New York, US, July 21, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Smart Beacon Market information by Beacon Standard, by Connectivity Type, by Component, by End User and Region - Forecast till 2027” the market is expected to grow from USD 1,240.0 million in 2018 to USD 25,000.0 million by 2025, at a CAGR of 54%.
Market Scope:
The global positioning systems (GPS) used for outdoor navigations are usually not suitable for indoor navigation as many factors, including ceiling and walls, block the signals. Therefore, smart beacons that use low-energy Bluetooth technology to send signals to nearby smart devices are deployed for indoor navigation.
Smart home automation solutions rely on different standards for wireless communication, widening the adoption of smart beacons. Smart beacons control various home appliances, entertainment units like thermostats, security systems like surveillance cameras, and many more through smartphones.
Dominant Key Players on Smart Beacon Market Covered Are:
- Aruba-Hewlett Packard Enterprise Company (US)
- Estimote, Inc. (US)
- Kontakt.io (Poland)
- Bluvision-HID Global Company (US)
- Cisco Systems Inc. (US)
- Leantegra Inc. (US)
- Accent Advanced Systems, Gimbal, Inc. (US)
- SLU (Spain)
- Sensoro Co., Ltd (US)
- Swirl Networks (US)
- JAALEE Technology (China)
- Blue Cats (Australia)
- Square Metrics GmbH (Germany)
- Bleesk Benelux Sprl (Spain)
- BlueUp Srls (Italy)
- Radius Networks Inc. (US)
- Resono (Netherlands)
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Market USP Exclusively Encompassed:
Market Drivers
Smart Beacon Crucial for Advanced Wireless Infrastructure
The global smart beacon market is witnessing rapid traction, heading with the significant demand for adaptable wireless technologies. Increasing adoption of wireless technologies, including Bluetooth & BLE and 4G & 5G, fosters market growth. Moreover, advances in wireless technologies, alongside increasing adoption of IoT and intelligent sensing devices for IoT big data applications, influence the market share.
Rising use of wireless technologies for indoor and outdoor energy and environment monitoring applications is another major driving force behind the market rise. COVID-19 has undoubtedly reestablished the importance of beacon technology, big data, geo-tagging services, 5G, location-based services, and VR/AR. The downward global economy and increasing transformations in the IT & telecom sectors, and digital transformations across industries contributed to the market upend.
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Regional Analysis
Europe is assessed to retain its dominance over the global smart beacon market. The largest market share attributes to the rising adoption of technologically advanced marketing platforms to gain significant traction in the respective markets. Additionally, the rising purchasing power and the penetration of medical devices impact the market growth positively.
The presence of major technology providers and well-established healthcare sectors substantiate the growth of the regional market. Besides, the proliferating manufacturing and travel industry, alongside the increasing per capita healthcare expenditures in the region, fuel the market growth. The European smart beacon market is expected to create a substantial revenue pocket during the review period.
North America holds the second position in the global smart beacon market. Increasing innovations in smart home and gaming applications and the rising use of beacon technologies in manufacturing industries are major factors pushing the market growth. Moreover, the presence of major players and well-developed infrastructure in this region impact the market share positively.
Moreover, the increasing adoption of smart beacons in industrial automation, medical, transportation, logistics & supply chain, and consumer electronics industries provide significant growth opportunities. The US derives the largest share in the regional market due to the rising uses of consumer electronics, vehicles, and defense products. Canada also holds a notable share in the regional market, heading with the high demand for communication networks and IoT devices from the energy and manufacturing industries.
Asia Pacific has emerged as a profitable market for smart beacon solutions globally. Factors such as the growing industrial sector and rising numbers of small and medium-sized enterprises (SMEs) in the region boost the market size. Furthermore, the proliferation of consumer electronics, rising uses of electronic devices and growing demand for wireless technologies from various industries create substantial market demand.
The growth of digital technologies used in the collection, storage, analysis, and distribution of information provides various opportunities, presenting several security concerns. The rising adoption of IoT and wireless networking technology, alongside the advent of 5G networks, have triggered the adoption of smart beacon in applications, such as industrial automation, logistics & supply chain, automotive, electronics, and healthcare.
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Segmentation
The smart beacon market forecast is segmented into beacon standards, components, connectivity type, end-user, and region. The beacon standard segment is sub-segmented into iBeacon, Eddystone, and others. The component segment is sub-segmented into hardware, software, and service.
The connectivity type segment is sub-segmented into Bluetooth low energy (BLE), Wi-Fi, and hybrid. The end-user segment is sub-segmented into retail, hospitality, transportation & logistics, healthcare, BFSI, automotive, aviation, education, and others. The region segment is sub-segmented into the Americas, Europe, Asia Pacific, and rest-of-the-world.
Industry Trends
The smart beacon market is witnessing a constant uptick over the past few months. Vast R&D investments by solution providers for the development of wireless technologies and 5G-enabled IoT solutions drive the growth of the market. The emergence of 5G networks, proliferation of Industry 4.0 standard, and IoT advances are other megatrends boosting the smart beacon market size.
Besides, improvements in cellular technologies 5G/4G/LTE drive the market growth, improving the connectivity and powering new and emerging IoT applications. Smart beacons are mainly used for indoor navigation purposes, such as in offices, retail outlets, airports, transportation, and education industries. With the advancing cloud computing and IoT technologies, the smart home concept is transpiring, which fosters the growth of the market.
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Competitive Analysis:
The smart beacon market witnesses several strategic partnerships, alongside other strategic approaches such as expansion, collaboration, mergers & acquisitions, and service & technology launches. Leading industry players make vast investments in research and development activities and fostering their expansion plans.
For instance, on March 30, 2021, TENNA, the construction technology platform revolutionizing equipment fleet operations, launched the TennaBLE Beacon Steel Puck, the newest member of the rugged Tenna hardware product line. The new product expands TENNA’s line of extremely durable construction equipment tracking hardware.
In another instance, on Sept.09, 2020, NASA announced its collaboration with SmartSat Cooperative Research Centre (Australia), a smart satellite center, to develop emergency beacon technology for Australia’s next moon missions.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.