Smart Beacon Market 2017 - Global Forecast to 2023: Market to growth at CAGR of 56.2%, to reach $18.8 Billion

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18 Dec, 2017, 14:00 GMT

DUBLIN, Dec. 18, 2017 /PRNewswire/ --

The "Smart Beacon Market by Beacon Standard (iBeacon, Eddystone), Connectivity Type, Offering (Hardware, Software, Service), End Use (Retail, Transportation and Logistics, Public Gathering and Spaces), and Geography - Global Forecast to 2023" report has been added to Research and Markets' offering.

The smart beacon market is expected to be valued at USD 1,363.6 million in 2017 and is likely to reach USD 19,805.5 million by 2023, at a CAGR of 56.2% between 2017 and 2023.

The growing adoption of smartphones and the increasing focus on business intelligence to gain competitive advantage are driving the growth of the market. Further, smart beacons are increasingly being used to generate spatial data to be used in analytics, which is also contributing to the growth of the smart beacon market.

The demand for smart beacons across various applications in the logistics and transportation end users is expected to grow at a high rate over the next 6 years. The retail end users accounted for the largest share of the market in 2016. The growth of the market for logistics and transportation can be attributed to the capability of beacons to provide real-time asset tracking to determine the exact time of the delivery of goods to the customers, at lower costs.

The market for Eddystone is expected to grow at the highest CAGR between 2017 and 2023. This can be attributed to the added features provided by Eddystone over iBeacon standard. Further, Eddystone standard is generally used in the retail industry for proximity marketing.

Europe held the largest share of the smart beacon market in 2016 owing to the high traction of the beacon technology and growing need for technologically advanced marketing platforms among the end users to capture the shares in the respective markets. In addition, Europe is an early adopter of the technology, and the customers in this region have accepted the technology seamlessly. APAC is expected to witness significant growth due to the growing traction of the beacon technology in China and Australia. Further, the market is still in a nascent stage in this region and has a lot of potential.

The growing trend among offline stores to opt for online platforms in the retail sector is anticipated to restrict the market growth in the latter phase of the forecast period. Further, the restricted sensing capabilities due to limitations in underlying BLE technology, and growing security and privacy concerns are expected to pose challenges to the market growth.

Market Dynamics

Drivers

  • Growing Adoption of Smartphones
  • Growing Need for Spatial Data to Be Used in Analytics
  • Increasing Focus on Business Intelligence to Gain Competitive Advantage

Restraints

  • Growing Trend Among Offline Stores to Opt for Online Platforms in Retail Sector

Opportunities

  • Adoption of Smart Beacons in Logistics and Transportation

Challenges

  • Restricted Sensing Capabilities Due to Limitations in Underlying BLE Technology

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Smart Beacon Market, By Beacon Standard

7 Smart Beacon Market, By Connectivity Type

8 Smart Beacon Market, By Offerings

9 Smart Beacon Market, By End Use

10 Geographic Analysis

11 Competitive Landscape

12 Company Profiles

  • Accent Systems
  • Aruba
  • Avvel International
  • Beaconinside
  • Bleesk
  • Blesh
  • Blue Sense Networks
  • Blueup
  • Bluvision
  • Cisco
  • Cubeacon (Eyro Digital Teknologi, Ltd.)
  • Gimbal
  • Jaalee Technology
  • Kontakt.Io
  • Leantegra
  • Onyx Beacon
  • Resono
  • Sensoro
  • Swirl Networks

For more information about this report visit https://www.researchandmarkets.com/research/fzpj3q/smart_beacon?w=5

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