Beacon Technology Market Analysis to 2024 – Worldwide Adoption Of IoT Technology Will Drive the Industry Growth

The worldwide adoption of IoT technology is largely contributing to the growth of beacon technology market by facilitating different applications such as asset tracking, proximity marketing, in-door navigation, smart devices and smart home products. Increasing demand for location-based marketing modalities to deliver real-time marketing messages and bridge the gap between physical and online customer experiences is also boosting the market growth considerably. Moreover, growing government emphasis on developing smart cities is also a major driver favorably assisting the market growth.

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Having been chronicled as one of the most opportunistic business spheres for potential investments, the growth chart of beacon technology market is forecast to be exponential over the coming seven years. The commercialization potential of the entire business space is quite evident from the estimates by Global Market Insights, Inc., that claims beacon technology market to exceed a valuation of USD 25 billion by 2024. The technology has been creating a buzz since for a while now, particularly post the introduction of Apple’s first Bluetooth based ibeacon protocol in the year 2013.

How beacon technology is making a head way across myriad end-use domains in a comparatively short span has been a subject of contention for tech investors. Given the backdrop of a tech-driven era, the surging demand for proximity based merchandizing solutions in the retail space, as per experts’ opinion, can be fundamentally credited for the increasing popularity of beacon technology industry over the recent years.

Beacons are facilitating the development of smart urban infrastructure to efficiently manage traffic networks, public events and administrative functions. Hence, the technology will increasingly play a major role in automating modern urban governance with further proliferation of smart cities over the timeline. Given the contextual and hyper-location capabilities of beacons, they are of a great value for travelers as well as for the players operating in the tourism industry.

North America will hold majority of the share in beacon technology market throughout the forecasted period owing to the increase adoption of the BLE in the region for proximity marketing. With high penetration of mobile devices in U.S. and Canada, marketers are leveraging the technology to increase their operating profits and maximize their ROI. With extensive presence of beacon platform providers such as Apple and high investment opportunities for advancing beacon technology, the market is experiencing exponential growth in this region. It is expected that APAC will have huge opportunity due to increasing investment in marketing especially in countries such as India, Japan, and China.

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Speaking of the competitive landscape, beacon technology industry is undergoing an inflection point, where the business space is transiting from a consolidated structure to a rather fragmented or shared model.  Some of the strong contenders other than Apple and Google, that are readily investing in beacon technology market include Radius Networks, Kontakt.io, Estimote, Blue Sense Networks, Gimbal, BlueCats, Glimworm Beacons, and Beaconinside. These giants are heavily banking on product innovation and development to come up with enhanced beacon products that feature water-resistant surfaces, wider range, and cloud based network management facilities. With a plethora of verticals having already borne the dynamic impact of this technology, beacon technology market is overtly one of the fascinating business spheres of recent times to watch unfold.

Some Points From Table Of Content: –

Chapter 8.   Beacon Technology Market, By Technology

8.1.  Beacon technology market share by technology, 2016 & 2024

8.2.  BLE

8.2.1. Market estimates & forecast, by region, 2015-2024

8.3.  Wi-Fi

8.3.1. Market estimates & forecast, by region, 2015-2024

8.4.  Ultrasound

8.4.1. Market estimates & forecast, by region, 2015-2024

8.5.  Combined Technologies

8.5.1. Market estimates & forecast, by region, 2015-2024

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