/ --
The global beacon market is prognosticated in a report by Transparency Market Research (TMR) to find players making strategic merger and acquisition deals and creating tactical partnerships to achieve a position of strength. This could be evidenced by the 2017 partnership deal between Kube Systems and Gimbal. Using this partnership, Gimbal will be providing location-based marketing solutions to the hotel industry. Other leading operating in the global beacon market such as Radius Networks, Inc., Kontakt.io, and Estimote Inc. are also expected to make their presence known.
TMR predicts the global beacon market to log a 16.05% CAGR between 2018 and 2026 to reach a valuation of US$4.9 bn by the final forecast year. In 2016, the global beacon market was worth a US$1.1 bn. Among end-use industry verticals, retail is anticipated to gain a prominent share of the global beacon market. On the geographical front of analysis, North America could rank higher in terms of revenue share. In 2017, its regional beacon market was valued at a US$0.4 bn.
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Adoption of Beacon Technology to Increase with Rise of IoT and Industry 4.0
Benefits such as longer life and increased cost-efficiency are envisaged to create ample of demand in the global beacon market. The growth of the global beacon market could see a rise as a result of the increasing integration of IoT. Retail applications are expected to provide a surge in the growth of the global beacon market. Increasing use of beacon-based solutions in the retail industry could bode well for the global beacon market. Retail companies such as Tesco and Kroger have been employing beacon technology to gain more profit and improve their customer base.
The rise of Industry 4.0 is foreseen to work in the favor of the global beacon market. Furthermore, the rising adoption of proximity marketing could create several opportunities for players operating in the global beacon market.
Consumers Hesitate to Keep Bluetooth Switched on for Using Beacon Devices
The global beacon market is projected to gather pace in the near future. However, there could be a few factors hampering the demand in the global beacon market. For instance, the mandatory requirement of using Bluetooth to make the beacon device work is envisioned to discourage adoption in the global beacon market. Consumers may not necessarily want to keep their Bluetooth switched on all the time for security reasons and because of battery issues in some mobile devices.
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Despite of the shortcoming of the technology, the global beacon market is prophesied to expand on the back of the advantage of improved user experience and rising use of mobile devices. Furthermore, beacon devices could increase to a 565 mn units by the end of 2021, according to a report by Bluetooth Special Interest Group (SIG). The faster growth of the beacon market in Asia Pacific could also give a strong push to its growth in the coming years. In China, iBeacon is largely used in digital billboards installed in shopping malls.
The information presented in this review is based on a TMR report, titled "Beacon Market (End-use Industry - Retail, Advertising, Manufacturing, Transportation and Logistics, and Healthcare; Technology - iBeacon and Eddystone; Component - Hardware and Software) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026."
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The Global Beacon Market has been segmented as presented below:
Global Beacon Market by End-use Industry
- Transportation and Logistics
Global Beacon Market by Technology
Global Beacon Market by Component
Global Beacon Market by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East and Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA
- South America
- Rest of South America
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