Beacon Market: Rising Popularity and Adoption of Beacon Technology With Internet of Things and Industry 4.0

The global beacon market was valued at US$ 1,124.5 Mn in 2016 and is projected to register compound annual growth rate (CAGR) of over 16.05% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled “Beacon Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.” The beacon market is expected to grow significantly due to increased cost efficiency and long life duration. The report suggests that the rising integration of IoT and beacon technology is expected to boost the beacon market at the global level for the forecast period 2018-2026.

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Additionally, beacon based solutions are gaining popularity in retail applications, which holds a significant share in the market. For instance, Kroger, a significant player in the retail industry in the U.S. has adopted beacon powered smart shelf technology in its stores, whereby the company gets to understand the frequency of a customer’s purchase with respect to a particular product that is kept on the shelf. Furthermore, in May 2017, Tesco, a prominent retail player placed beacons in all of its Tesco Lotus stores in Thailand, which helped them in carrying out promotional activities and notifying the customers about the latest discounts and coupons. Furthermore, this initiative by the company helped it to analyze and understand customer preferences, which will help it to further strengthen its market penetration. Such developments are expected to have a positive impact on the global beacon market.

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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.

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.

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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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