Smart Beacon Market

Smart Beacon Market Outlook – 2030 

The global smart beacon market size is expected to reach $103.94 billion by 2030 from $3.28 billion in 2020, growing at a CAGR of 37.70% from 2021 to 2030. Smart beacons are tiny and inexpensive, micro-location-based technology devices that can send radio frequency signals and notify nearby Bluetooth devices of their presence and transmit information. 

The Hospitality and Education industry impacted negatively, due to COVID-19 Pandemic.

Smart phones or other mobile devices can capture the beacon signals and distance can be estimated by measuring received signal strength (RSSI). The closer the receptive devices the stronger will be the signals. An interesting common aspect is the use of beacons in trade and economic spheres. The purpose is to ease the potential customers shopping experience, offer better services and to contribute to a possible increase in sales. Smart beacons technology is proving to be one of the most revolutionary and innovative technologies of recent times.   

Various industrial sectors including retail, transit systems, enterprises, educational institutions, event organizing, finance, and travel, have started leveraging beacons solutions to track and communicate with their potential and existing customers. A beacon fixed on to a shop wall or event location or any public place, can communicate easily with a corresponding smartphone app and figure out where the person is located currently, with great accuracy. The retailers or event organizations can then come up with a much targeted or personalized communication based on the proximity of the customer. 

The global smart beacon market size is anticipated to witness significant growth during the forecast period. Factors, such as increase in advance communication technologies, high in investments in proximity marketing, and rising adoption of smart devices drive the smart beacon market growth. Proximity marketing targets potential customers with personalized advertisements based on the customer location to attract the customer for purchase. 

Over the recent years, proximity marketing has witnessed augmented investment, due to several factors such as high possibility of successful sales, improved customer relationship, enhanced personalized experience, and real-time & inexpensive nature as compared to traditional marketing. Moreover, increase in mobile penetration fuels the growth of proximity marketing. 

However, the lack of presence of technological resources and concerns toward privacy & security is a major restraint to the global smart beacon market growth. In addition, rise in organized retailing industry is expected to create opportunities for the smart beacon industry. Increase in disposable income, improved living standard, rise of consumerism, technological impact, and entry of foreign retailers fuel the growth of the organized retail industry. Furthermore, the demand for beacon technology is expected to rise, with rise in organized retail such as supermarkets, departmental stores, hypermarkets, and discounters, as beacon makes organized retail stores smarter.       

Segment Overview

The smart beacon market is segmented on the basis of standard type, connectivity, offering, end use, and region. By standard type, the market is divided into iBeacon, Eddystone, and others. On the basis of connectivity, it is segregated into Bluetooth low energy (BLE), Wi-Fi, and hybrid. By offering, it is divided into hardware, software, and services. The hardware segment further sub segmented into standard beacon, sticker beacon, and card beacon. Depending on end use, it is separated into retail, hospitality, transportation & logistics, healthcare, BFSI, education, and others.      

Region-wise, the smart beacon market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America is dominating the market, due to large-scale adoption of the technology by various verticals, such as retail, backed by high penetration of mobile devices.  

Top Impacting Factors

The prominent factors which drives the smart beacon market growth are increase in advance communication technologies, high in investments in proximity marketing, and rising adoption of smart devices. However, the lack of presence of technological resources and concerns towards privacy & security is restricts the market growth. On the contrary, rise in organized retailing industry is expected to create lucrative opportunities for the market. Therefore, these factors are expected to definitely affect global smart beacon industry during the forecast period.    

Competitive Analysis

Competitive analysis and profiles of the major market players, such as Fujitsu Components Ltd. (Japan), Radius Networks (U.S.), Kontakt.io (U.S.), Cisco System (U.S.), Estimote (U.S.), Leantegra Inc. (U.S.), JAALEE Technology (China), HID Global (U.S.), Accent Systems (Spain), and Sensoro Co. Ltd. (China) are covered in this report. These key players have adopted various strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to increase their market penetration and strengthen their foothold in the industry.

COVID-19 Impact Analysis

The COVID-19 pandemic has significantly impacted global economies, resulting in workforce & travel restrictions, supply chain & production disruptions, and reduced demand & spending across many sectors. Sudden decline in infrastructure development is expected to hamper the market growth for retail, transportation, education, and hospitality sector. 

The smart beacon market revenue witnessed dip in its growth rate, owing to delayed development projects, which led to a substantial impact. However, the demand from the healthcare industry has accelerated during the pandemic. Furthermore, several market players have been investing in R&D of smart beacon technology across the world. Therefore, the smart beacon market size is anticipated to gain momentum by the end of 2021. 

The COVID-19 outbreak has positively as well as negatively affected major businesses worldwide by disrupting production cycles and supply chains across industries. The retail industry has faced immense challenges in eradicating the pandemic, as the number of infections shows no signs of subsiding. Half of the world is currently facing a second wave of the pandemic. 

The decrease in productions by OEMs and reduction in demand for smart beacon and others smart devices has slightly pulled down the market for smart beacon. However, as vaccines roll out across the globe and the pandemic situation is better controlled, especially in North America and Europe. This is projected to boost the recovery of the smart beacon market.  

Key Benefits For Stakeholders

• This study comprises analytical depiction of the global smart beacon market outlook along with the current trends and future estimations to depict the imminent investment pockets. 
• The overall smart beacon market analysis is determined to understand the profitable trends to gain a stronger foothold. 
• The report presents information related to key drivers, restraints, and smart beacon market opportunities with a detailed impact analysis.  
• The current smart beacon market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.   
• Porter’s five forces analysis illustrates the potency of the buyers and the smart beacon market share of key vendors.   
• The report includes the market trends and the revenue share of key vendors.

Smart Beacon Market Key Segments

By Standard Type

• iBeacon
• Eddystone
• Others 

By Connectivity 

• Bluetooth Low Energy (BLE)
• Wi-Fi
• Hybrid 

By Offering

• Hardware    
  • Standard Beacon
  • Sticker Beacon
  • Card Beacon
• Software    
• Service    

By End Use

• Retail
• Hospitality
• Transportation & Logistics
• Healthcare
• BFSI
• Education
• Others    

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia-Pacific
• LAMEA
  • Latin America
  • Middle East 
  • Africa

Key Market Players

• Fujitsu Components Ltd.
• Radius Networks 
• Kontakt.io
• Cisco System
• Estimote
• Leantegra
• JAALEE Technology
• HID Global 
• Accent Systems
• Sensoro Co. Ltd. 

 Smart Beacon Market Report Highlights