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Beacon Technology - Market Size, Growth Forecast 2020 to 2025

New research report on Beacon Technology market, which is a detailed analysis of this business space inclusive of the trends, competitive landscape, and the market size. Encompassing one or more parameters among product analysis, application potential, and the regional growth landscape, Beacon Technology market also includes an in-depth study of the industry's competitive scenario.

The beacon technology market growth is attributed to increasing penetration of smartphones around the world and need for location-based proximity marketing solutions to improve customer experience. Mobile devices have become an integral component of marketing and communication strategies of businesses to attract customers who use smartphones as the primary channel to conduct research and make purchase decisions.

Beacon Technology Market is set to exceed USD 25 billion by 2024; according to a new research report.

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On-premise beacon technology market will account for considerable share by 2024 due to the availability of numerous vendors developing and commercializing beacons that can be locally deployed by businesses with ease and without much technical expertise or assistance. However, cloud deployment model is expected to witness accelerated growth during the timeline owing to rapid adoption of cloud computing technology, as it offers a cost-effective approach to store and manage huge volumes of customer data. With vendors such as Kontakt.io and Cisco offering cloud-based beacon solutions to their customers, the adoption of this model is likely to increase consistently over the forecast period.

Beacon Technology - Market Size, Growth Forecast 2020 to 2025
Beacon Technology - Market Size, Growth Forecast 2020 to 2025

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The business owners are becoming aware of these customer preferences and thus, they are leveraging proximity-based beacon transmitters to enable real-time communication with the customers. Furthermore, proliferation of smart cities around the world is also favorably contributing to the growth of beacon technology market as beacons can facilitate highly connected urban infrastructures. However, factors such as data security concerns and networking and precision challenges can restrain the market growth during the forecast period.

iBeacon is expected to account for over 50% market share by 2024 owing to large scale early adoption of the platform by key vendors to develop beacons. As Apple was the first company to introduce a beacon standard, iBeacon has received rapid adoption in the past five years since its inception in 2013. Google's Eddystone is projected to exhibit high growth between 2017 and 2024 due to an extensive Android user-base and consistent upgradation of the platform by the company.

The retail sector is expected to gain a major share of the beacon technology market by 2024 accounting to over 55%. This dominance can be attributed to rapid adoption of the technology by retailers to strengthen their marketing strategies by incorporating proximity marketing using beacon transmitters. Beacons have proved to be effective in increasing revisits and enabling impulse purchases while enabling an omnichannel shopping experience. This is expected to fuel the further adoption of the technology by the retail industry over the timeline. On the other hand, the healthcare sector is expected to witness high growth between 2017 and 2024 as the technology offers to improve the hospital management functions by facilitating better patient and staff monitoring.

BLE holds a major beacon technology market share in 2016 and is expected to dominate the market throughout the timeline as it is a low-cost wireless technology alternative to Wi-Fi, NFC and GPS technologies for location-based services. As BLE-enabled devices consume considerably less power compared to those running on these technologies, customers tend to prefer such devices to increase the productivity of their location-based marketing functions. These factors result in a relatively low cost for manufacturing and deploying BLE beacons compared to setting up Wi-Fi networks. Hence, BLE has been the most preferred choice for operating beacons.

North America beacon technology market growth can be credited to the large-scale adoption of the technology by retailers in the U.S. along with extensive penetration and of mobile devices. These retailers are using beacons to provide customers with flash sales, product information, customized deals and other offers to motivate them to make purchase decisions. With a growing e-commerce ecosystem in the region, especially in the U.S., retailers are leveraging this modern technology to offer a personalized, digital and rich content-driven shopping experience to the customers in their stores.

The players operating in the beacon technology market include platform providers, beacon technology providers, and hardware providers. Apple and Google are the key providers of beacon platforms whereas companies such as Estimote, Kontakt.io, and Gimbal are aggressively trying to acquire a larger share of the beacon technology market by developing innovative beacons.The competition in the market is characterized by new product development and innovation strategies leading to the emergence of several new players producing beacons with enhanced performance capabilities.

Beacon technology market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2024, for the following segments:

Beacon Technology Market, By Platform

iBeacon

Eddystone

AltBeacon

Beacon Technology Market, By Deployment Model

On-premise

Cloud

Beacon Technology Market, By Application

Retail

Travel, Tourism and Hospitality

Healthcare

Financial Institutions

Real-estate

Education

Beacon Technology Market, By Technology

BLE

Wi-Fi

Ultrasound

Combined Technologies

Major Highlights from Table of contents are listed below for quick lookup into Beacon Technology Market report

Chapter 1. Competitive Landscape

  • Company market share
  • Beacon Technology Market Competitive analysis of key market players
  • Competitive analysis of other prominent vendors

Chapter 2. Company Profiles

  • Business Overview
  • Financial Data
  • Product portfolio
  • Strategic Outlook
  • SWOT Analysis

Chapter 3. Methodology & Scope

  • Methodology
  • Initial data exploration
  • Beacon Technology Market Statistical model and forecast
  • Industry insights and validation
  • Beacon Technology Market Scope
  • Definition
  • Methodology and forecast parameters
  • Data Sources

Chapter 4. Executive Summary

  • Beacon Technology industry 360º synopsis - 2025
  • Beacon Technology Business trends
  • Region trends

Chapter 5. Beacon Technology industry Insights

  • Beacon Technology Industry segmentation
  • Industry landscape 2025
  • Industry Pitfalls and Challenges
  • Threat of new entrants
  • Threat of substitutes
  • Beacon Technology Market Growth potential analysis

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