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Beacon Technology Market - Global Market Opportunity Assessment Study 2025.
Various applications offered by beacon technology include push or alert notification sent to beacon enabled device, whenever the beacon user is around a beacon-enabled device. Beacons are used in museum to notify user about sporting event/closest display, retail shop for special offers, bus stop and other locations. Travel industries such as airports and hotels are undergoing major deployments of beacon technology. Apart from standalone beacon devices, mobile phones, PCs, and tablets with bluetooth low energy support can all function as beacon, with the power to receive and send beacon signals. This technology is intensively used in smartphones. Increasing smartphone usage is further anticipated to witness significant growth for beacon technology market during the forecast period.
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Beacon technology has become the key for success of any industry vertical that include retails. Using the technological solutions, retailers can deliver engaging customer experience by sending contextually relevant & significant messages and advertisements on their smartphones.
Rising awareness about beacon technology, advancement in IT solutions such as Internet of Things (IoT), low power requirement and low cost, far greater location precision than other solutions such as NFC, and growing number of accessories are some of the key factors driving the growth of the global beacon technology market. Moreover, growing integration of beacons in LED lightings, cameras, digital signage, point of sale (POS) devices, and vending machines is further expected to drive the market over the forecast period.
However, with the growing use of beacons, users are expected to witness challenges related to security & privacy issues, limited unidirectional communications due to transmit-only protocol between the devices, fluctuation in signal accuracy due to device power, temperature and weather conditions frequency variance. This limits adoption of beacons among users and restricts the global beacon technology market growth. The global beacon technology market is segmented on the basis of component, technology platform, and end use. Based on the component, the market is segmented into hardware and software. On the basis of technology platform, the beacon technology market is segmented into iBeacon, Eddystone and others. Based on the end use, the market is segmented into retail, airports, museum, transportation, building & infrastructure, and other (sports, trade shows, arena, hospitals, conferences, and schools).
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PayPal has developed a beacon protocol to avoid usage of cash or swipe cards.
This protocol integrates with the PayPal app to enable hands-free payments. This could have a major impact on speeding up checkout process by reducing queues, and also opens up the prospect of informing customers about offers.
North America is expected to dominate the global beacon technology market during the forecast period from 2017 to 2025, owing to growing adoption of beacon services and highest penetration of organized retail. Furthermore, Europe is expected to contribute to the global beacon technology market. This is due to the product distribution in the retail industry and growing multichannel marketing across these regions. APAC region is anticipated to witness robust adoption of beacon technology.
Some of the major players offering beacon technology market include Apple Inc., Estimote, Inc., ROXIMITY, Kontakt.io, Inc., Gimbal, Inc., BlueCats, Gelo Inc., Blue Sense Networks, Bluvision Inc., Qualcomm, Samsung, Glimworm Beacon, Onyx Beacon Ltd., Sensorberg GmbH, Accent Advanced Systems, SLU., and Aruba.
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