Beacon Market Witness Immense Growth and Advancements by 2024 | CAGR 61.5%

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 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. In addition, 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.

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

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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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