Portland,OR, Sept. 14, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global smart beacon market generated $3.28 billion in 2020, and is expected to reach $103.94 billion by 2030, registering a CAGR of 37.7% from 2021 to 2030.
Rise in advanced communication technologies, surge in adoption of smart devices, and increase in investments in proximity marketing drive the global smart beacon market. However, lack of presence of technological resources and concern toward privacy & security hinder the market growth. On the contrary, surge in organized retailing industry is expected to open new opportunities for the market players in the future.
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COVID-19 Scenario:
- The Covid-19 pandemic disrupted the supply chain and production of electronics. Moreover, travel restrictions imposed by the government reduced the workforce, which declined infrastructure development and suspended transportation and construction activities.
- The majority of the development project were hampered or postponed during the pandemic. However, demand from the healthcare industry for smart beacon increased, which in turn, increased investments in R&D of smart beacon technology.
The report segments the global smart beacon market on the basis of standard type, connectivity, offering, end user, and region. Based on standard type, the iBeacon segment held the largest share in 2020, contributing to nearly half of the market. However, the Eddystone segment is estimated to portray the highest CAGR of 38.6% from 2021 to 2030.
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On the basis of connectivity, the hybrid segment is projected to manifest the highest CAGR of 48.1% during the forecast period. However, the Bluetooth Low Energy segment held the lion’s share in 2020, accounting for more than four-fifths of the market.
The global smart beacon market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America dominated in 2020, holding nearly half of the market. Moreover, the market across Asia-Pacific is projected to showcase the highest CAGR of 42.5% during the forecast period.
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The global smart beacon market report includes an in-depth analysis of the prime market players such as Radius Networks (U.S.), Fujitsu Components Ltd. (Japan), Cisco System (U.S.), Kontakt.io (U.S.), Leantegra Inc. (U.S.), Estimote (U.S.), HID Global (U.S.), JAALEE Technology (China), Sensoro Co. Ltd. (China), and Accent Systems (Spain).
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
