Bluetooth Beacon and iBeacon Market Size, Share, Growth, and Global Industry Growth, By Type (iBeacon, Eddystone, and Others), By Application (Retail and Non-Retail), Regional Insights, and Forecast From 2024 To 2031

Updated On: 08 April 2024

BLUETOOTH BEACON AND IBEACON MARKET REPORT OVERVIEW

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The global bluetooth beacon and iBeacon market size is expected to be USD 1146.3 million in 2021 and is projected to touch USD 6582.5 million by 2031, exhibiting a CAGR of 24.3% during the forecast period. 

Bluetooth beacons are a class of low-energy Bluetooth devices that transmits their identifier to a nearby mobile electronic device. This technology allows tablets, smartphones, and other such devices to carry out actions in the beacon’s proximity. Bluetooth beacons use low-energy proximity sensing to transfer an identifier chosen by a compatible operating system or app. iBeacon is an Apple technology standard that allows mobile apps (android and iOS) to listen to signals in the physical world and react to them. It is a Bluetooth low-energy proximity sensing by transferring a unique identifier chosen by an operating system or compatible application. The trigger of a location-based activity, physical location, or customer's track on the device, such as push notifications or social media check-ins, is defined by several bytes and identifiers transmitted along with it.

iBeacon can be used for a system that helps determine the context or approximate location. Beacons are physical devices powered by Bluetooth Low Energy technology, and iBeacon is a way to transfer data. The Bluetooth beacon and iBeacon is a device that constantly transmits signals that other devices such as tablets and smartphones can see.  Bluetooth beacon and iBeacon are used for tracking the location. They can engage in various events when linked with a smartphone. It also helps in locating and finding a way to reach the person.

Covid-19 Impact: Sudden Outbreak Affected Growth of the Industry

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

The pandemic affected all the industries, including automotive, agricultural, services, transport, and others. The outbreak of COVID-19 resulted in the postponement of various business events, including trade exhibitions, product launches, international seminars, and others. Corporate companies adopted the Livestream communication solutions such as Zoom, WebEx, Google Meet, and others to host events involving market growth. The government imposed various laws to control the spread of the virus. To avoid spreading the virus, many industries adopted the remote working policy. The market witnessed a positive impact due to increased demand for conferencing software. 

LATEST TRENDS

"Steady Technological Advancements to Drive Growth in the Market"

Consistent increase in mobile apps entering the proximity solutions, coupled with escalated investments in beacon technology. The new degree of client interaction by introducing customization owing to the changing operations of early adopters is estimated to drive Bluetooth beacon and iBeacon market growth. The market is anticipated to grow due to the revolutionized operations by increasing the engagement of new-level customers through personalization. Additionally, the increasing eminence of the retail industry’s location-based marketing will likely drive market trends. 

BLUETOOTH BEACON AND IBEACON MARKET SEGMENTATION

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• By Type Analysis

By type, the market is segmented into iBeacon, Eddystone, and Others.

Eddystone technology is anticipated to gain maximum market share due to the paradigm shift to Eddystone and its flexibility for connecting across various platforms such as Android and iOS.

• By Application Analysis

Based on application, the market is classified into Retail and Non-Retail.

The retail section is anticipated to snowball due to the Bluetooth beacon retailers with innovative solutions that can track the customer's movement in the store, which is likely to help the retail section become the fastest-growing application.

DRIVING FACTORS

"Rising Integration of Beacons in Devices to Surge Growth"

The escalating beacon integration in various electronic devices such as LED lighting, digital signage, cameras, point of sale (POS), and automatic machines is forecasted to surge the industry's growth. Besides rental applications, beacons are also expected to become a standard product in industrial applications. Moreover, various IT solutions advancements such as the low requirement of power, low cost, and the Internet of Things (IoT) are critical components expected to propel market growth. Furthermore, steady advancement is expected to be the major factor in revolutionizing the business and global sectors, which is estimated to escalate Bluetooth beacon and iBeacon market growth. 

"Various Technological Advancements in Industries to Propel Market Growth"

The use of Bluetooth beacon and iBeacon is growing due to the rising technological advancements in information technology and electronics, which results in market development. Additionally, the escalated number of uses backed by the tags of Bluetooth Low Energy (BLE) is likely to propel market growth.  Increasing penetration across the equipment status and asset tracking observation in high verticals of volume are the major factors expected to surge the development of the market. 

RESTRAINING FACTORS

"Various Security Concerns to Limit the Growth of the Market"

The applications of Bluetooth beacon and iBeacon are expected to face challenges associated with the protocol of specific transmit-only, which has no bidirectional communication between devices. The market growth is expected to witness a limit due to rising safety and security issues, frequency difference, device power, fluctuation in signal accuracy due to changing weather conditions, and polling and temperature intervals. These factors are estimated to hinder the adoption of Bluetooth beacons and iBeacons.

BLUETOOTH BEACON AND IBEACON MARKET REGIONAL INSIGHTS

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"North America to Dominate the Market Owing to Higher Revenue Generation Potential"

North America is forecasted to hold the most significant part of the Bluetooth beacon and iBeacon market share, owing to the region’s revenue generation and growth potential. The region is anticipated to dominate the global market due to the U.S. contribution to the market growth. Additionally, the steady adoption of new technologies is likely to surge growth in the market. 

Asia Pacific is anticipated to show significant growth owing to its potential for technological evolution. China is forecasted to be the major contributor to the market growth due to steady regional development.

KEY INDUSTRY PLAYERS

"Competitors to Emphasize On Portfolio Development to Gain a Competitive Advantage"

Key players in the market are forecasted to adopt various strategies to gain long-term growth in the global market. The key companies also emphasize enhancing their product portfolio by launching new techniques and advancements. Key competitors are expected to focus on gaining mergers, collaborations, and acquisitions to gain significant market growth. Additionally, companies are focusing on developing services to gain more customers in the global market. Moreover, manufacturers are focused on the development of hybrid technology beacons and iBeacon to expand the Bluetooth beacon and iBeacon market share.

List of Market Players Profiled

• Texas Instruments (U.S.)
• Nordic Semiconductor ASA (Norway)
• Silicon Laboratories (U.S.)
• Onyx Beacon (Romania)
• Estimote (U.S.)
• Kontakt Micro-Location (U.S.)
• BlueCats Australia (Australia)
• Gimbal (California)
• Blue Sense Networks (U.K.)
• Accent Advanced Systems (Spain)
• Glimworm Beacons (Netherlands)
• Aruba Networks (U.S.)
• Sensorberg Gmbh (Germany)
• Radius Networks (U.S.)

REPORT COVERAGE

The report gives a close watch on the major factors influencing growth in the market. It also covers the forecast of the market based on its segments, regional analysis, and driving factors. The factors anticipated to affect the market's growth are also included in the report. A study on market essentials offers complete insights into the market. The list of key market players is also mentioned to represent the company’s location and strategies. The report describes the competitive analysis to offer a brief idea about the existing competition.