The global smart beacon market is anticipated to showcase a considerable CAGR during the forecast period. The rising adoption of this technology by various end-users is a major factor to contribute towards the growth of the global smart beacon industry. Beacon devices are small wireless transmitters that utilize BLE technology for tracking the location of any object or tag. There is remarkable adoption of BLE technologies which is slightly different from traditional Bluetooth technology, as it requires less energy.
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Beacons technology has considerably improved the marketing experience for retailers and customers. Beacon technology provides a wide range of benefits to retailers by tracking a customer’s in-store movement and deliver targeted information and discounts to the customer. Besides, the retail industry, logistics, and transportation industry are also considered as one of the main benefactors of improved location-based technology.
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Beacons technology tracks object location by connecting and transmitting information to smart devices allowing a location-based search. Beacons technology provides high penetration rates, long-range, and high energy efficiency. Top market players are engaged in the development of beacon technology which is fueling the smart beacon market growth. For instance, in 2013, Apple introduced the first iBeacon technology as part of iOS 7 at Worldwide Developer Conference (WWDC 2013) for different verticals such as hospitality, healthcare, workplace, and shopping malls.
A new beacon format by Google was introduced in 2015, named Eddystone, which is open source and can send three types of signals Unique Identity Number (UID), Uniform Resource Locator (URL), and Transaction-Level Modeling (TLM). Apart from this, many other types of beacons are available in the market such as AltBeacon by Radius Network (launched in 2014) and GeoBeacon by Techno-World (launched in 2017). AltBeacon and GeoBeacon both are open sources and compatible with other mobile platforms. Further, Apple had installed beacons technology in 254 of its US shops to provide customers with in-store notifications about products, reviews, discounts, and deals. Moreover, Google offers beacon technology known as ‘Eddystone’ technology that enables proximity-based triggers and actions.
Global Smart Beacon Market Segmentation
By Connectivity
- Bluetooth Low Energy (BLE)
- Wi-Fi
- Others
By End-Users
- Transportation &Logistics
- Retail
- Public Gathering &Spaces
- Healthcare
- Others
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