The global smart beacon market size was valued at USD 4562.05 million in 2022. It is projected to reach USD 48714.26 million by 2031, growing at a CAGR of 30.1% during the forecast period (2022-2030).
A smart beacon, also known as bluetooth low energy beacon, uses bluetooth technology to repeatedly transmit signals in close proximities. Depending upon the distance of the device, different types of notifications can be sent using smart beacons. Smart beacons are indoor positioning systems that interact with a customer’s smartphone to determine its position, thereby allowing mobile apps to understand a consumer’s market position on a micro-local scale, and deliver contextual content. Companies involved in the micro-location and mobile proximity industry are looking to provide more & more accurate and profound data analytics for marketing purposes. Many IoT applications in large industries such as retail and warehousing are using smart beacons on a daily basis.
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According to kontakt.io,
Increasing adoption of smart phone devices and intensifying focus on business intelligence collectively drive the demand for smart beacons, which are continuously used to generate special data for use in analytics.
The growing trend of smart buildings and smart cities presents tremendous opportunities for the smart beacon market. Smart cities need gadgets that are capcble of communicatings and generating data, which is automatically managed, utilized, and sent back. Smart cities required an ecosystem and smart beacons help in the creation of such ecosystems. According to kontakt.io, there are over 8.2 billion Bluetooth-equipped devices in the world. Bluetooths’ high efficiency, incredible penetration rate and increased capabilities help connect millions of things in smart cities.
On the other hand, security and privacy concerns and restricted sensing capabilities may hinder market growth in years to come. Offerinh better antennas and increasing signal distance are some of the challenges prevalent in the smart beacon market.
The global smart beacon market has been segmented on the basis of standard, connectivity type, offering, end use and region. On the basis of offering, the market has been segmented into hardware, software, and services. On the basis of end use, the market has been segmented into retail, transportation & logistics, and public gathering & spaces.
Geographically, the global smart beacon market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
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Europe holds the largest share in the global smart beacon market, due to the growing need for technologically-advanced marketing platforms and early adoption of beacon technology in the region. Additionally, the presence of industry leaders in the region further fuels the demand for smart beacon technology
North America has been experiencing strong growth in the smart beacon market, due to the high adoption rate of this technology.
Asia Pacific is also slated to witness healthy growth in the smart beacon technology market, owing to the extensive penetration of the Internet, increasing demand for wireless technology, and adoption of smart devices in the region. On the other hand, Latin America and the Middle East & Africa (LAMEA) hold the least share in the smart beacon technology market, globally
Some of the key players in the global market are
|Market Size||USD in 48714.26 million By 2030|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
|Segments Covered||by Connectivity Type, Beacon Standard (iBeacon, Eddystone), End Use, Offering (Hardware, Software, Service)|
|Geographies Covered||North America, Europe, Asia-Pacific, LAME and Rest of the World|
|Key Companies Profiled/Vendors||Estimote (U.S.), Bluvision (An HID Global Company) (U.S.), Onyx Beacon (Romania), Leantegra (U.S.), Aruba (A Hewlett Packard Enterprise Company) (U.S.), Kontakt.io (Poland), Cisco (U.S.), Gimbal (U.S.), Accent Systems (Spain), Swirl Networks (U.S.), Sensoro (U.S.) and JAALEE Technology (China).,|
|Key Market Opportunities||Growing Prevalence Of Technology Industry Helps To Grow Smart Beacon Market Share|
Growing demand for IoT technology has been presenting opportunities for smart beacon technology. In May 2018, Estimote launched next-generation proximity beacons with various hardware and software improvements such as long lasting batteries, Bluetooth 5 chip and planet friendly enclosures.
This report offers key insights pertaining to the smart beacon technology market with emphasis on recent developments across geographies and development strategies adopted by prominent market participants. The following sections have specifically been covered in the report.