Beacon Technology Market - Trends Insights and Recent Developments to 2024

Growing government emphasis on developing smart cities is also a major driver favorably assisting the beacon technology market growth. The worldwide adoption of IoT technology is largely contributing to the growth of beacon technology industry 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.

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Beacon Technology market is expected to surpass USD 25 billion by 2024.

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.

The advent of Bluetooth 5 version of the core Bluetooth specification is expected to largely boost the adoption of beacons owing to the increased broadcasting capacity. In the last five years, increasing number of retailers are leveraging the technology to facilitate effective online retargeting and attribution by targeting customers with relevant advertisements and offers on their mobile devices.

Beacons help retailers in creating and maintaining customer profiles which include their personal details, purchase history, and preferences along with their spending behavior related to products in the store. By creating databases including details about purchase patterns and spending behavior, prospective customers can be lured into making purchases by delivering specific coupons and offers. Such relevant and real-time information can largely assist in devising personalized marketing strategies for targeting the finest level of customer segments narrowed down to an individual customer.

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Some of the key players in the beacon technology market include Accent Advanced Systems, SLU, Apple, Beaconinside GMBH, BlueCats, Blue Sense Networks, Estimote, Gimbal, Glimworm Beacons, Google, Kontakt.io, KS Technologies, Madison Beacons, Onyx Beacon, Radius Networks, RECO (Perple Inc.), Sensorberg GMBH, Swirl Networks, and Texas Instruments.

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. Hence, numerous airports around the world have deployed beacon networks to better serve their passengers.

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Beacons are small radio transmitters that transmit data to mobile devices present within a specific range. Beacons are being increasingly utilized in retail environments where they enable functions such as proximity marketing and mobile payment systems. Other than retail establishments, beacons are used in many other applications such as travel and tourism, banking and financial institutions, real estate, and healthcare facilities.

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