Smart Beacon Market Expected to Grow at a CAGR of 56.2% Between 2017 and 2023
NEW YORK, Dec. 18, 2017 /PRNewswire/ — The overall smart beacon market is expected to grow at a CAGR of 56.2% between 2017 and 2023.
The smart beacon market is expected to be valued at USD 1,363.6 million in 2017 and is likely to reach USD 19,805.5 million by 2023, at a CAGR of 56.2% between 2017 and 2023. The growing need for spatial data, which can be used to analyze the current demographic trend, primarily in the retail industry, is driving the growth of the market. Further, adoption of smartphones, primarily in APAC, is contributing to the growth of the smart beacon market. However, security and privacy concern, and restricted sensing capabilities due to limitations in underlying BLE technology may pose as challenges to the market growth.
The smart beacon market for transportation and logistics is expected to grow at the CAGR between 2017 and 2023.
The market for transportation and logistics is expected to grow at the highest CAGR during the forecast period. This can be attributed to smart beacon’s capability to save time and cost as well as to track assets in real time, thereby providing a competitive advantage to the end users.
The market for Eddystone is expected to witness a significant growth between 2017 and 2023.
The market for Eddystone is expected to grow at a significant CAGR during the forecast period as it provides an extended feature to iBeacon and sends 4 packets as a part of Bluetooth connectivity signal. Google launched Eddystone as an open protocol in 2015, and since then, it is being adopted considerably in the smart beacon market. It is specifically developed for Android users; however, it has an interoperability feature to power highly specific user-facing apps.
Europe held the largest share of the smart beacon market in 2016; and the market in APAC is expected to grow at the highest CAGR during the forecast period.
Europe is expected to hold the largest share of the smart beacon market by 2023 owing to the high traction of beacon technology and growing need for technologically advanced marketing platforms among the end users to capture the shares in the respective markets. In addition, Europe is an early adopter of the technology, and the customers in this region have accepted the technology seamlessly.
APAC is expected to witness significant growth due to the growing traction of the beacon technology in China and Australia. Further, the market is still in a nascent stage in this region and has a lot of potential for growth.
Break-up of the profiles of primary participants:
• By Company Type: Tier 1 – 60%, Tier 2 – 33%, and Tier 3 – 7%
• By Designation: C-Level Executives – 79%, and Managers – 21%,
• By Region: APAC – 13%, North America – 51%, Europe – 31%, and RoW – 5%
Some of the key players in the smart beacon market are Estimote (US), Aruba (A Hewlett Packard Enterprise Company) (US), Kontakt.io (Poland), Cisco (US), Bluvision (An HID Global Company) (US), Onyx Beacon (Romania), Leantegra (US), Gimbal (US), Accent Systems (Spain), Swirl Networks (US), Sensoro (US), JAALEE Technology (China), Beaconinside (Germany), Blesh (US), and BlueUp (Italy).
This research report segments the global smart beacon market on the basis of beacon standard, connectivity type, offering, end use, and geography. The report discusses the major drivers, restraints, challenges, and opportunities pertaining to the market, and also includes value chain and market ranking analyses.
Reasons to Buy the Report
The report would help leaders/new entrants in this market in the following ways:
1. This report segments the smart beacon market comprehensively and provides the closest market size estimation for subsegments across different regions.
2. The report would help stakeholders understand the pulse of the market and provide them with the information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem along with the strategies adopted by the key market players, such as product launches and developments, acquisitions, partnerships, expansions, contracts, and funding.
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