Innovations and Strategies Propelling the Growth of the Beacon Industry

The Internet of Things (IoT) is of great importance to industries worldwide. The need for wireless integration drives novel technologies to emerge and one of them is the beacon technology. Beacons are small and inexpensive wireless devices that bridge the physical world to the internet, helping to automate processes. They use a Bluetooth low energy (BLE) signal to send out an alert of its presence to a nearby device such as a smartphone or a tablet. Apps or websites in the devices catch the signals and react accordingly.

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Due to their vast applications, beacons have been gaining a lot of popularity over the last few years. Their demand is growing owing to increased investments in proximity marketing and the enhanced capabilities of beacons such monitoring and tracking of employees & assets, safety and security monitoring, data generation, resource and space optimization, and others. According to Allied Market Research, the beacon market is likely to accrue a sum of $14,838.8 million by 2024, growing at a CAGR of 61.5% from 2018 to 2024.

Given the growing demand for beacons, startups and giants in the space have jumped in to capitalize on this opportunity. For instance, in June 2018, Keekom LLC, a U.S.-based company came up with a user-friendly phone app for launching Bluetooth beacon advertising and launched a new line of beacons. The products can be used by merchants, real estate agents, retail stores, outdoor advertisers, service providers, venue sales marketers, and more to carry out their marketing and campaigns.

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Dominating Market Players Profiled in this Study:

•Advanced system, SLU
•Apple Inc.
•BlueCats
•Blue Sense Networks
•Estimote, Inc.,
•Gelo
•Glimworm Beacons,
•Gimbal
•Kontakt.io
•Beaconinside GmbH

Analyst Says,

"North America is expected to dominate the global beacon market during the forecast period, owing to rise in investment of proximity marketing. In 2017, China dominate the Asia-Pacific beacon market. U.S. is anticipated to lead the market in North America, whereas the UK led the European market in 2017".

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