Smart Beacon Market Size, Share and Analysis By Standard type (iBeacon, Eddystone, Others), By Communication Protocol (Hardware, Software, Service), By End User (Retail Hospitality, Transportation & Logistics, Healthcare, BFSI, Others(Educational Institutions)) and Regional Forecast, 2024-2032

A smart beacon is a device that sends signals to other smart devices around with the help of a small wireless transmitter, and by using low energy Bluetooth signals. Beacon technology was first introduced by Apple Inc., in 2013 and now it is one of the latest technologies based on location and proximity marketing. The companies use beacon technology to customize the offers for those smart devices detected around the retails where beacons are installed. Apart from sending personalized messages beacons are being utilized in other aspects which increases the opportunity of growth for smart beacons.

• For instance, in 2019, Amazon used smart Beacon technology to identify the foot traffic by tracking the attendees anonymously in one of the Amazon Web Services conferences.

The increasing penetration of smartphones in the last few years is one of the major reasons for the growth of Beacon technology. The smart phones have changed the approach towards shopping, both from the customer’s end and retailer’s end.

• Based on the survey conducted by Swirl Networks Inc., it is found that more than 70 % of shoppers liked the beacon triggered content and enhanced in-store purchase experience.

The high adoption rate of beacons in the logistics and transportation industry is also contributing to the Smart Beacons market. It is used as an alternative for GSM and RFID trackers since the cost and lifespan of Beacons are comparably better than the formerly mentioned devices.

However, creating a smart beacon and integrating that with the software or application requires a high skill set which is seen as a major challenge for the growth of the market. Also, under the beacon zone the customer’s data with or without their will are accessed and the BLE signals are easy to duplicate. So, the data privacy and security issues associated with the beacon technology is one another hindrance for the market.

Impact of COVID-19 on the Global Smart Beacon Market:

Like every other market Smart Beacon market also faced a dip due to the stoppage of development projects like construction, acquiring new retails, renovation, and digitalization by various companies. However, the healthcare and logistics industry has accelerated the growth of the smart beacons market. On seeing the potential of the market in the mentioned industries many companies are investing in R&D of smart beacon technologies. To summarize, the COVID-19 pandemic has neutral impact on the Smart Beacon Market

Key Insights

The report will cover following key insights:

• Micro and Macro Economic Indicators


• Drivers, Restraints, Trends and Opportunities


• Business Strategies Adopted by the Players


• Impact of COVID-19 on Global Smart Beacon Market


• Consolidated SWOT Analysis of Key Players

Regional Analysis

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Asia Pacific is witnessing the highest CAGR for the market in the forecast period. The market in this region is still in a growing phase and finds a huge potential in countries like India and Australia.

• For instance, in 2019, Quest Mall in India launched an in-home app which integrated beacons in it. The functionality is that, the users will get push notifications based on offer and product availability by the retailers within the mall.

Europe and North America are also expected to grow positively for the smart beacon market. The growth is due to the increased adoption of beacon technologies by retail, transport & logistics, and tourism industries where location based preferences plays a major role.

• In 2016, ‘Les Terrasses du Port’ shopping center in France installed beacons network in its 480-hectare landscape to deliver a new shopping experience for its retailers and customers.

Key Players Covered

The key players covered in this market are Hewlett Packard Enterprise (Aruba Networks), HID Global Corporation, Leantegra Inc., Cisco Systems Inc., Kontakt.io Inc., Gimbal Inc., Accent Systems, Sensoro Co. Ltd, Jaalee Technology, and Fujitsu Components Asia Pte Ltd. among others.

Segmentation

Key Industry Developments

• In December 2021, the CAR-LITE and Sigfox launched a new light beacon which is capable of sending the exact location details of the vehicle failure. This is done through Sigfox’s 0G network technology, which can send the details without any sort of internet connection, Wi-Fi, or SIM card.


• In January 2020, Australia launched the new Waze-designed technology in its M4 tunnel. 500 beacons were installed that can provide phone navigations through BLE signals in places that are not accessible through GPS. Later in February 2020, Sydney joined Brisbane to introduce the new Waze technology in all its underground tunnels connecting Sydney and Brisbane.