Beacon Market to Grow by USD 31.34 Billion by 2027, Driven by Widespread Adoption Across Diverse Sectors and AI Impact on Market Trends - Technavio

NEW YORK, Sept. 6, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape- The global beacon market size is estimated to grow by USD 31.34 billion from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of about 58.12% during the forecast period. Augmented adoption of beacon technology by diversified end users is driving market growth, with a trend towards rising demand for indoor positioning and indoor navigation (IPIN) systems. However, concerns over data security and privacy poses a challenge. Key market players include Accent Advanced Systems SLU, ams OSRAM AG, Apple Inc., ASSA ABLOY AB, Beacon Biosignals Inc., Beacon Platform Inc., Blesh, BlueCats Australia Pty Ltd., BlueUp Srls, Chengdu JAALEE Technology Co. Ltd., Estimote Inc., G24 Power Ltd., PaeDae Inc., Hewlett Packard Enterprise Co., Kontakt Micro Location Sp. Z.o.o, KS Technologies Inc., Leantegra Inc., MOKOSmart, Radius Networks Inc., and Texas Instruments Inc..

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Market Driver

IPIN technology utilizes sensors, magnetic positioning, and Bluetooth Low Energy (BLE) technology to provide precise indoor positioning. Notable organizations, including Apple, American Airlines, Lord and Taylor, Walmart, The Coca-Cola Company, Macys.com, and Beiersdorf AG Nivea, have already adopted this technology for various applications. IPIN apps, which use location data to engage consumers, offer real-time directions, location-based advertising, social networking, and real-time tracking. While Global Positioning System (GPS) is effective for outdoor environments, it falls short for indoor positioning. Indoor location-based services (LBS) employ a combination of technologies, such as WiFi, infrared, ultrasound, WLAN modems, magnet positioning, radio frequency identification (RFID) tags, and BLE beacons, to track people or objects indoors and offer navigation within buildings. The increasing demand for IPIN technology, confined to limited spaces, is expected to boost the market's growth during the forecast period. 

iBeacon technology, utilizing Bluetooth smart signals, is trending in proximity marketing. This geolocation method sends promotional notifications to smart devices within the proximity zone. IBeacons consume battery and require managing assets for optimal resource usage. Beacon protocols like Eddystone ensure safety and security concerns are addressed. Proximity marketing in shopping malls and transportation and logistics is growing, with nascent stage technologies like Ultra-Wideband and Zigbee emerging. Coin-sized and keychain beacons offer convenience, while plug-in beacons cater to larger spaces. Communication range and competitive strategies are key benchmarks. Data security and wireless networks are important considerations. Beacons are used in shopping carts and wayfindr for impairments, providing audio-based directions. Market penetration and evaluation in mature segments and emerging lucrative markets are ongoing. Competitive assessment and technological advancements continue to shape this industry. 

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 Market Challenges

• Beacons, a technology that enables retailers to deliver targeted promotions and offers to consumers via Bluetooth Low Energy (BLE), offer numerous benefits such as converting online advertisements into offline sales. However, they also pose significant challenges related to privacy and data security. Retailers collect customer information to deliver personalized deals and offers, but this data can be accessed by malicious users and competitors. The network provider manages the database, granting them access to sensitive information. Unauthorized device detection via BLE beacons is another concern, leading to potential data loss, unwanted data transfer, and virus transmission. Hacking is also a threat, as demonstrated by the CES Scavenger Hunt app breach. To mitigate these risks, app developers must implement robust security models. Privacy and data security concerns are expected to remain major challenges for the global beacon market.
• Beacon Market: Navigating Challenges in the Nascent Stage The Beacon market is witnessing significant growth, driven by technological advancements and the increasing adoption of smart devices in transportation and logistics. However, several challenges persist in this nascent stage. Impairments from physical location and proximity require strategic benchmarks for optimal communication range using Ultra-Wideband, Zigbee, or Coin-Sized Beacons. Audio-based directions and data security concerns necessitate robust solutions. Wireless networks and wireless transmitters pose challenges, as does ensuring data security in the cloud. Emerging lucrative markets include disaster prevention and maturing segments like transportation and logistics. Market penetration and competitive strategies are essential for market leaders, with key players like Onyx Beacon and Eddystone beacons leading the way. Manufacturing capabilities and pioneering product developments are complexities that companies must address. Competitive Assessment & Intelligence will be crucial for market success. Key challenges include evaluating market diversification, untapped geographies, and competitive strategies.

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Segment Overview 

This beacon market report extensively covers market segmentation by

1. Type 
• 1.1 iBeacon
• 1.2 Eddystone
• 1.3 Others
2. End-user 
• 2.1 Retail
• 2.2 Healthcare
• 2.3 BFSI
• 2.4 Transportation and others
3. Geography 
• 3.1 North America
• 3.2 APAC
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 iBeacon- iBeacons, introduced by Apple Inc. In 2013, are essential location-based tools that provide services and information to iOS and Android devices using Bluetooth Low Energy (BLE) technology. Unique Universal Identifiers (UUIDs) in iBeacons indicate their ownership, while Majors and Minors help identify specific beacons within a group. The Tx Power determines proximity, signaling strength at a one-meter distance. Retail stores, hotels, airports, hospitals, banks, and museums utilize iBeacons for business growth, enhancing customer loyalty, and gaining customer insights. The global beacon market is anticipated to expand due to the increasing demand for these technologies across various industries during the forecast period.

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Research Analysis

Beacons, including Coin-Sized and Keychain models, are small wireless transmitters that use Bluetooth Low Energy (BLE) technology for proximity-based communication. These technological advancements have revolutionized industries, enabling Smart Beacons for location-based services, market penetration, and diversification in untapped geographies. Manufacturers face complexities in competitive assessment and intelligence, balancing manufacturing capabilities with pioneering product developments. Eddystone beacons and iBeacon technology have transformed shopping experiences, with applications ranging from shopping carts and baskets to wayfinding systems using audio-based directions. However, concerns over impairments, data security, and wireless networks persist, requiring continuous innovation and improvement. Zigbee, a low-power wireless communication protocol, is increasingly being adopted for beacon networks to address these challenges.

Market Research Overview

Beacons are small wireless transmitters that use Bluetooth smart signals, such as iBeacons, to emit proximity-based notifications and geolocation methods. These technologies enable proximity marketing, managing assets, ensuring safety, and optimizing resources in various industries. Beacons operate on beacon protocols and can be found in shopping carts, baskets, transportation and logistics, and even on keychains or as plug-in devices. Despite being in the nascent stage, beacons offer technological advancements like Ultra-Wideband, Zigbee, and Coin-Sized Beacons. Proximity zones can trigger promotional notifications, audio-based directions for impairments, and data security concerns. Beacons have applications in wayfinding, disaster prevention, and communication range evaluation. Emerging lucrative markets include transportation and logistics, while mature segments like retail are undergoing market penetration and evaluation. Companies are focusing on competitive strategies, strategic benchmarks, and manufacturing capabilities to pioneer product developments. However, complexities in managing beacons, battery consumption, and wireless networks remain challenges. Eddystone beacons, cloud integration, and smart beacons are some of the latest developments in this field.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• IBeacon
• Eddystone
• Others
• End-user
• Retail
• Healthcare
• BFSI
• Transportation And Others
• Geography
• North America
• APAC
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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