Press release
Beacon Market: Rising Popularity and Adoption of Beacon Technology with Internet of Things
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Growth of the beacons market can be hampered due to the compulsion of Bluetooth being turned on in order to make the beacon device work. Furthermore, the probability of a consumer keeping the Bluetooth switched on all the time is significantly low. However, adoption of beacons is increasing due to the increasing mobile user base globally and the enhanced user experience provided by beacons. For instance, in one of its reports, Bluetooth Special Interest Group, a global organization which takes care of Bluetooth standards, discussed that beacon devices would reach a count of 565 million units in 2021 from 8.2 million in 2016.
On the basis of end-use industry, the global beacon market is segmented into retail, advertising, manufacturing, transportation & logistics, healthcare and others. Others include sports industry and museums. The retail segment is predicted to have a significant share over the forecast period. Multiple benefits of adopting beacon technology such as providing navigation, getting reviews, customized offers, and prompts are projected to have a positive impact on the global beacon market. Due to the location and user priority based offers, beacon technologies are seeing significant adoption in the retail sector as users are getting offers according to their previous track records of purchases, helping the retailers to design customized offers according to the needs of a customer. However, the advertising industry is expected to expand at the highest CAGR
over the forecast period from 2018 to 2026.
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In terms of growth, Asia Pacific is expected to witness highest CAGR growth over the forecast period. The factors contributing to growth of the market in Asia Pacific is the rising adoption of smartphones across the region due to continuously increasing population. The rising adoption of proximity marketing in Asia Pacific is one of the primary reasons for the growth of the beacon market in the region. Furthermore, iBeacons are adopted heavily on digital billboards at malls in China which is anticipated to boost the beacon market during the forecast period 2018-2026. In January 2017, PinCarts, a Mumbai, India based startup discussed its plans of launching a proximity based shopping platform in India.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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