Beacon Technology Market Size, Share, Growth, and Industry Analysis, By Type (BLE, Wi-Fi, Ultrasound, Combined Technologies and Others), By Application (Retail, Travel, Tourism and Hospitality, Healthcare, Financial Institutions, Real-estate, Education and Others), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

Beacon Technology Market Report Overview

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The global beacon technology market size was USD 1211.5 Million in 2021 and is projected to touch USD 12397.92 Million by 2031, exhibiting a CAGR of 25.8% during the forecast period.

Beacons are wireless transmitters that communicate with other smart devices using low-energy Bluetooth technology. One of the most recent developments in proximity marketing and location technology is the use of beacons. Beacons are basic devices with only three parts: batteries, radio, and CPU (central processing unit). There are various types of beacons available in the global market, such as iBeacons or Eddystone beacons. These highly advanced beacons connect and transmit data to smart devices, making location-based interaction and searching more accurate and easier.The introduction of beacon innovation has changed how users conduct their business by enhancing client interaction through personalisation. The growing importance of location-based marketing in the retail industry can be credited with the growth potential. For physical shops, it has become essential to combine the benefits of a historical background in physical commerce with an advanced biological community. Additionally, interest in local agreements is growing, which lowers the expenses associated with promoting and advertising them.

COVID-19 Impact: The COVID-19 Underlying Condition Upsurged the Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the beacon technology market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The rise in CAGR is a byproduct of the beacon technology market growth and demand returning to pre-pandemic levels once the pandemic is over.

The COVID-19 virus has spread to a number of countries since December 2019. Network security has always been a dynamic field. We couldn't expect anything less with such a big shift to remote labour imposed by Covid-19. Network security is critical for any serious organization, and network security requirements for remote workers differ from those for on-site employees. But the truth is more complex. This seismic shift is being driven not only by technological requirements, but also by a shift in our cultural perception of data privacy. In addition to the work from home arena has positively affected the beacon technology market share.

 LATEST TRENDS

"The Disaster Notification System to Boost Market Growth"

Using smartphone-based beacons, researchers have created a secure catastrophe alerting system. Globally, the frequency of disasters has been dramatically rising. Beacon technology plays a significant role in catastrophe prevention and management by helping the Internet of Things (IoT) identify disasters in their early phases. Furthermore, D-SASS (Disaster Secure Alarm Service System) uses beacons primarily to offer users' safety and notification services to the area affected by disasters. This technique lessens the incidence of false alerts while simultaneously giving first-responders more trustworthy and important information. UAVs (Unmanned Aerial Vehicles) and beacons could also be used for monitoring and emergency response procedures. Furthermore, it is projected that the versatility of beacons would open up a wide range of potential for the development of beacon technology on a global scale.

Beacon Technology Market Segmentation

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• By Type

Based on type the beacon technology market is classified as BLE, Wi-Fi, ultrasound, combined technologies and others.

• By Application

Based on application the beacon technology market is classified as retail, travel, tourism and hospitality, healthcare, financial institutions, real-estate, education  and others.

DRIVING FACTORS

"The Utilization of the Technology in Healthcare Industry to Attract the Market Share"

With the aid of Bluetooth-enabled technology, the healthcare sector is seeing a wide range of applications that aim to raise the calibre of healthcare services provided to patients. The beacons provide users with crucial information, such as directions for getting patients to hospitals and finding prescriptions to improve hospital efficiency, which is expected to increase patient satisfaction. Additionally, the market development is accelerating due to the advent of the Internet of Things. Beacons can connect to numerous devices and gather data with the use of this technology, enabling location-based searches.

"Responsive Penetration of IoT in Various Fields to Witness Surplus Growth in Market"

Over the course of the projection period, it is anticipated that the market will rise at a faster rate due to the vastly increased adoption of modern communication technologies in industries like education, retail, healthcare, and hospitality. Election campaigning is changing as a result of beacons, and this is expected to have a positive impact on the worldwide beacon technology market growth. This tool has also been used in elections in India and Nigeria to target similar audiences based on age, affinity, consumer behaviour, location, and gender. Additionally, it is anticipated that the market for beacon technology would expand due to the global adoption of the Internet of Things (IoT). Because they are inexpensive, clearly successful, and simple to use, beacon technology is also very important in the retail and marketing sectors.

RESTRAINING FACTORS

"Data Security Concerns to Restrain the Market from Product Utilization"

With the use of proximity marketing, beacon technology has completely changed the way that traditional marketing strategies are used. By deploying tailored adverts that take into account the customer's location, this strategy targets potential customers. The market is growing, but issues with security and accessibility of data from Bluetooth networks and the Internet of Things (IoT) are impeding that expansion. Additionally, it is predicted that during the predicted period, the threat of cybercriminals using IoT devices to target businesses would increase, posing a challenge to the market's expansion.

Beacon Technology Market Regional Insights

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"The North American region to Lead the Market With Presence of Major Security Vendor"

The widespread acceptance of the innovation in the region, notably in the retail sector, suggests that North American region will dominate the beacon technology market over the projection period. enormous scale Beacons are being used by American merchants like Walmart and Target to beam information about their items, store maps, coupons, and promotions to their mobile applications from a variety of retail locations. Beacons have emerged as the go-to technology for enabling a rich digital shopping experience for their customers as local traditional merchants become more adept at employing innovation to compete with e-commerce retail models.

KEY INDUSTRY PLAYERS

"Prominent Manufacturers to Contribute Towards Expansion of Market"

The report is an extensive research which presents the historic and futuristic performance of industry with competitive landscape analysis which incorporates prominent key players ,and revenue trends of industry. The report provides substantial analysis of company profiling, growth insights, supply-demand chain, production and consumption demand, business expansion strategies adopted by top key players. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and other factors.

List of Market Players Profiled

• Accent Systems (Spain)
• Apple (U.S.A)
• Beaconinside (Canada)
• BlueCats (Canada)
• Estimote (U.S.A)
• Gimbal (U.S.A)
• Glimworm Beacons (Nethelands)
• Google (U.S.A)
• Texas Instruments (U.S.A).

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the segmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Analysis of sales, the impact of the market players,  recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.