Beacon Market Growth, Trends, Industry Analysis, Key Players Forecast 2022-28

According to Precision Business Insights (PBI), the latest report, the market value of the beacon market is expected to be valued at USD 714.2 million in 2022 and is expected to grow at a CAGR of 37.2% in 2022-2028. The primary factors that drive the market are the increase in adoption of smart devices, increase in funding of proximity marketing, and growth in advanced communication technology.

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Bluetooth Low Energy to Dominate the Beacon Market:
Based on connectivity type, Bluetooth low energy (BLE) holds the highest market share. The major factor for the rise of this segment is Bluetooth is one of the important energy-effective technology for beacons. Bluetooth can cover a wide range of area of around 80 to 100 meters which provides an established and stable ecosystem for the beacon to connect. However, advancements in Bluetooth technology can drive the growth of the global beacon market growth. Apart from this, the rising adoption of Bluetooth 5.0 and 5.2 which can provide a better beacon technology can also drive the growth of the market.

Asia Pacific Beacon Market:
Asia Pacific region is expected to grow significantly in the global beacon market over the forecast period. The Asia Pacific region is expanding as a result of the increasing acceptance of beacon in educational institutes. Apart from this, the rising demand for beacons in transportation and logistics and the increasing adoption of smart devices in most of the countries in this region are some of the reasons for the potential growth of the Beacon market. Moreover, increasing emphasis on business intelligence to obtain competitive advantages, particularly in countries such as India, Japan, and China can boost the beacon market growth.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players
The global Beacon market further reveals that the key players are implementing strategies such as the extension of product collection through research and development activities, product launches, acquisitions, mergers, and strategic alliances to improve their market position and strengthen the market revenue share. In April 2022, Comtel Systems Technology, Inc. was acquired by Beacon Communications LLC. To expand its security and communication providing. In January 2022, Florida-based Beacon Systems (BeaconGov) was acquired by Radiant Digital Solutions, Inc. to enhance digital transformation and obtain high outcomes from public and commercial sector clients.

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The beacon market is segmented based on standard type, material, application, end users, and region.
Based on the standard type, the market is segmented into the following:
• Beacon
• Eddystone
• Others

Based on the material type, the market is segmented into the following:
• Bluetooth Low Energy (BLE)
• Wi-Fi
• Hybrid

Based on the application type, the market is segmented into the following:
• Hardware
• Software
• Service

Based on the end users, the market is segmented into the following:
• Retail
• Hospitality
• Transportation & Logistics
• Healthcare
• BFSI
• Education
• Others

Based on the region, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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Key players' profiles in the Beacon market report are Fujitsu Components Ltd., Radius Networks, Kontakt.io, Cisco System, Estimote, Leantegrz, JAALEE Technology, HID Global, Accent Systems, and Sensoro Co. Ltd.

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