Global Smart Beacon Market Size, Share, Trends, & Growth Forecast Report – Segmented by Beacon Standard (iBeacon, Eddystone), Connectivity Type (Bluetooth Low Energy (BLE) and Hybrid), Offering (Hardware, Software, Service), End-User (Transportation and Logistics, Retail, Meeting and Public Spaces, Hospitality, Healthcare, Automotive, Banking, Financial Services and Insurance (BFSI), Education, Sports and Aviation), & Region - Industry Forecast From 2024 to 2032

Updated On: June, 2024
ID: 10698
Pages: 150

Global Smart Beacon Market Size (2024 to 2032)

The global smart beacon market was worth USD 4.95 billion in 2023. The global market is predicted to reach USD 7.73 billion in 2024 and USD 273.92 billion by 2032, growing at a CAGR of 56.2% during the forecast period.

It is estimated that the smart beacon market will reach USD 7.73 billion globally in 2024

Beacons are small wireless transmitters using low-power Bluetooth technology to send signals to nearby smart devices. With its offerings in the form of service, hardware, and software, the market is likely to expand its applications in end-user verticals like retail, sports, transportation, and logistics. The growing need for spatial data, which can be used to analyze the current demographic trend, is driving the growth of the smart beacon market in various applications. One of the most popular uses of beacon technology in higher education is submitting administrative tasks, such as monitoring attendance. Presence control using beacons increases efficiency and saves time. It also replaces a physical attendance sheet with spatially and automatically detected presence information. For example, the Hong Kong Polytechnic University uses iBeacons for engagement and other functions through an in-house developed mobile app.

MARKET DRIVERS

Smart beacons have seen tremendous growth over the past four years due to the increasing digitization and adoption of smart devices.

However, due to their high application areas, the worldwide market is expected to show a double-digit growth rate during the forecast period. Increased investment in proximity marketing, improved tag functionality, increased privacy and security concerns, and increased organized commerce are major factors affecting the growth of the global tags market, which is expected to either stimulate or hinder the growth of the Smart Beacon industry.

Due to the increasing growth in retail sales, smartphones have completely revolutionized how people shop. To enhance customers' overall experience, increase revenue, and improve operational efficiency, retailers are actively implementing the location-based proximity marketing solution known as Beacon Technology. Beacon technology is an incredibly efficient way to create a consistent online and in-store experience. By tracking a customer's movements in the store, retailers can provide specific information and discounts based on the products the customer viewed. This can lead to higher conversion rates. Gamers, such as Swirl Networks Inc., have found that more than 70% of shoppers believe that the tag triggered content and increased their likelihood of buying from the store.

Additionally, to solve the personalization problem, retailers are using technology to better understand their customers. Stores like Target and CVS have installed beacons, wireless devices that communicate with customers' Bluetooth-enabled cell phones while they shop. An estimated mid-size Target store uses 1,000 labels. Retailers ensure that the majority of their customers can be traced. This even includes customers who don't download their app. Therefore, a hidden industry of third-party location marketing companies is helping retailers. These companies take the tracking code from the customer's tag and bundle it into a developer toolkit. Companies like Reveal Mobile collect SDK data on hundreds of frequently used applications. In the United States, another company called InMarket covers about 38% of Millennials, about a quarter of all smartphones, and tracks 50 million people monthly.

REPORT COVERAGE

REPORT METRIC

DETAILS

Market Size Available

2023 to 2032

Base Year

2023

Forecast Period

2024 to 2032

CAGR

56.2%

Segments Covered

By Connectivity, Beacon Standard, Offering, End User, and Region

 

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

  

Market Leaders Profiled

Estimote, Aruba, Kontakt.Io, Cisco, Bluvision, Onyx Beacon, Leantegra, Gimbal, Accent Systems, Swirl Networks, Sensoro, Jaalee Technology, Beaconinside, Blesh, Blueup, and Others.

 

SEGMENTAL ANALYSIS

Global Smart Beacon Market Analysis By Connectivity

The global smart beacon market is segmented into Bluetooth Low Energy (BLE) and Hybrid. Bluetooth Low Energy (BLE) is subdivided into BLE 4.0 and BLE 5.0.

