Vancouver, BC -- (SBWire) -- 02/11/2021 --Beacons are the small, wireless, low Bluetooth energy transmitters that are used to send signals to other smart devices nearby, making the interactions more accessible and accurate. The beacon technology is expected to show significant growth in upcoming years due to the rapid expansion of Industries' operational technology. The Global Beacon Technology Market was worth USD 2.10 Billion in 2019 and is projected to reach USD 35.15 Billion by 2027 at a CAGR of 44.1%.
Market Drivers
There is a rising demand for beacon technology in the retail industry as it can be helpful in advertisements and campaigns is one of the main drivers of the growth of the beacon technology global market in the forecast period. The cloud segment in beacon technology is expected to dominate the market with a significant share because of their easy use and help identify the proper location, advertising, and communication. The hotel industry is one of the main reasons for the growth of beacon technology as it is used in the hotel sector to welcome visitors and provide keyless access and loyalty services. Many businesses use this technology, including interactive in-store experiences, driver customer loyalty, and establishing a fulfilling customer experience, and all these applications are expected to boost the market growth.
Regional landscape
The North American region has the largest market share over the forecast period, the main reason being the presence of retail giants like Walmart, Kroger, Tesco, etc. The Asia Pacific is projected to grow significantly due to the national governments' recent improvements in the retail chain and industry.
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Key Highlights From The Report
In April 2020, Estimote Inc. has implemented its technical expertise to create a new device named "Proof of Health", specially designed to reduce the COVID-19 spread. The company has introduced a unique variety of wearables that can improve employees' safety for those who need to be co-located in a workplace environment, while measures of social distance and physical isolation are in place.
Attributed to the increasing implementation of cloud-enabled low-energy Bluetooth networks, the high cost of network systems, and the complicated implementation & maintenance of such networks, the cloud segment is anticipated to dominate the market with a CAGR of 44.5% during the forecast period.
Leading to AltBeacon's significant advantages, such as various vendor IDs and beacon codes, the AltBeacon segment is expected to hold the largest market over the forecast timeframe.
Due to the rising popularity of Wi-Fi due to its advantages such as interconnectivity, improved customer privacy, and enhanced proximity detection, the Wi-Fi segment accounts for the largest market in the beacon technology market over the forecasted period.
Due to its several advantages, such as improving customer experience by providing interactive guides, sharing multi-language information and tips, and special offers, the retail segment is expected to dominate the market throughout the forecast period.
Due to the presence of supermarket giants such as Walmart, Kroger, and Tesco in this region, the North America region held the largest market throughout the forecast timeframe. Due to increasing government support to strengthen the retail business, the Asia Pacific region is anticipated to grow substantially.
Key participants include Apple Inc., Sensorberg GmbH, Gimbal, Inc., Google Inc., Texas Instruments Inc., KS Technologies, LLC, Radius Networks Inc., Kontakt.io, Swirl Networks, Inc., and Estimote Inc., among others.
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Deployment Outlook (Revenue, USD Billion; 2017-2027)
Cloud
On-premises
Platform Outlook (Revenue, USD Billion; 2017-2027)
Eddystone
iBeacon
AltBeacon
Technology Outlook (Revenue, USD Billion; 2017-2027)
Wi-Fi
Bluetooth Low Energy
Ultrasound
Others
End-Use Outlook (Revenue, USD Billion; 2017-2027)
Healthcare
Real-estate
Aviation
Banking
Hotels
Retail
Education
Others
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Table of Content
Chapter 1. Market Synopsis
1.1. Beacon Technology Market Definition
1.2. Beacon Technology Market Research Scope & Premise
1.3. Beacon Technology Market Methodology
1.4. Beacon Technology Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Beacon Technology Market Segmentation & Impact Analysis
4.1. Beacon Technology Market Product Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
Chapter 5. Beacon Technology Market By Method Insights & Trends
Chapter 6. Beacon Technology Market By End-Use Insights & Trends
Chapter 7. Beacon Technology Market By Application Insights & Trends
Chapter 8. Beacon Technology Market Regional Outlook
Chapter 9. Beacon Technology Market Competitive Landscape
Chapter 10. Company Profiles
Continue…
Beacon Technology Market Size, Historical Growth, Analysis, Opportunities and Forecast to 2027