Enjoy complimentary customisation on priority with our Enterprise License!
The Global Beacon Market size is estimated to grow at a CAGR of 58.12% between 2022 and 2027. The beacon market size is forecast to increase by USD 31,347.89 million. The growth of the market depends on several factors, including augmented adoption of beacon technology by diversified end users, benefits of proximity beacon marketing, and increasing adoption of premium smartphones in emerging economies.
This beacon market report extensively covers market segmentation by type (iBeacon, Eddystone, and others), end-user (retail, healthcare, BFSI, and transportation, and others), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, Request Free Sample
The augmented adoption of beacon technology by diversified end users is notably driving the market growth, although factors such as inaccuracy in signals and location-based search results may impede the market growth. Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Augmented adoption of beacon technology by diversified end users is the key factor driving the growth of the market. Beacons are increasingly being used in various end-user industries such as retail, hospitals, medical facilities, banks and museums. For example, retailers have installed beacon devices in their stores to improve the customer experience. As a customer enters or approaches the store, the beacon emits radio signals to locate the consumer and update the associated merchant's information in the app. These devices help retailers identify customers based on their interests, location, and potential.
For example, Meadowhall Shopping Centre in Sheffield, UK, uses beacon technology to provide discounts, offers, freebies, and prize giveaways for its Ladies Night event. The above-mentioned advantages of beacons make them highly advantageous for retailers. Hence, the increasing adoption of beacons by the retail industry is expected to increase significantly during the forecast period.
The adoption of beacons in logistics and transportation is the primary trend in the market. Beacon technology is used in the logistics and transportation industry to improve the customer and end-user experience. In logistics, shipments arrive at various warehouses and distribution channels and are shipped. They move via different modes of transport such as trucks, rail cars, and cargo planes to get around. Therefore, it becomes difficult to track these shipments when they are transported by different routes. This tracking problem can be overcome by placing a BLE-enabled sensor on each shipment. This can be detected by beacons placed at each junction in the supply chain.
Moreover, in transportation, beacons are installed at airports and on trains and buses, mainly to help navigate information on timetables and guidance to passengers. It also helps drivers to locate places available nearby for parking and to keep themselves informed about transit updates. For instance, beacons installed at bus stations/stops notify passengers whenever a bus approaches the bus station or stops. Thus, the increasing adoption of beacons in the logistics and transportation industry is expected to support the growth of the market during the forecast period.
Inaccuracy in signals and location-based search results are major challenges to the growth of the global beacon market. Signals emitted by BLE beacons can be absorbed by structures such as large buildings and bridges. Since Bluetooth signals, unlike Wi-Fi, are easily jammed by physical objects, this leads to signal interference and jitter, ultimately causing data stability issues triggered by beacons. Also, the real-time information provided by location-based search providers must be highly accurate and reliable. The accuracy of real-time location-based search results is measured by the relevance of the information provided by search providers.
However, due to the scarcity of regional service providers, location-based search providers are unable to provide accurate data. For instance, the search result for a restaurant, hospital, or museum may display a location that is incorrect. Even leading location-based search and advertising service providers, such as Foursquare Labs Inc., face accuracy issues in terms of providing the exact location of the point of interest. Thus, the lack of accuracy in location-based search results is a major challenge for the market, which will affect the growth of the market during the forecast period.
The market share growth by the iBeacon segment will be significant during the forecast period. Apple Inc. introduced iBeacon in 2013 at the Worldwide Developer Conference in San Francisco. iBeacon is used to provide location-based services and information to iPhones and other iOS and Android devices using BLE wireless technology.
Get a glance at the market contribution of various segments View the PDF Sample
The iBeacon segment was valued at USD 1,002.44 million in 2017 and continued to grow until 2021. iBeacons contain combinations of numbers and letters divided into specific groups. Each beacon has a unique code and the mobile application only activates when it sees data related to that beacon. Additionally, iBeacons are used by a variety of end users such as retail, hotels and hospitality, airports, hospitals and healthcare, banks, and museums. Therefore, growing demand for iBeacons from various industries for business growth increased customer loyalty and a better understanding of customers which will boost the growth of the global beacon market during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America is anticipated to account for the largest share of the global beacon market during the forecast period. This is due to the presence of established vendors such as Estimote Inc., Gimbal, Inc., and Radius Networks Inc. in the region, especially in Canada and the United States. Additionally, North America has seen an increase in beacon adoption due to technological advances introduced by incumbent providers in the region. Therefore, beacon innovations from established vendors will have a positive impact on the North American beacon market during the forecast period.
In 2020, the outbreak of COVID-19 adversely impacted the growth of the market in the region. However, in 2021, the initiation of large-scale vaccination drives led to a decline in the number of COVID-19 cases. This has resulted in the lifting of lockdown and transport restrictions, which has increased the daily activity of people in normal life. These factors will drive the growth of the regional beacon market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Beacon Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Blesh - The company offers data analytics platforms, IOT solutions, location intelligence platform apps, and Blesh SDK. Also, the offerings of the company include a smart key fob as a beacon itself, as it works with Bluetooth Smart aka Bluetooth Low Energy.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The beacon market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Beacon Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 58.12% |
Market growth 2023-2027 |
USD 31,347.89 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
53.8 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 38% |
Key countries |
US, China, India, UK, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Accent Advanced Systems SLU, ams OSRAM AG, Apple Inc., ASSA ABLOY AB, Beacon Biosignals Inc., Beacon Platform Inc., Blesh, BlueCats Australia Pty Ltd., BlueUp Srls, Chengdu JAALEE Technology Co. Ltd., Estimote Inc., G24 Power Ltd., PaeDae Inc., Hewlett Packard Enterprise Co., Kontakt Micro Location Sp. Z.o.o, KS Technologies Inc., Leantegra Inc., MOKOSmart, Radius Networks Inc., and Texas Instruments Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.