The global smart beacon market is expected to witness a CAGR of above 53.6% during the forecast period 2019–2025
" Rising Demand for Proximity Marketing Solutions is Driving the Growth of the Smart Beacon Market "
Bangalore, India, December 06, 2019: With its recently published study “Global Smart Beacon Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the global market for smart beacon is anticipated to witness a significant growth owing to the following factors:
- Rising preference for location-based services
- Cost-effective proximity solution
- Increasing smartphone penetration coupled with mounting digital capabilities of users
Digital transformation has become pivotal to an organization's future success. Like never, today’s customers are more digitalized and willing to use smart apps for lifestyle management. As a result, companies are focusing on developing a customer-centric strategy to enhance the customer experience. This has created the demand for smart beacons across verticals, as these are equipped to connect with the customer more precisely by delivering more customized content such as personalized promotional offers and other personalized information.
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Smart beacons and other location-based technologies have recently revived the attention of mobile device manufacturers and application developers due to their high precision object identification functionality, proximity estimation features, and the growing potential of location-based services. BLE beacons technologies are based on the BLE wireless communication protocol. These smart beacons are usually comprised of two main components: beacon transmitter and reader, which enable devices to advertise their presence in an area by constantly broadcasting a static unique identifier.
Based on components, the global smart beacon market is segmented into hardware, software, and services. The hardware segment dominated in 2018 and is projected to maintain its market dominance throughout the forecast period. This is mainly due to the growing interest in increasing the number of beacons in retail, public places, and other business settings. Additionally, the services segment is projected to be the fastest-growing segment, growing at a CAGR of 58.8% during the forecast period.
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Based on end-use, the global smart beacon market is segmented into retail, transportation & logistics sports, public gatherings & spaces, hospitality, and others. The retail segment was dominant in 2018 and is expected to remain dominant throughout the forecast period. The growth of this segment is majorly attributed to the increasing focus on enriching the customer experience by sending personalized offers based on their preference and physical location. Additionally, the transportation & logistics segment is projected to be the fastest-growing segment, growing at a CAGR of 64.3% during the forecast period 2019–2025.
Regionally, the global smart beacon market is segmented into North America, Europe, Asia Pacific, and Rest of the World. In terms of revenue, Europe dominates the global smart beacons market, contributing around 47% market share in 2018 and is likely to maintain significant market share throughout the forecast period. This is mainly due to continuous preference for location-based services particularly in transport & logistics, retail, and tourist destinations. Asia Pacific is identified as the fastest-growing region, i.e., at a CAGR of 58.2% during the forecast period 2019–2025.
“Strategically, a smart beacon is a key tool that enhances an organization’s capability to connect with customers.” – Delsingh Bright, Sr. Research Analyst, Infoholic Research
Global Smart Beacon Market: Segmentation
- Global Smart Beacon Market, By Component
- Global Smart Beacon Market, By End-user
- Transportation & Logistics
- Public Gatherings & Spaces
- Global Smart Beacon Market, By Geography
- North America
- Asia Pacific