Global Smart Beacon Market Analysis By Offering

The global smart beacon market is divided into hardware, software, and service. The hardware is subdivided into a standard beacon, an adhesive beacon, and a map beacon. The software is further subdivided into analysis software, content management software, and other software. The services are subdivided into project management, consulting, maintenance, and support services.

Global Smart Beacon Market Analysis By End User

The global smart beacon market is segmented into transportation and logistics, retail, meeting and public spaces, hospitality, healthcare, automotive, banking, financial services and insurance (BFSI), education, sports, and aviation.

REGIONAL ANALYSIS

Among these, the Asia-Pacific region is expected to experience significant growth due to the increasing traction of beacon technology in India and Australia for various applications. The market is still at an early stage and has much potential in this region. North America and Europe are considered as developed regions in this industry.

KEY PARTICIPANTS IN THE GLOBAL SMART BEACON MARKET

The major players operating in the global smart beacon market include Estimote, Aruba, Kontakt.Io, Cisco, Bluvision, Onyx Beacon, Leantegra, Gimbal, Accent Systems, Swirl Networks, Sensoro, Jaalee Technology, Beaconinside, Blesh and Blueup.

RECENT HAPPENINGS IN THE GLOBAL SMART BEACON MARKET

  • In October 2019, Uber announced the introduction of an updated version of its colorful Beacon device, Beacon 2.0. The digital display is supposed to be placed on the car's dash and glow in a specific color that racers have chosen in the app to help them find the right car in crowded situations. The Beacon's digital display also reminds drivers to wear seat belts, close doors carefully, and pull off the curb.
  • In 2013, Apple, Inc. enabled iBeacon in 254 stores in the US. Eddystone was launched by Google LLC in 2015 and is now widely adopted in the market. It is specially developed for Android users.

DETAILED SEGMENTATION OF THE GLOBAL SMART BEACON MARKET INCLUDED IN THIS REPORT

This research report on the global smart beacon market has been segmented and sub-segmented based on the connectivity, beacon standard, offering, end user, and region.

By Connectivity

  • Bluetooth Low Energy (BLE)             

  • Hybrid      

By Beacon Standard

  • iBeacon    

  • Eddystone

By Offering

  • Hardware

  • Software 

  • Services   

By End User

  • Transportation and Logistics            

  • Retail         

  • Meeting and Public Spaces              

  • Hospitality               

  • Healthcare              

  • Automotive            

  • Banking, Financial Services and Insurance (BFSI)     

  • Education

  • Sports       

  • Aviation 

By Region

  • North America

    • The United States

    • Canada

    • Rest of North America

  • Europe

    • The United Kingdom

    • Spain

    • Germany

    • Italy

    • France

    • Rest of Europe

  • The Asia Pacific

    • India

    • Japan

    • China

    • Australia

    • Singapore

    • Malaysia

    • South Korea

    • New Zealand

    • Southeast Asia

  • Latin America

    • Brazil

    • Argentina

    • Mexico

    • Rest of LATAM

  • The Middle East and Africa

    • Saudi Arabia

    • UAE

    • Lebanon

    • Jordan

    • Cyprus

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Frequently Asked Questions

What are the key challenges faced by the Global Smart Beacon Market?

Challenges include concerns regarding privacy and data security, interoperability issues among different beacon protocols, and the need for continuous innovation to overcome limitations in beacon technology such as limited range and battery life.

What role do Smart Beacons play in enhancing customer experiences in the hospitality sector?

In the hospitality sector, Smart Beacons enable seamless check-in processes, personalized guest services, location-based offers and recommendations, and indoor navigation within hotels and resorts, ultimately enhancing guest satisfaction, loyalty, and operational efficiency.

How do Smart Beacons contribute to improving safety and security in smart cities?

Smart Beacons play a crucial role in smart city initiatives by providing real-time information dissemination during emergencies, monitoring crowd density in public spaces, facilitating efficient traffic management, and enhancing overall urban safety and security measures.

What advancements are expected in Smart Beacon technology in the near future?

Future advancements in Smart Beacon technology are anticipated to focus on improving battery efficiency, extending communication range, enhancing data analytics capabilities for more targeted interactions, and promoting standardization to ensure seamless interoperability across different beacon platforms.

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