New York, USA, March 23, 2023 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global smart beacon market is expected to garner $17,497.4 million by 2028 and rise at a stable CAGR of 29.6% in the 2021-2028 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the smart beacon market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2028. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: Increased adoption of in-store marketing by retailers all over the world is predicted to be the primary growth driver of the smart beacon market in the forecast period. Additionally, growing penetration of Bluetooth-equipped smartphones is anticipated to push the growth rate of the market higher in the analysis timeframe.
Opportunities: Growing adoption of proximity marketing solutions is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, rising use of smart wearable devices such as smart watches is expected to augment the growth rate of the market.
Restraints: However, according to market analysts, maintenance issues due to fast power drainage may become a restraint in the growth of the smart beacon market.
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Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The smart beacon market, too, faced tremendous negative impact of the pandemic. The pandemic period saw an increasing shift from in-store shopping to online purchasing which was the main reason behind the downfall in the growth rate of the market.
Segments of the Market
The Research Dive report has fragmented the smart beacon market across different segments such as component, application, protocol, end use, and region.
Component: Software Sub-segment to be the Fastest Growing
By component, the software sub-segment is expected to have the highest CAGR and generate a revenue of $6,805.4 million by 2028. The ability of beacon software to provide correct information to consumers in interactive way helps retailers in enhancing store operations. Hence, beacon software is highly in demand, which is expected to push the growth of this sub-segment in the forecast period.
Application: Analytics Sub-segment to Have the Highest CAGR
By application, the analytics sub-segment of the smart beacon market is predicted to be the most profitable one and register $2,211.4 million by 2028. Growing use of beacon analytics by retailers for developing better business insights and maintaining service standards is anticipated to help this sub-segment to grow in the forecast period.
Protocol: Eddystone Protocol Sub-segment to be the Most Lucrative
By protocol, the Eddystone protocol sub-segment is expected to be fastest growing sub-segment and surpass a revenue of $3,437.8 million by 2028. Increasing penetration of Android enabled smartphones and other mobile devices is expected to push the growth of this sub-segment in the forecast period.
End Use: Healthcare Sub-segment to be the Most Dominant
By end use, the healthcare sub-segment of the global market is predicted to be the most lucrative one and garner $1,942.1 million by 2028. Rising use of beacons for tracking infants, confused patients, and entry access is anticipated to help this sub-segment to grow in the forecast period.
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Asia-Pacific Region to be Most Profitable
By regional analysis, the smart beacon market in Asia-Pacific region is predicted to observe rapid growth by registering a revenue of $6,019.10 million in the forecast period. Growing penetration of beacon technology in various countries especially in India and Australia is predicted to be the primary driver of the market in the forecast period.
Prominent Market Players
Some prominent players in the smart beacon market are
- Estimote
- Vision IOT
- Glimworm
- Kontakt.io
- Gimbal
- Blueup
- Aruba
- Sensorberg
- BlueCats
- Sensoro
These players are introducing and coming up with new technological advancements and innovations to gain a primacy in the market.
For instance, in December 2021, Sigfox, a leading global network, announced that it was launching a new smart beacon model based on IoT technology. For design and manufacturing of this system, Sigfox has collaborated with CAR-LITE, a leading manufacturer of emergency signaling beacons for cars based in Spain. This product launch is expected to boost the market share of both the companies substantially in the coming period.
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Finally, this comprehensive report also summarizes many crucial facets of the global market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
More about Smart Beacon Market:
- Beacon Technology: A Smart Move towards Smart Businesses
- Global Smart Beacon Market to Surpass $17,497.4 Million by 2028, Owing to the Increasing Adoption of AR Technology in Retail
