Upsurge in organized retail, growth in concern regarding privacy and security dominating the growth of global beacon market

Beacon is small device that sends out radio signals to nearby mobile phones and tablets, containing a small amount of data. Mobile apps on compatible devices are able to listen for signals from beacons on proximity area and then trigger an experience such as sending a promotional notification, coupon, video, URL form, and others through the app.

Beacon has made employee and asset monitoring more accurate and easier than before. Beacons create geofences to help track item in and out of specific area or locations. Further, it also provides history of movement, which can be used to study trend lines and predictive analysis.

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The global beacon market was valued at $626.5 million in 2017, and is projected to reach at $14,838.8 million by 2024, growing at a CAGR of 61.5% from 2018 to 2024. Beacon technology is widely adopted in various sectors such as retail, healthcare, travel & tourism, and education owing to its features such as employee & asset monitoring, data generation, resource optimization, and others.

Increase in investment in proximity marketing, enhanced features of beacon solution such as employee & asset monitoring, data generation, resource optimization, and others drive the growth of the beacon market. However, rise in data security and privacy concern is expected to limit the market growth.

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.

Beacon Market Key Segments:
By Type
• iBeacon
• Eddystone
• AltBeacon
• Others
By Technology
• BLE
• Wi-Fi
• Ultrasound
• Combined Technology
By Application
• Retail
• Travel, Tourism & Hospitality
• Healthcare
• BFSI
• Others

Growth Drivers:
• Increasing investments in proximity marketing
• Enhanced features of beacons
• Upsurge in organized retailing

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Advanced system, SLU., Apple Inc., BlueCats, Blue Sense Networks, Estimote, Inc., Gelo, Glimworm Beacons, Gimbal, Kontakt.io, and Beaconinside GmbH are some of the key players operating in the global beacon industry.

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