Smart Beacon Market Size Expected to Reach $9.7 Billion by 2026
Research Reports
May 26, 2021
Smart Beacon Market size is expected to reach $9.7 billion by 2026, and estimated to grow at a CAGR of 42.1% during the forecast period 2021-2026. The market is estimated to witness substantial growth over the forecast period primarily due to rising demand for digitalization and adaption of smart devices such as smartphones and tablets. Smart beacon detects the locations of devices and perform tracking. For instance when smart device is in beacon’s range, it automatically detects physical location of that device and start tracking it. Business intelligence is other factor boosting the smart beacon market, owing to its advanced technology such as real time tracking is increasing demand for the industry such as transportation and logistics, retails, automotive and other. North America is estimated to play a key role in market growth due to rising adoption.
Smart Beacon Market Segment Analysis – By Type
Eddystone which is developed by Google LLC has four types – Eddystone-UID, Eddystone-URL, Eddystone-TLM, and Eddystone-EID. Eddystone aids in providing more accuracy in performance. Ibeacon launched by Apple Inc., accounted for the largest market share in the global smart beacon market. However eddystone is expected to witness substantial growth in forecasted period 2021 -2026 at a CAGR of 36.7%.
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Smart Beacon Market Segment Analysis – By End User Industry
The Retail segment is projected to grow at a fast rate of 47.4% through 2026 due to rising demand for customer analysis. Tracking a customer’s in-store movement has revolutionized the way retailer’s sale in the market by using smart beacon. To provide better customer experience major retailers such as Lord& Taylor, Timberland, Urban Outfitters and other are using beacon technology. Beacon technology enable to track and attract customers to in-store events, discounts and coupon, with these beacon technology retailers are now able to meet customer needs and creates online-to-in-store experience.
Smart Beacon Market Segment Analysis – By Geography
In 2020, North America hold largest share in smart beacon market with 36.4% share in 2020, followed by APAC which is considered as the fastest growing region in this market due to the growing need for technological advanced marketing platforms and high adoption of beacon technology such as Eddystone in the region. The adoption of beacon in countries like India and Australia have risen which is actively boosting the growth of smart beacon market. Moreover, the presence of key players such as Aruba Networks, Estiomote, Kontakt.io Inc. and others are enhancing the growth of smart beacon market by developing advance beacon technologies. For instance Estimote introduced new generation of Proximity Beacons.
Smart Beacon Market Drivers
Early Adoption of Technology
The growing need for technological advancement in marketing platforms, the concept of smart building and smart cites creates an opportunities for development of smart beacon market. Moreover, the rising demands for digitalization and adoption of smart devices for activities such as tracking and identifying are boosting the market growth. The transportation and logistics industry have increased the adoption of beacons as an alternative of GSM trackers and other devices for tracking and identifying. GSM trackers have high cost of operation and have short life span when compared to smart beacon which is further offering an interactive platform for developing the beacons market.
Increase in advance communication technologies
Rapid development In advance communication technology is the key driver for smart beacon market. Bluetooth Low Energy, Wi-Fi, IoT and other are rapidly advancing in technology and is expected to propel the smart beacon market, especially Eddystone based devices. Increase in demand for Bluetooth Low Energy enabled device with Bluetooth 4, 5, 5.5 technologies is further expected to promote beacon market. Increase in use of smartphone around the world is promoting beacons with wi fi technology which enables better experience.
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Smart Beacon Market Challenges
Management of Beacons
The maximum range provided in beacons is not enough, for broadcasting signals over the large scale. Smart beacons are required to be monitored through centralized system as the beacons cannot connect to the network by themselves it draws up significant task. When beacons disappear one should investigate physically or analyze beacon detection data offline, but when it comes to large number of beacons it creates a huge task.
Smart Beacon Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Smart Beacon market. The Smart Beacon market is dominated by the major players – , Leantegra Inc., Kontakt.io Inc., Fujitsu Components Ltd, Gimbal Inc., HID Global Corporation, Cisco Systems Inc., Accent Systems, Onyx Beacon, Beaconinside, Sensoro, Estimote, JAALEE Technology.
Acquisitions/Technology Launches
In March 2019 Estiomote has launched new generation of Proximity Beacons that comes with many hardware and software innovations such as Bluetooth 5 chip, Long-lasting batteries, Temperature sensing, RGB-color LED for configuration feedback and AR VLC and more.
In January 2019 Kontakt.io introduced first button-equipped Bracelet Tag BT18-3. This tracking device provides real-time location to ensure the continuous safety and security of the user.
Key Takeaways
In 2020, the smart beacon Market was dominated by North America owing to increasing business intelligence, digitalization and so on.
Smart Beacons enable smart devices to connect when it is in the beacons range, it works on Bluetooth connectivity as make it easy to recognize the devices and perform tracking and identifying.
Logistics and transportation industries are increasing the adoption of smart beacon as an alternative of GSM trackers as it has high cost of operation and has short span compared to smart beacon.
APAC is expected to have fastest growth in the global smart beacon market, due to the growing need for technological advanced marketing platforms and high adoption of beacon technology.
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