- The increasing IoT penetration and growing government initiatives to improve the retail industry are driving the demand for the market.
- Market Size - USD 2.10 Billion in 2019, Market Growth - CAGR of 44.1%, Market Trends - The rise in the adoption of advanced operational technology in several industries.
VANCOUVER, BC, Oct. 29, 2020 /PRNewswire/ -- The Global Beacon Technology Market is forecast to be worth USD 35.15 Billion by 2027, according to a current analysis by Emergen Research. The beacon technology market is anticipated to grow substantially owing to the growing penetration of the Internet of Things technology, increasing investments in proximity marketing, and rising demand for sensor-based devices in different industries. The growth in organized retail stores provides the players functioning in the beacon technology market with sufficient growth prospects. With the support of government-organized retail outlets are growing substantially, such as supermarkets, department stores, and hypermarkets, which is expected to fuel the market growth shortly.
The high configuration costs and security problems are likely to hamper the growth of the market.
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Key Highlights From The Report
In April 2020, Estimote Inc. has implemented its technical expertise to create a new device named "Proof of Health," specially designed to reduce the COVID-19 spread. The company introduced a unique variety of wearables that can improve employees' safety for those who need to be co-located in a workplace environment, while measures of social distance and physical isolation are in place.
Owing to the increasing implementation of cloud-enabled low-energy Bluetooth networks, the high cost of network systems, and the complicated implementation & maintenance of such networks, the cloud segment is anticipated to dominate the market with a CAGR of approximately 44.5% in the forecast duration.
Leading to AltBeacon's significant advantages, such as various vendor IDs and beacon codes, the AltBeacon segment is expected to hold the largest market over the forecast timeframe.
Due to the rising popularity of Wi-Fi due to its advantages such as interconnectivity, improved customer privacy, and enhanced proximity detection, the Wi-Fi segment accounts for the largest market in the beacon technology market over the forecast period.
Due to its several advantages, such as improving customer experience by providing interactive guides, sharing multi-language information and tips, and special offers, the retail segment is expected to dominate the market throughout the forecast period.
Due to the presence of supermarket giants such as Walmart, Kroger, and Tesco in the region, North America held the largest market throughout the forecast timeframe. With the increasing government support to strengthen the retail business, the Asia Pacific region is anticipated to grow substantially.
Key participants include Apple Inc., Sensorberg GmbH, Gimbal, Inc., Google Inc., Texas Instruments Inc., KS Technologies, LLC, Radius Networks Inc., Kontakt.io, Swirl Networks, Inc., and Estimote Inc., among others.
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Emergen Research has segmented the Global Beacon Technology Market on the basis of deployment, platform, technology end-use, and region:
Deployment Outlook (Revenue, USD Billion; 2017-2027)
Platform Outlook (Revenue, USD Billion; 2017-2027)
Technology Outlook (Revenue, USD Billion; 2017-2027)
End-Use Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
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