New York, USA, Sept. 14, 2021 (GLOBE NEWSWIRE) -- According to a recently published report by Research Dive, the global beacon technology market is predicted to generate a significant revenue of $45,213.7 million by 2026, rising from $504.7 million in 2018 at a steady CAGR of 75.4% from 2019-2026.
Market Dynamics
Growth: Advanced communication has penetrated several sectors such as hospitality, education, retail and healthcare which have ensured the growth of the global beacon technology market. Beacon technology is primarily used to draw people towards a particular situation or area while spreading the information relevant to situations. It is primarily used during elections to reach out to audience based on location, age, affinity, gender and more. These factors along with the implementation of advanced technology such as IoT are predicted to ensure the growth of the market in the analysis period.
Restraints: The market has also been experiencing an increase in the presence of other substitutes to beacon technology such as Onlypult, kpeiz, and Hubspot Marketing. These factors are expected to limit the market growth rate.
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Segmental Analysis
The report has categorized the market into multiple segments based on deployment model, platform, application, and technology.
Cloud Sub-segment Predicted to Garner the Highest Revenue
By deployment type, the cloud sub-segment is predicted to witness an increase in revenue from $242.8 million in 2018 to over $23,330.3 million by 2026. Cloud beacons have multiple advantages where they help bring down the costs for clients. These networks are also capable of providing marketing solutions to complete the search for appropriate locations.
AltBeacon Sub-Segment Anticipated to Gain the Highest Market Share
By platform, the AltBeaconsub-segment is expected to witness a significant rise in revenue from $148.4 million in 2018 to over $14,332.7 million by 2026. Developers usually rely on AltBeacon as it provides the necessary liberty in the process of app developments and is also a free tool devoid of any royalty.
Education Sub-segment Expected to Dominate the Market
By application, the beacon technology for education sub-segment is expected to generate a revenue of $6,917.7 million by 2026. This growth is primarily credited to the use of beacon technology that has been incorporated into smartphones hence shifting the way the education sector functions. These initiatives have ensured easy access and development of e-learning solutions and academic campuses which are further set to add to the growth of the sub-segment.
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Wi-Fi Sub-segment Predicted to Gain Highest Revenue
By technology, the Wi-Fi sub-segment is expected to garner revenue of $9,268.8 million by 2026 and is set to rise further at a CAGR of 76.6%. The Wi-Fi beacons supply internet all over the campus area. The sensors on the beacons also give the clients an idea of their destination without the need to enquire about directions. These factors are set to further propel the growth of the market.
Regional Analysis
The Europe region is expected to witness a surge in the revenue from $161.5 million in 2018 to over $13,473.7 million by 2026. Most of the countries in Europe such as Sweden, UK, and Germany have access to advanced internet infrastructure which is extremely necessary for the effective deployment of beacon technology. Beacons are mainly important for various sectors such as healthcare, tourism, and transportation as well. These factors are anticipated to boost the growth of the market further.
Major Key Players in the Beacon Technology Market
The report contains a list of notable market players of the global beacon technology market who have been ensuring the constant growth of the market. They are as listed below:
- PaeDae, Inc
- Apple Inc
- RECO
- Glimworm Beacons
- Samsung
- Hewlett Packard Enterprise Development LP
- Dba Gimbal
- Estimote, Inc
- By Kontakt.io
- HID Global Corporation/AssaAbloy AB
- Qualcomm Technologies, Inc.
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These players are currently focusing on R&D activities, mergers & acquisitions, partnerships, and collaborations to sustain and attain a leading position in the market. For instance, In December 2020, the Bay State College, a renowned educational institute in Texas, used the latest beacon technology by HID Global, an expert in identity solutions in the process of resuming classes. The HID Bluetooth BEEKs Beaconis a device capable of tracing digitized contacts. The device was fitted into the students and faculty’s badge holder to trace any contacts especially amidst the pandemic.
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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