Top four trends defining North America beacon technology market forecast

The rising espousal of proximity marketing solutions by numerous leading retailers across the region has been fostering the expansion of the beacon technology market in North America. Beacons function as effective pathways between retail and digital space. Since beacons work in collaboration with smartphone apps for increasing retention and engagement rates, they aid the UX and UI management, playing a pivotal role in the shopping experience.

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Some major vendors in the industry include BlueCats, Apple, Estimote, Beaconinside, Kontakt.io, Texas Instruments, RECO, Google, Sensorberg, Radius Networks, Glimworm Beacons, Onyx Beacon, and blueSense Networks. The top four trends accelerating the North America beacon technology industry are as follows:

Cloud platform to surface as major contributor due to remote management of beacons

The beacon market in North America, from cloud deployment model, is geared up for marked growth, surging at a staggering 85% CAGR through 2024 since the platform facilitates remote management of beacons. Through this deployment model, efficient administration of massive Bluetooth beacon fleets can be conducted.

To add to these benefits, the adoption of cloud deployment model can also lower the total maintenance costs, promoting the North America beacon technology industry trends. The rising usage of Internet of Things (IoT), augmented reality, virtual reality, artificial intelligence (AI), and smartphones has also been responsible for segmental growth.

Healthcare industry to contribute considerably toward industry share

The healthcare segment is anticipated to register a high CAGR of around 85% through the forecast timeline, encouraging the North America beacon technology market trends. The monumental growth of the segment can be attributed to the practice of leveraging beacon technology with IoT in order to enhance healthcare compliance and security.

Hospitals have been deploying beacons for monitoring the activities of the staff and for keeping track of medical equipment. This can boost hospital productivity to a substantial degree since it minimizes the amount of time invested by the hospital employees in the location and maintenance of various equipment and machinery.

iBeacon platform might emerge as a pioneer due to large scale adoption

Apple’s technology designed for iOS as well as Android devices, iBeacon, has been witnessing increasing demand recently. The iBeacon platform accounted for a whopping 60% of the industry share during 2016.

The growth pace of the segment is projected to remain aloft through the forecast period as well, since the platform has emerged as a pioneer in the commercialization of the beacon technology. Witnessing extensive initial utilization, the platform is being further developed by Apple and will contribute substantially toward the North America beacon technology industry forecast.

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U.S. to claim considerable industry share owing to demand from retail sector

The U.S. is projected to claim a significant portion of the pie through the upcoming times, driven by the extensive espousal of this technology across the regional segment. The progress of the regional market can be accredited to the flourishing retail industry that has been adopting beacon technology to a considerable extent of late.

The e-commerce industry has been witnessing historic demand due to the COVID-19 pandemic, which has compelled preference for online purchases to ensure that the social distancing norms are being adhered to. The rising utilization of smartphones, AI, augmented reality, and virtual reality across Canada and the U.S. has also been aiding the expansion in this region.

The beacon technology market in North America is anticipated to collect over $8 billion by 2024, thanks to the expanding network across the regional industry.

Table of content:

Chapter 1.Methodology & Scope

  • Market scope & definitions
  • Assumptions
  • Research methodology

Chapter 3.Industry Insights

  • Industry segmentation
  • Industry ecosystem analysis
  • Industry impact forces
    • Growth drivers
    • Growth restraints
  • Regulatory overview
  • Porter’s analysis
  • PESTEL analysis
  • Competitive landscape, 2017

 

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