New York, USA, Feb. 09, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global beacon technology market is forecasted to garner a revenue of $45,213.7 million by 2026, at a CAGR of 75.4% during 2018-2026. The extensive report puts forth a brief summary of the present market scenario, including other aspects such as growth and restricting factors, industry dynamics, challenges, and opportunities during and post pandemic period. The report also offers industry statistics which makes it easier and more beneficial for the new participants to comprehend the present market.
Increasing adoption of advanced communication technologies in the fields like retail, hospitality, education, and healthcare is anticipated to drive the global beacon technology market across the world during the projected timeframe. Beacons play a remarkable role in reshaping election campaigning. Due to this, the growth of the global beacon technology market is predicted to boost in the coming years. Growing penetration of the Internet of Things (IoT) throughout the world is projected to boost the global beacon technology market. Alternatives like Hubspot Marketing, kpeiz, and Onlypul are projected to hinder the growth of the global beacon technology market.
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The report has segmented the market based on market growth and regional analysis.
The Cloud Sub-Segment is Anticipated to Witness the Fastest Growth
The cloud sub-segment is anticipated to garner a revenue of $23,330.3 million by 2026, increasing from $242.8 million in 2018. Cloud-based beacons enable organizations to manage and monitor cloud-hosted services across a range of providers. This beacon is fundamentally assisting clients in cost reduction. Owing to these aforementioned factors, the cloud sub-segment is anticipated to witness fastest growth.
The AltBeacon Platform is Anticipated to Witness Rapid Growth
The AltBeacon platform of beacon technology market is anticipated to witness rapid growth and is projected to surpass $14,332.7 million by 2026. AltBeacon bestows complete freedom to developers in developing apps for proximity beacons. Thus, it is becoming popular among them. Owing to this the altbeacon platform is anticipated to witness rapid growth.
The Beacon Technology for Education Sub-Segment is Anticipated to Witness Significant Growth
The beacon technology for education sub-segment is anticipated to witness significant growth and is predicted to garner a revenue of $6,917.7 million by 2026. Beacon technology along with mobile phones has modified the working of the entire education system. It is providing eLearning solutions and education campuses. In addition to this, beacon technology has multiple advantages. It provides specific shelf and book information, powerful communication tools, better student and faculty relationships, and excellent in-class experiences. Owing to these reasons the beacon technology sub-segment for education is anticipated to witness significant growth.
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The Wi-Fi Sub-Segment is Anticipated to Witness the Fastest Growth
The Wi-Fi sub-segment of beacon technology is anticipated to witness the fastest growth and is projected to surpass $9,268.8 million by 2026, growing at a CAGR of 76.6%, during the projected timeframe. This is primarily due to the extensive use of beacon technology to improve the experience of the Wi-Fi campus. Moreover, the utilization of advanced beacon hardware along with wifi-based sensors enables customers to search for their required destination without requesting for repeated directions. Owing to these reasons the Wi-Fi sub-segment for education is anticipated to witness the fastest growth.
Asia Pacific Region will be the Most Lucrative
The Asia-Pacific beacon technology market is anticipated to garner a revenue of $11,258.2 million, growing at a CAGR of 76.7% by 2026. Growing adoption of beacons in educational institutions is predicated to boost the growth of beacon technology in the Asian market.
Key Players and Business Strategies
The report enlists the most significant players of the global beacon technology market. The key market players in this market are -
- Hewlett Packard Enterprise Development LP
- PaeDae
- Qualcomm Technologies, Inc.
- Inc. dba Gimbal
- SAMSUNG
- Apple Inc.
- HID Global Corporation/ASSA ABLOY AB.
- Estimote, Inc
- Glimworm Beacons
- RECO, by Kontakt.io.
These market players are adopting various organic and inorganic growth strategies such as partnership and acquisitions to increase their market share in the global car rental market.
For instance, in October 2019, Samsung, a south Korean multinational firm, showcased innovative ways for developers in order to scale their services across billions of devices through its secure, connected, and extensive ecosystem.
The report also discusses the other important aspects of the market including SWOT analysis, financial performance of the key players, product portfolio and recent strategic developments.
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