The latest report on Beacon Market by Infinium Global Research gives complete coverage of the Beacon Market by type (Eddystone, IBeacon, AltBeacon, and Others (Paypal, GeoBeacon)), technology (ultrasound, Bluetooth, and Wi-Fi),application (travel, tourism and hospitality, transportation and logistics, healthcare, and retail) in terms of key trends, market size, forecast and CAGR growth over the period of 2018 to 2024. In addition, the study covers deep dive into key product and applications trends in the regional markets of Beacon such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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The Growing Application of Beacon Technology in the Retail Sector is Driving the Growth of Beacon Market
Beacons are small and inexpensive devices that transmit radio frequency signals and notify nearby Bluetooth devices of their presence information. Beacon transmit a signal via Bluetooth Low Energy (BLE) or Bluetooth SMART technology up to 50 meters. It is typically powered by small batteries. Beacon helps navigators to their destination and no internet connection required as it communicates through Bluetooth and others are some benefits offered by the beacon. In addition, beacons technology is extensively adopted in retail, transportation, and logistics, travel, tourism & hospitality, healthcare sector.
The growing application of beacon technology in the retail sector is driving the growth of beacon market. Moreover, beacon technology are helps in navigation, getting reviews, getting offers based on their previous track record purchases is anticipated to have a positive impact on the growth of the market globally. On the other hand, the increasing trends of offline stores to choose online platforms in the retail sector is also promotes the growth of the market.
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Growing Use of Smartphones by Gigantic Population is also Escalating the Demand of Global Beacon Market
Benefits such as long life duration and increased cost-efficiency are visualized to create significant demand for the global beacon market. Addition to that, the rapid population coupled with Increasing penetration of smartphones is also the ample the growth of the market. Going further, increased in disposable income coupled with changing lifestyle and entry of foreign retailers ample the growth of the organized retail sector. Going further, improvement in the organized retail sector is expected to register significant growth opportunities for the beacon market in coming years. Moreover, Beacon improvement with Industry 4.0. a and Internet of Things (IoT) which help the global beacon market to gain more revenue with the advent of time.
On the basis of region, North America is accounted to be a significant share in the global beacon market during the forecast period. Rapid growth in the e-commerce ecosystem and increasing penetration of smartphones in developing countries are some factors responsible for the growth of beacon market in the North America region. On the other hands, Asia Pacific is estimated to grow with healthy CAGR in the global beacon market during the forecast period. China is likely to add maximum share in the Asia Pacific region owing to rapidly adopting iBeacons in Shopping mall an enormous scale in order to utilize them for publicity.
Moreover, rapid urbanization and modernization in developing countries such as China, India, and Japan are likely to fuel up the beacon market. Additionally, the growing use of smartphones by gigantic population is also escalating the demand of global beacon market in the Asia Pacific region.
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