Beacon Technology Market: Key players are Apple, Google, Estimote, Kontakt.io, and Gimbal
Beacon Technology Market size is set to exceed USD 25 billion by 2024; according to a new research report by Global Market Insights, Inc. 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.
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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.
Partial Chapter of the Table of Content
Chapter 1. Methodology & Scope
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Scope, definition and research parameters
1.2. Data Sources
Chapter 2. Executive Summary
2.1. Beacon technology industry 360º synopsis, 2013 - 2024
2.1.1. Region trends
2.1.2. Platform trends
2.1.3. Deployment Model trends
2.1.4. Application trends
2.1.5. Technology trends
Chapter 3. Beacon Technology Industry Insights
3.2. Benefits of beacons
3.2.1. Relevant, real-time information
3.2.2. Cheap and easy to adopt and implement
3.2.3. Reduced waiting time and queuing
3.2.4. Assistance with indoor navigation
3.2.5. Increased customer visits and purchases
3.2.6. Personalized marketing with relevant offers and discounts
3.2.7. Increased app engagement and retention
3.3. Industry segmentation
3.4. Evolution of Beacons
3.5. Addressable Market
3.6. Industry landscape, 2015 - 2024
3.7. Industry ecosystem analysis
3.8. Beacon architecture analysis
3.9. Regulatory landscape
3.10. Technology & innovation landscape
3.10.1. Bluetooth 5
3.10.2. Online retargeting and attribution
3.11. Industry impact forces
3.11.1. Growth drivers
188.8.131.52. Growing adoption of IoT
184.108.40.206. Demand for location-based marketing solutions
220.127.116.11. Increasing penetration of mobile devices
18.104.22.168. Emphasis on developing smart cities
3.11.2. Industry pitfalls & challenges
22.214.171.124. Data security and privacy concerns
126.96.36.199. Networking and precision challenges
3.12. Porter's analysis
3.13. PESTEL Analysis
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.
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.
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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.
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.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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