According to the report, a key growth driver is the increasing use of beacon devices in organized retail. Hypermarkets, supermarkets, department stores, discounters, specialty stores, and cash-and-carry stores are the formats that fall under organized retail. This classification is based on the size of the stores. Among these formats, hypermarkets and supermarkets are the most prominent users of Bluetooth beacons.
Retailers can also be classified as Tier-1, Tier-2, and Tier-3 retailers, based on the annual revenue generated. Tier-1 retailers are those with annual sales of more than $1 billion. Tier-2 retailers generate annual sales in the range of $500 million to $1 billion while Tier-3 retailers have annual sales below $500 million. Tier-1 and Tier-2 retailers are the leading users of Bluetooth beacons.
Further, the report states that one challenge that could restrict market growth is the growing privacy concerns among consumers.