The global smart beacon market is estimated to grow at a significant CAGR during the forecast period. The major factors contributing to the growth of the smart beacon market include the rising demand for smart beacons in retail shops and shopping malls, cohesive government policies, and growing internet penetration coupled with rising smartphone users. Smart beacons are increasingly adopted in retail shops and shopping malls owing to its significance in marketing to send push notification through it. 

Smart beacons have been increasingly adopted in the US since 2014. For instance, Macy’s, an American department store chain had installed more than 4,000 beacon devices across their shops in 2014.The sensors embedded in mobile devices have significantly led the ability to sense the position of the object dependent on pre-installed infrastructures as they can provide accuracy through Wi-Fi access points, ultrasound-based, and Bluetooth low-energy (BLE) beacons. The increasing inclination towards digitalization coupled with the adoption of IoT (Internet of Things) and big data analytics across the globe will further boost the global market growth. 

Beacons technology utilizes Bluetooth technology; however, it is slightly different from the Bluetooth technology and requires less energy. By leveraging beacon technology, the shop owners and retailers can easily track consumer activity that can deliver targeted information of the customer. BLE beacons have a significant potential owing to its benefits, such as low deployment cost for BLE beacons and it is ideal for positioning by using a broad spectrum of mobile devices, such as both IOS and Android devices. Additionally, it can continuously work for an optimum duration once it is deployed, as it has low power consumption.

However, low awareness regarding the functioning of smart beacons will affect the growth of the market during the forecast period. Besides, cohesive government policies such as a push for smart cities and smart homes will create ample opportunity for the global smart beacon market. One of the major sectors that smart beacons can find application is in smart cities projects in emerging economies.

Segmental Outlook  

The global smart beacon market is segmented on the basis of connectivity and end-user. Based on the offering the market is segmented into Bluetooth Enable Energy (BLE), Wi-Fi, and others. Based on end-user, the market is segmented into transportation &logistics, retail, public gathering &spaces, healthcare, and others. The capability of the smart beacons to save time and cost by tracking the assets effectively in real-time is a major factor to increase its adoption in transportation & logistics. 

Global Smart Beacon Market Share by Product 2018, (%)

Retail Sector Account for a Significant Share

The retail sector is estimated to hold a prominent share in the global smart beacon technology market. Retail includes retail stores, shopping malls, café and restaurants, hotels and tourism, airports, stadium, and sports and cinema, and theatre. The technology is similarly appropriate for public buildings with shopping areas, including airports and railway stations. Further, owing to the growth in retail sales, smartphones have entirely revolutionized the way, people shop. Further, for improving the experience of customers, and increasing operational efficiency, retailers are increasingly using beacon technology that further gives a boost to the segmental growth of the market.

Regional Outlook 

The global smart beacon market is further segmented on the basis of geography into North America, Europe, Asia-Pacific, and the Rest of the World. The US is the major contributor to the market share of the global smart beacon market. The growth of the smart beacon in the US is majorly due to the presence of major players such as Google LLC and Cisco, Inc., within the US region. Moreover, a significant rise in the adoption of smart home technologies is further estimated to propel the market growth in the region. The high adoption of smart beacons by different retail companies and manufacturing companies is also augmenting the regional growth of the market. 

Europe is expected to have a second-largest market during the forecast period. Countries such as Germany, France, UK, Spain, Italy, Switzerland, Russia, Denmark, the Netherlands are contributing significantly to the market of Europe. These economies have a well-developed infrastructure and connectivity of the metro, airports, shopping malls, universities and so on., which are the target market for the smart beacons.

Global Smart Beacon Market Growth by Region, 2019-2025

Asia-Pacific will Augment with the Significant Rate in Smart Beacon Market 

Asia-Pacific is anticipated to showcase significant market growth during the forecast period. Countries such as China, India, Indonesia, are developing significantly, and growing disposable income will further create a significant opportunity for the global smart beacon market. The significance of IoT in connecting devices for establishing a connection between other devices has been positively influencing the market growth. Technological advancements in smartphones and rising smartphone users have further augmented the connectivity of objects through IoT in various places such as shopping malls, airports, and other public places. 

Market Players Outlook

Accent Advanced Systems, SLU, Beacon inside GmbH, BlueUpSrl, Cisco Systems Inc., Estimote, Inc., Google LLC, Hewlett Packard Enterprise Development LP, HID Global Corp., and Kontakt Micro-Location Sp. Z.o.oare some of the major players operating in the global smart beacon market. These market players are actively adopting different market growth strategies such as product launches, mergers and acquisitions, and collaborations among others to remain competitive in the market.

The Report Covers

• Market value data analysis of 2018 and forecast to 2025.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global smart beacon market. 
• Based on the availability of data, information related to products& services, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.