Selbyville, DE -- (SBWire) -- 02/18/2019 --The study on the 'Beacon Technology market' by Market Study Report, LLC, is a compilation of systematic details in terms of market valuation, market size, revenue estimation, and geographical spectrum of the business vertical. The study also offers a precise analysis of the key challenges and growth prospects awaiting key players of the Beacon Technology market, including a concise summary of their corporate strategies and competitive setting.Beacon Technology Market is set to exceed USD 25 billion by 2024; according to a new research report.
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The beacon technology market growth is attributed to increasing penetration of smartphones around the world and need for location-based proximity marketing solutions to improve customer experience. Mobile devices have become an integral component of marketing and communication strategies of businesses to attract customers who use smartphones as the primary channel to conduct research and make purchase decisions.
The business owners are becoming aware of these customer preferences and thus, they are leveraging proximity-based beacon transmitters to enable real-time communication with the customers. Furthermore, proliferation of smart cities around the world is also favorably contributing to the growth of beacon technology market as beacons can facilitate highly connected urban infrastructures. However, factors such as data security concerns and networking and precision challenges can restrain the market growth during the forecast period.
iBeacon is expected to account for over 50% market share by 2024 owing to large scale early adoption of the platform by key vendors to develop beacons. As Apple was the first company to introduce a beacon standard, iBeacon has received rapid adoption in the past five years since its inception in 2013. Google's Eddystone is projected to exhibit high growth between 2017 and 2024 due to an extensive Android user-base and consistent upgradation of the platform by the company.
On-premise beacon technology market will account for considerable share by 2024 due to the availability of numerous vendors developing and commercializing beacons that can be locally deployed by businesses with ease and without much technical expertise or assistance. However, cloud deployment model is expected to witness accelerated growth during the timeline owing to rapid adoption of cloud computing technology, as it offers a cost-effective approach to store and manage huge volumes of customer data. With vendors such as Kontakt.io and Cisco offering cloud-based beacon solutions to their customers, the adoption of this model is likely to increase consistently over the forecast period.
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The retail sector is expected to gain a major share of the beacon technology market by 2024 accounting to over 55%. This dominance can be attributed to rapid adoption of the technology by retailers to strengthen their marketing strategies by incorporating proximity marketing using beacon transmitters. Beacons have proved to be effective in increasing revisits and enabling impulse purchases while enabling an omnichannel shopping experience. This is expected to fuel the further adoption of the technology by the retail industry over the timeline. On the other hand, the healthcare sector is expected to witness high growth between 2017 and 2024 as the technology offers to improve the hospital management functions by facilitating better patient and staff monitoring.
BLE holds a major beacon technology market share in 2016 and is expected to dominate the market throughout the timeline as it is a low-cost wireless technology alternative to Wi-Fi, NFC and GPS technologies for location-based services. As BLE-enabled devices consume considerably less power compared to those running on these technologies, customers tend to prefer such devices to increase the productivity of their location-based marketing functions. These factors result in a relatively low cost for manufacturing and deploying BLE beacons compared to setting up Wi-Fi networks. Hence, BLE has been the most preferred choice for operating beacons.
North America beacon technology market growth can be credited to the large-scale adoption of the technology by retailers in the U.S. along with extensive penetration and of mobile devices. These retailers are using beacons to provide customers with flash sales, product information, customized deals and other offers to motivate them to make purchase decisions. With a growing e-commerce ecosystem in the region, especially in the U.S., retailers are leveraging this modern technology to offer a personalized, digital and rich content-driven shopping experience to the customers in their stores.
The players operating in the beacon technology market include platform providers, beacon technology providers, and hardware providers. Apple and Google are the key providers of beacon platforms whereas companies such as Estimote, Kontakt.io, and Gimbal are aggressively trying to acquire a larger share of the beacon technology market by developing innovative beacons.The competition in the market is characterized by new product development and innovation strategies leading to the emergence of several new players producing beacons with enhanced performance capabilities.
Beacon technology market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2024, for the following segments:
Beacon Technology Market, By Platform
iBeacon
Eddystone
AltBeacon
Beacon Technology Market, By Deployment Model
On-premise
Cloud
Beacon Technology Market, By Application
Retail
Travel, Tourism and Hospitality
Healthcare
Financial Institutions
Real-estate
Education
Beacon Technology Market, By Technology
BLE
Wi-Fi
Ultrasound
Combined Technologies
The above information has been provided for the following regions and countries:
North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Denmark
Poland
APAC
China
Japan
ANZ
South Korea
India
Singapore
LAMEA
Brazil
Mexico
GCC
South Africa
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Some of the Major Highlights of TOC covers:
Chapter 1: Methodology & Scope
Definition and forecast parameters
Methodology and forecast parameters
Data Sources
Chapter 2: Executive Summary
Business trends
Regional trends
Product trends
End-use trends
Chapter 3: Beacon Technology Industry Insights
Industry segmentation
Industry landscape
Vendor matrix
Technological and innovation landscape
Chapter 4: Beacon Technology Market, By Region
Chapter 5: Company Profile
Business Overview
Financial Data
Product Landscape
Strategic Outlook
SWOT Analysis
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Beacon Technology Market Size, Growth Opportunities, Trends by Manufacturers, Regions, Application & Forecast to 2024
Beacon Technology Market - Detailed Analysis of Current Industry Figures with Forecasts Growth By 2024