Beacon Market Witness Immense Growth and Advancements by 2024 | CAGR 61.5%
According to a recent report published by Allied Market Research, titled, Beacon Market by Type, Technology and Application: Global Opportunity Analysis and Industry Forecast, 2018-2024, 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.
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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.
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.
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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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.
Key Market Players Profiled
Advanced system, SLU
Blue Sense Networks
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We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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