Beacon Market Expected to Reach $14,838 Million, Globally, by 2024 at 61.5% CAGR, Says Allied Market Research

According to the report, the beacon market was pegged at $626.5 million and is expected to reach $14,838.8 million by 2024, registering the CAGR of 61.5% during the study period.

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A surge in investment in proximity marketing and improved features of beacon solution such as employee & asset monitoring, resource optimization, and data generation have boosted the growth of the beacon market. In addition, the wide adoption of beacon technology in various sectors such as retail, healthcare, travel & tourism, and education has supplemented the market growth. However, a rise in data security and privacy concern hamper market growth. On the contrary, a surge in organized retailing is expected to create lucrative opportunities for the market players in the coming future.
At present, North America dominates this market. In 2017, China registered the highest growth in Asia-Pacific. Similarly, the UK led the overall beacon market in Europe in 2017. In the same year, the U.S. dominated the North America market.

In 2017, based on type, the ibeacon was the dominant segment in terms of revenue, and is anticipated to continue this trend during the forecast period. However, based on application, retail segment dominated the global market in the same year. By technology, BLE segment accounted for the majority market share of the beacon market.

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The report includes a micro-level study of different regions adopting beacon solution for various applications. In addition, it discusses the potential opportunities for market players to enter the market. Moreover, it provides an in-depth market analysis of automotive filter outlining current trends, key driving factors, and potential areas for product investments.

The global beacon market is segmented based on type, technology, application, and region. Based on type, the market is divided into iBeacon, eddystone, AltBeacon, and others. Based on technology, the market is classified into Bluetooth Low Energy (BLE) Wi-Fi, ultrasound, and combined technology. Based on application, the market is categorized into retail, travel tourism & hospitality, healthcare, BFSI, and others. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key Findings of the Beacon Market:

•Based on type, the ibeacon segment is anticipated to dominate the global beacon market, in terms of revenue. However, based on application, retail segment dominated the market in 2017.
•In 2017, the BLE segment accounted for the highest revenue.
•North America held the majority of the market share in 2017.
•Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.

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