North America to Dominate Global Beacon Technology Market till 2024

Growing integration of beacon technology in cameras, POS devices, digital signage and vending machines to drive global beacon technology market through 2024

According to TechSci Research report, “Global Beacon Technology Market By Component, By Technology, By Connectivity Type, By Application, By Region, Competition, Forecast & Opportunities, 2024”, global beacon technology market is projected to grow at a CAGR of more than 61% during 2019-2024, as business owners are implementing location-based proximity marketing solutions to improve customer experience. Moreover, increasing proliferation of smart cities is positively influencing the growth of the market, as beacons can facilitate highly connected urban infrastructures. Beacon technology caters to various verticals such as BFSI, logistics and retail and transportation.

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Beacon technology market, globally, can be segmented based on component, technology, connectivity type, application and region. In terms of technology, Eddystone is expected to grow at the fastest rate during the forecast period, as it is open format, offering broad range of services for proximity interactions without the need for applications. On the basis of connectivity type, the market can be segmented into Wi-Fi, BLE and others. BLE or Bluetooth low-energy segment dominated the market in 2018 and is expected to account for the largest market share in coming years, on the back of being a low-cost alternative to other technologies. Moreover, Bluetooth low-energy consumes less power.

Aruba Networks, Inc. (a Hewlett Packard Enterprise company), Apple Inc., Qualcomm Inc., Cisco Systems Inc., Samsung Electronics Co. Ltd., Blue Sense Networks Ltd., Estimote, Inc., Kontakt.io, Accent Advanced Systems SL and Onyx Beacon are some of the leading players operating in global beacon technology market. Companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.  Apple is the first company to introduce Bluetooth based iBeacon protocol back in 2013.  In 2015, Google launched Eddystone BLE with transparency and robustness in mind.

“North America accounted for the largest share in global beacon technology market in 2018 and is expected to continue its market dominance during the forecast period due to large-scale adoption of the technology by various verticals, such as retail, backed by high penetration of mobile devices in the region. Moreover, major retailers such as Walmart and Target are leveraging the beacon technology for providing customers with product information, flash sales and offers.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Beacon Technology Market By Component, By Technology, By Connectivity Type, By Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global beacon technology market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global beacon technology market.

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