In this report, the smart beacon market has been segmented on the basis of beacon standard, connectivity type, offering, end use, and geography. The overall smart beacon market is expected to be valued at USD 19,805.5 Million by 2023, at a CAGR of 56.2% between 2017 and 2023. The growing adoption of smartphones and the increasing focus on business intelligence to gain competitive advantage are driving the growth of the market.
A smart beacon, also known as Bluetooth Low Energy (BLE) beacon, is a type of proximity sensor that sends signals using the Bluetooth technology. When the Bluetooth-enabled devices, such as smartphones or tablets, come in the vicinity of the beacon, the signal turns on the application in the device and triggers an activity associated with the beacon signal. Estimote (US), Aruba (A Hewlett Packard Enterprise Company) (US), Kontakt.io (Poland), Cisco (US), and Bluvision (An HID Global Company) (US) are some of the major players contributing to the growth of the market on the back of continuous developments of innovative products.
Among all end use segments, the smart beacon market for transportation and logistics is likely to grow at the highest CAGR during the forecast period. This can be attributed to the capability of beacon to provide real-time asset tracking to determine the exact time of the delivery of goods to the final customers at lower costs. Asset tracking is currently an upcoming application of smart beacons, and it has number of benefits in the logistics industry, as the profit margins is low for logistics players and smart beacon can be installed at a much lower cost
Among all the regions, the smart beacon market in APAC is expected to grow at the highest CAGR during the forecast period. This can be attributed 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.
Among all beacon standards, the smart beacon market for Eddystone is expected to grow at the highest 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, an open protocol, in 2015, and since then, it is being adopted considerably in the smart beacon market. It was specifically developed for Android users; however, it has an interoperability feature to power highly specific user-facing apps.
Smart Beacon Market by Beacon Standard (iBeacon, Eddystone), Connectivity Type, Offering (Hardware, Software, Service), End Use (Retail, Transportation and Logistics, Public Gathering and Spaces), and Geography - Global Forecast to 2023
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