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A recent report published by Infinium Global Research on the smart beacon market provides an in-depth analysis of segments and sub-segments in the global as well as regional smart beacon market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional smart beacon market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global smart beacon market. According to the report, the global smart beacon market is projected to grow at a CAGR of 45% around the forecast period of 2021-2027. The market grew from over USD 6 billion in 2021 to over USD 52 billion in 2027.
Beacons are small, wireless transmitters that use low-energy Bluetooth technology to send signals to other smart devices that are nearby. When it is been placed in a physical space, such as retail stores, it broadcasts tiny radio signals around itself at low power consumption. Through this, the customers will receive custom notifications while they are walking through the stores or interacting with products. Using this Bluetooth technology, the device can estimate the position of smartphones and interact with them by exchanging data and information. This micro-location system is able to locate the mobile devices that are close as four inches away, or as far as around 200 feet away. The Beacon technology is based upon three primary concepts as Distance, Proximity, and Notification. With the use of Smart Beacon, one can attract customers, and increase the possibility of shopping in the store. The COVID-19 outbreak had a significant impact on the world economy across the world to halting and changing the way operating in several enterprises and companies. Lockdown imposed by the government’s with various regulations into it caused several industries and enterprises to slow down their activities or stop operating. Smart beacon industry sales also got impacted due to the closure of the retail stores and manufacturing industry, the major consumers of beacon technology. Furthermore, owing to digitalization and automation efforts taken by manufacturers and retailers the utility of smart beacons is likely to increase its market share in the future. In the health care industry use of beacons is been done in order to prevent and mitigate the spread of the virus.
The increase in digitization and the rising demand for and use of smart devices are some of the key factors that are expected to drive the growth of the global market during the forecast period. This growth is expected to be accelerating due to the rising internet penetration and global customer spending. Moreover, the demand for smart beacons in the transportation and logistics industry continues to grow in the upcoming year also. Lack of knowledge and technological expertise will act as a restraint on market growth. Furthermore, Technological challenges and limited sensing capabilities of Bluetooth Low Energy technology will further hamper its market growth. The growing end-user industries such as retail, public transportation, logistics, and hospitality will provide opportunities for Smart Beacon to grow in the upcoming further.
Among the regions, North America accounted for the largest share in the global Smart Beacon Market in 2020. Due to the increasing expenditure for research and development skills in this region and the presence of major market players in this region. Furthermore, increasing adoption of smart beacon technology by the end-user industries such as retail, public transportation, logistics, and hospitality to propel its market growth. However, the Asia Pacific region is anticipated to grow at the highest rate in the global Smart Beacon Market over the forecast period. Due to the growing purchase of beacon technology among end-users in highly developed countries such as China, India, and Australia. The growing demand for indoor positioning and indoor navigation (IPIN) systems coupled with cohesive government initiatives for smart city projects within the emerging economies will drive the demand for beacon technology in the near future in this region.
The report on the global smart beacon market covers segments such as standard type, connectivity, and end-user. On the basis of standard type, the sub-markets include iBeacon, eddystone, and others. On the basis of connectivity, the sub-markets include Bluetooth Low Energy [BLE], Wi-Fi, and hybrid. On the basis of end-user, the sub-markets include retail, hospitality, transportation & logistics, healthcare, BFSI, education, and others.
The report provides profiles of the companies in the market such as Cisco Systems Inc, Leantegra Inc, Kontakt.io Inc, Fujitsu Components Ltd, Gimbal Inc, HID Global Corporation, Accent Systems, Onyx Beacon, Beaconinside, and JAALEE Technology.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the smart beacon market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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