BLE Beacon Market Expected to Reach $69.2 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “BLE Beacon Market," The BLE beacon market was valued at $2 billion in 2019, and is estimated to reach $69.2 billion by 2030, growing at a CAGR of 36.9% from 2022 to 2030.

A BLE beacon is a tiny gadget that continuously broadcasts radio signals with a modest bit of data to neighboring smartphones and tablets. BLE Beacons have emerged as one of the most popular methods for interacting with customers across industries, particularly in marketing & retail as they are inexpensive, simple to use, and clearly effective. The majority of the aforementioned BLE beacon kinds were developed over time to meet the commercial requirements of various organizations, so more could develop in the future, offering businesses more ways to interact with customers.

In 2013, during the Apple Worldwide Developers Conference, Apple unveiled the iBeacon protocol. Location-based and proximity marketing opportunities have multiplied due to iBeacon. With the help of this protocol, iOS, Android, and iBeacon hardware, such as BLE beacons, may seamlessly interact. By enabling companies to greet clients, deliver location-relevant information, and advertise ongoing promotions, iBeacon technology has empowered industry players. Smartphones can recognize BLE signals and show notifications and campaigns associated with them with the help of bluetooth beacons that are iBeacon compliant.

In addition, Google started distributing free BLE beacons to small companies in the U.S. to increase the visibility of their locations to neighboring clients. New kinds of BLE beacons are still developing in the meantime. Furthermore, the promise of the precise non-intrusive method of engagement of BLE beacons makes all the difference for customers when the amount of content and visual information available is limitless.

The growth of the global BLE beacon market share is majorly driven by the increase in advanced communication technologies paired with rising investments in proximity marketing. Further, the rise in the adoption of smart devices is anticipated to drive the growth of the BLE beacon market. However, the lack of presence of technological resources coupled with a lack of awareness and concerns toward privacy & security hampers its adoption, which is a prime restraint of the global market. On the contrary, the growth in demand for smartphone usage and development in organized retail sectors is anticipated to provide lucrative opportunities for the BLE beacon market growth during the forecast period.

The COVID-19 pandemic had a substantial impact on world economies, including travel and worker limitations, supply chain disruptions, production delays, and decreased demand and spending in a variety of industries. It is anticipated that a sudden reduction in infrastructure construction will impede the market expansion in the retail, transit, educational, and hotel sectors. Postponed development projects have led to a decline in the BLE beacon market size, which had a significant influence on the growth of BLE beacon-based applications such as ibeacon devices and ibeacon proximity solutions. However, the pandemic has increased demand from the healthcare sector.

Region-wise, the BLE beacon market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America contributed for the maximum revenue in 2019. However, the market in Asia-Pacific is expected to grow at a faster rate in the coming years, as compared to other regions. This is attributed to increasing in demand from emerging economical countries such as India, China, Japan, and South Korea. The overall BLE beacon market analysis is determined to understand profitable trends to gain a stronger foothold.

The key players profiled in the BLE beacon industry include Accent Systems, Apple Inc, Bluvision, Estimote Inc, Google LLC, Hewlett Packard Enterprise Development LP, K2B Solutions, Kontakt.io, Onyx Beacon, and UFO Beacons. Market players have adopted various strategies, such as product launch, collaboration& partnership, joint venture, and acquisition, to expand their foothold in the BLE beacon industry.