Global Beacon Technology Market By Key Industry Players: Accent Advanced Systems, SLU, Apple, Beaconinside GMBH, BlueCats, Blue Sense Networks, Estimote, Gimbal, Glimworm Beacons, Google, Kontakt.io, KS Technologies

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. The worldwide adoption of IoT technology is largely contributing to the growth of beacon technology market by facilitating different applications such as asset tracking, proximity marketing, in-door navigation, smart devices and smart home products. Increasing demand for location-based marketing modalities to deliver real-time marketing messages and bridge the gap between physical and online customer experiences is also boosting the market growth considerably.

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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.

The advent of Bluetooth 5 version of the core Bluetooth specification is expected to largely boost the adoption of beacons owing to the increased broadcasting capacity. In the last five years, increasing number of retailers are leveraging the technology to facilitate effective online retargeting and attribution by targeting customers with relevant advertisements and offers on their mobile devices.

Worldwide Beacon Technology Market was estimated at over USD 170 million in 2016, and is set to exceed USD 25 billion by 2024.

Growth Drivers:

• Growing adoption of IoT
• Demand for location-based marketing solutions
• Increasing penetration of mobile devices
• Emphasis on developing smart cities

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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.

North America will hold majority of the share in beacon technology market throughout the forecasted period owing to the increase adoption of the BLE in the region for proximity marketing. With high penetration of mobile devices in U.S. and Canada, marketers are leveraging the technology to increase their operating profits and maximize their ROI. With extensive presence of beacon platform providers such as Apple and high investment opportunities for advancing beacon technology, the market is experiencing exponential growth in this region. It is expected that APAC will have huge opportunity due to increasing investment in marketing especially in countries such as India, Japan, and China.

Some of the players operating in the market include Apple, Google, Radius Networks, Estimote, Kontakt.io, Gimbal, blueSense Networks, Swirl, BlueCats, Beaconinside, Glimworm Beacons, Onyx Beacon, Sensorberg, RECO, Madison Beacons and Texas Instruments.

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