Smart Beacon Market 2023 – 2030 By End Use (Retail, Hospitality, Transportation & Logistics, Healthcare, BFSI, Education, and Others), Standard Type (iBeacon, Eddystone, and Others), Connectivity (Bluetooth Low Energy [BLE], Wi-Fi, and Hybrid), Offering (Hardware, Software, and Services), and - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Industry : Information Technology | Pages : 173 Pages | Published On : Jul 2023
The Global Smart Beacon Market is projected to achieve a market size of $103.94 billion by 2030, growing at a compound annual growth rate (CAGR) of 37.70% from 2023 to 2030. Smart beacons, which are small and cost-effective devices using micro-location-based technology, can transmit radio frequency signals and notify nearby Bluetooth devices of their presence while relaying information.
The COVID-19 pandemic has had a negative impact on the Hospitality and Education industry. These industries have faced challenges due to the pandemic.
By capturing beacon signals with smartphones or other mobile devices, the distance can be estimated based on the received signal strength (RSSI). The strength of the signals increases as the receptive devices get closer to the beacons. Notably, beacons are commonly used in trade and economic sectors to enhance the shopping experience, provide improved services, and potentially boost sales. The adoption of smart beacon technology has proven to be a revolutionary and innovative development in recent times.
Various industries such as retail, transit systems, enterprises, educational institutions, event organizers, finance, and travel have begun utilizing beacon solutions to track and communicate with potential and existing customers. By installing beacons on shop walls, event locations, or public spaces, businesses can easily communicate with corresponding smartphone apps and accurately determine the current location of individuals. This enables retailers and event organizers to deliver targeted and personalized communications based on customer proximity.
During the forecast period, the global smart beacon market is poised for substantial growth. This growth can be attributed to factors such as advancements in communication technologies, increased investments in proximity marketing, and the growing adoption of smart devices. Proximity marketing aims to target potential customers with personalized advertisements based on their location, thereby enticing them to make a purchase.
In recent years, proximity marketing has attracted significant investment due to various factors, including its potential for successful sales, improved customer relationships, enhanced personalized experiences, and its real-time and cost-effective nature compared to traditional marketing methods. Additionally, the increasing penetration of mobile devices is driving the growth of proximity marketing.
However, the lack of technological resources and concerns regarding privacy and security act as major obstacles to the growth of the global smart beacon market. On the other hand, the rise of the organized retail industry presents opportunities for the smart beacon industry. Factors such as increased disposable income, improved living standards, the rise of consumerism, technological advancements, and the entry of foreign retailers contribute to the growth of the organized retail sector. This, in turn, fuels the demand for beacon technology in organized retail stores such as supermarkets, departmental stores, hypermarkets, and discounters, making them smarter.
In terms of segmentation, the smart beacon market is categorized based on standard type, connectivity, offering, end use, and region. Standard types include iBeacon, Eddystone, and others. Connectivity options comprise Bluetooth low energy (BLE), Wi-Fi, and hybrid. The market is further divided into hardware, software, and services in terms of offerings, with the hardware segment consisting of standard beacons, sticker beacons, and card beacons. The end-use sectors encompass retail, hospitality, transportation and logistics, healthcare, BFSI (Banking, Financial Services, and Insurance), education, and others.
The analysis of smart beacon market trends is conducted across different regions, namely North America (including the U.S., Canada, and Mexico), Europe (covering Germany, the UK, France, Italy, and the rest of Europe), Asia-Pacific (including China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Currently, North America dominates the market due to widespread adoption of smart beacon technology across various verticals, particularly in the retail sector, supported by the high penetration of mobile devices.
Several key factors significantly impact the growth of the smart beacon market. These include advancements in communication technologies, substantial investments in proximity marketing, and the increasing adoption of smart devices. However, market growth is constrained by the lack of technological resources and concerns regarding privacy and security. On the other hand, the rise of the organized retail industry presents lucrative opportunities for the market. Therefore, these factors are expected to have a definite impact on the global smart beacon industry during the forecast period.
The report also includes a competitive analysis and profiles of major market players, such as Fujitsu Components Ltd. (Japan), Radius Networks (U.S.), Kontakt.io (U.S.), Cisco System (U.S.), Estimote (U.S.), Leantegra Inc. (U.S.), JAALEE Technology (China), HID Global (U.S.), Accent Systems (Spain), and Sensoro Co. Ltd. (China). These key players have adopted various strategies, including expanding their product portfolios, engaging in mergers and acquisitions, forming agreements, expanding geographically, and collaborating with others, in order to increase their market penetration and strengthen their position in the industry.
COVID-19 Impact Analysis
The global economy has been significantly affected by the COVID-19 pandemic, leading to restrictions on workforce and travel, disruptions in supply chains and production, and reduced demand and spending across multiple sectors. This sudden decline in infrastructure development is expected to hinder market growth for the retail, transportation, education, and hospitality sectors.
The smart beacon market has experienced a decline in its growth rate due to delayed development projects, resulting in a substantial impact. However, there has been an increased demand for smart beacons from the healthcare industry during the pandemic. Additionally, numerous market players have been investing in research and development of smart beacon technology worldwide. As a result, the smart beacon market size is anticipated to gain momentum by the end of 2023.
The COVID-19 outbreak has had both positive and negative effects on major businesses worldwide, disrupting production cycles and supply chains across industries. The retail industry, in particular, has faced significant challenges in overcoming the pandemic, as the number of infections continues to rise, with many regions experiencing a second wave.
The decrease in production by original equipment manufacturers (OEMs) and the reduced demand for smart beacons and other smart devices have slightly impacted the smart beacon market. However, as vaccines are being rolled out globally and the pandemic situation improves, especially in North America and Europe, the recovery of the smart beacon market is expected to receive a boost.
Key Benefits for Stakeholders:
• This study provides an analytical overview of the global smart beacon market outlook, including current trends and future estimations to identify potential investment opportunities.
• The analysis helps stakeholders understand profitable trends and gain a stronger foothold in the market.
• The report presents information on key drivers, restraints, and opportunities in the smart beacon market, along with a detailed impact analysis.
• The current smart beacon market forecast is quantitatively analyzed from 2020 to 2030 to assess financial competency.
• Porter's five forces analysis showcases the power of buyers and the market share of key vendors in the smart beacon market.
• The report includes market trends and the revenue share of key vendors.
Smart Beacon Market Key Segments
By Standard Type
• Bluetooth Low Energy (BLE)
o Standard Beacon
o Sticker Beacon
o Card Beacon
By End Use
• Transportation & Logistics
• North America
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
o Latin America
o Middle East
Key Market Players
• Fujitsu Components Ltd.
• Radius Networks
• Cisco System
• JAALEE Technology
• HID Global
• Accent Systems
• Sensoro Co. Ltd.
Table and Figures
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