New York, USA, Nov. 16, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global smart beacon market is anticipated to generate a revenue of $17,497.4 million and grow at a noteworthy CAGR of 29.6% during the estimated timeframe from 2021-2028.
As per our analysts, due to the increasing adoption of proximity marketing solutions in the retail industry all across the globe, the market is predicted to experience striking growth during the analysis period. In this age of the internet, beacon technology is expected to aid growth for the shops and other enterprises or entities to fascinate more customers. In addition, the increasing utility of the internet of things (IoT) and the enhancement in data-driven decision-making in retail sectors are the factors predicted to amplify the growth of the smart beacon market throughout the forecast period. Besides, the growing usage of wearable devices such as smartwatches is the major factor predicted to create immense growth opportunities for the market. However, the mandatory application download and maintenance issue may hinder the growth of the market during the forecast period.
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Segments of the Market
The report has divided the smart beacon market into segments based on component, application, Protocol, end-user, and region.
- Component: Hardware Sub-Segment to be Most Lucrative
The hardware sub-segment is expected to garner a revenue of $10,692.0 million and is predicted to be the most profitable during the analysis period. The constant and increasing development in strong, long-lasting, and powerful beacons are the factors further expected to boost the growth of the market’s sub-segment during the estimated timeframe.
- Application: Tracking and Tracing Sub-Segment to be Most Profitable
The tracking and tracing sub-segment is projected to garner $6,118.3 million in revenue and is predicted to see vertical growth during the forecast period. This is mainly due to the usage of smart beacons across several industries to transmit positioning data at specific intervals. Moreover, the growing adoption of beacons in logistics and to identify products accurately are the factors expected to bolster the growth of the smart beacon market’s sub-segment over the forecast period.
Global Smart Beacon Market to Surpass $17,497.4 Million by 2028, Owing to the Increasing Adoption of AR Technology in Retail - Analyst Review by Research Dive
- Protocol: iBeacon Sub-Segment to Hold Largest Share of the Market
The iBeacon sub-segment is expected to dominate the market and is predicted to generate a revenue of $12,894.8 million throughout the analysis period. This is mainly because Apple, a leading consumer electronic company, was the first developer to design the iBeacon protocol. In addition, the increasing development of iBeacon-compatible hardware transmitters by various leading companies is the factor further to fortify the growth of the smart-beacon market’s sub-segment during the forecast period.
- End-User: Retail Sub-Segment to Have Maximum Market Share
The retail sub-segment is expected to garner a revenue of $5,129.2 million and is predicted to experience steady growth over the estimated timeframe. This is mainly due to the increasing adoption of beacon technology by retailers to improve customer experience, increase revenue, and use beacon as a proximity marketing solution. Further, the growing usage of smartphones is the major factor expected to amplify the growth of the market’s sub-segment during the analysis period.
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- Region: Asia-Pacific Region Anticipated to Have Vast Growth Opportunities
The Asia-Pacific region is predicted to hold the largest share of the market and is estimated to garner a revenue of $6,019.10 million over the forecast period. This is major because of the high traction of the beacon technology and increasing use of technologically enhanced marketing platforms amongst the users of this region. Moreover, the growing penetration of beacon technology in various applications is further expected to thrive the regional growth of the smart beacon market sub-segment during the analysis period.
Covid-19 Impact on the Smart Beacon Market
The rise of the Covid-19 pandemic has devastated several industries all across the world and the smart beacon market has not been spared. Due to the negative impact on the retail and manufacturing industry, the market has faced a slowdown in its growth. However, with the switching of customers from offline stores to online shopping to follow the protocol of the deadly pandemic, the market has gradually seen growth opportunities with the adaptation of beacon technology across various retail industries.
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Top 10 Key Players of the Smart Beacon Market -
- Vision IoT
- Aruba
- Sensorberg
- Sensoro
- Gimbal
- Kontakt.io
- Glimworm
- Estimote
- BlueCat's
- Blueup
These players are broadly working on the development of new business tactics and strategies such as product development, merger and acquisition, and many more to acquire a leading position in the global industry. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
For instance, in November 2020, Genius Brands International, Inc., a leading global brand management company has announced its acquisition with ChizComm Ltd., a renowned North American marketing and media agency. The main motive behind this acquisition is to accelerate the growth of the Genius Brand through a smart and comprehensive marketing approach and analyze the mindset of kids, youth, and millennials by tracking records with the help of beacon technology.
The report also presents the important aspects including the financial performance of key players, product portfolio, SWOT analysis, and latest strategic developments.
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