BLOOMINGTON, Minnesota, November 15, 2017 /PRNewswire/ --
According to a market intelligence report by BIS Research titled "Global Beacons Technology Market, Analysis & Forecast, 2017 - 2026", the global market is expected to reach $56.55 billion by 2026, growing at a CAGR of 59.8% during the forecast period of 2017 - 2026.
Beacons are defined as proximity devices, transmitting Bluetooth Low Energy (BLE) signals, received by nearby portable electronic devices, in order to facilitate varied applications, including advertising, indoor navigation, notification & alert, monitoring, real-time analysis, and quick interaction, among others. In the recent years, the proximity market has been undergoing a major transformation in various technologies, which is replacing the traditional approaches with Bluetooth beacons, in dealing with several aspects of wireless communication platforms based on proximity solutions, such as location-based marketing, delivering contextual data of the customers mobile device, and real-time monitoring and analysis of high maintenance environments, such as manufacturing units, medical centers, and management events & setups, among others.
Constant advancements in Bluetooth technology in the recent years for applications in the retail industry have led to the development of a unique, flexible, and distinctive field of proximity solutions, namely beacons technology. Beacons are majorly being deployed at commercial constructions and setups, for providing efficient marketing solution to the retailers, along with delivering relevant contextual data of the visitor's mobile device, in order to drive foot traffic to their stores, and consequently increase sales volume. Retail marketing is advancing towards a futuristic concept of campaigns through mobile devices, wherein the app collects specific details like the in-app activity of the user, demographics, and location to help in designing the campaign accordingly. Retailers are finding location-based campaigns very efficient as it drives footfall by executing the campaign at apt time. In addition to this, beacon platforms are designed to be utilized for industrial and healthcare applications as well and is the fastest growing field in terms of inventions and research.
Browse 26 Market Data Tables and 108 Figures spread through 212 Pages and in-depth TOC on "Global Beacons Technology Market"
The beacons technology market has witnessed a high growth rate owing to the increase in the IoT spending, rise in the demand of beacons for providing location-based marketing, and development visions for smart cities across the globe. Recent innovations in beacon standards, protocols, and services have enabled the beacons technology to reach a wider segment of consumers in the industry. However, dependency on Bluetooth enabled mobile devices with compatible software application and significant reduction in the maintenance cost act as a major challenge for the market. Companies are developing various software for beacon enabled proximity platforms, such as content management system, analytical system, mobile apps, firmware, and Software Development Kits (SDKs), among others, to make the beacons system cost-effective, durable, and efficient. This, in effect, is expected to increase competition in the near future as well as facilitate the utilization of beacons for varied applications.
Increasing market penetration of beacons technology into the emerging sectors: airport, railways, real estate, automobile, and hotel, continued advancements in Bluetooth technology, and beacons gaining traction in enterprises for Industry 4.0 are the major factors which are expected to create lucrative opportunities for the market in the next five years. Currently, there are more than 70 beacon products in the market, which are either commercially available or in designing and testing phase that are being deployed for diverse applications, mostly in the retail sector. The cost of beacons present in the market depends on the battery life and range. A beacon, capable of 70 meters of range and 5 years of battery life, has a selling price of approximately $22. However, the cost ranges from $5 to $89, depending upon the use case and subsequent value additions, in terms of sensors, control units, and firmware.
The beacons technology market has been a significant area of focus in the proximity industry, in order to facilitate varied applications, including data collection, deliver offer info, assistance in navigation, payment facility, product ordering facility, communicate information, alerts for delays and changes in transport, and setting up reminders, among others. With a drastic rise in the utilization of beacon technology, various end-users, including retail, real estate, transport, and hospitality, among others, are investing in this technology to generate greater revenues. Furthermore, retail industry is the biggest end-user of the market, utilizing and availing benefits of beacon technology.
According to Ayushi Bajpai, an analyst at BIS Research, "iBeacon consumed around 80% of the overall market in 2016, followed by Eddystone. iBeacon provides higher level of privacy, as their data collection is individual specific, which cannot be utilized by any third party. Google has its protocol, named Eddystone, which is very advantageous for android devices, as they already have Chrome installed. But there is a question of the trade-off of utilizing information in the market, as to how much information an end-user would want Google to have about their business or company."
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The market report provides a detailed analysis of the recent trends influencing the market, along with a comprehensive study of the future trends and developments. It also includes a competitive analysis of the leading players in the industry, including corporate overview, financials, financial summary and SWOT analysis. The overall market has been segmented by protocol types, including iBeacon, Eddystone, and others; and end users, namely: retail, real estate, transport (railways, roadways, and airports), hospitality, education, and others (residential, industrial, healthcare, stadium, and museum). The report also includes a comprehensive section on the geographical analysis including North America, Europe, Asia-Pacific, and Rest of the World.
The report is a meticulous compilation of research on more than 100 players in the ICT industry and draws upon insights from in-depth interviews with the key opinion leaders of more than 20 leading companies, market participants, and vendors. The report also profiles around 15 companies, which are the leading beacon producers, including Accent Advanced Systems, SLU, Aruba Networks, Inc., Beaconinside GmbH, BKON Connect, Inc., Blue Sense Networks Ltd., Bluecats Australia Pty Ltd., Bluvision Inc., Estimote, Inc., Fujitsu Ltd., G24 Power Ltd., Gimbal, Inc., Glimworm Beacons, Kontakt Micro-Location Sp. Z.o.o., Onyx Beacon Ltd., and Radius Networks, Inc., among others. The report also focuses on the emerging start-ups in beacons technology market and provides strategic developments by them.
Key questions answered in the report:
- What was the size, in terms of revenue and volume, of the beacons technology market in 2016, and what will be the growth rate during the forecast period, 2017-2026?
- What is the market size of different protocol types, including iBeacon, Eddystone, and others for beacons?
- What was the market value of different end users of beacons in 2016?
- What is the market size of beacons on the basis of different geographical regions and leading nations in the respective regions? Furthermore, what is the market size of different end users of beacons operating in these regions?
- What are the key trends and opportunities in the beacons technology market, across different regions and respective countries?
- What are the major driving forces that are expected to increase the demand of beacons during the forecast period?
- What are the major challenges inhibiting the growth of the global beacons technology market?
- What kind of new strategies are being adopted by the existing market players to make a mark in the industry?
- What is the competitive strength of the key players in the beacons technology market by market share analysis and competitive benchmarking model?
- How attractive is the market, according to Porter's Five Forces model, for different stakeholders present in the global beacons technology market?
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About BIS Research:
BIS Research (Business Intelligence and Strategy Research) is a global B2B market intelligence and advisory firm which focuses on those emerging trends in technology which are likely to disrupt the dynamics of the market. With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials & Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics & Semiconductors, Robotics & UAV and other emerging technologies.
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