From the Wires
Beacon Technology Market to witness 80%+ Growth over 2017-2024
iBeacon platform in global beacon technology market is predicted to account for more than 50% of industry revenue share by 2024 by when Google's Eddystone expected to witness high CAGR owing to an extensive Android user-base and consistent upgradation of
By: PR Newswire
Mar. 8, 2018 09:00 PM
SELBYVILLE, Del., March 8, 2018 /PRNewswire-iReach/ -- Beacon Technology Industry Background
Beacon technology has revolutionized the field of proximity marketing by enabling location-based messaging functions majorly using BLE technology to detect mobile devices in the proximity of beacon transmitters. With a logical intersection of existing trends such as mobile devices and digital signage, the technology has enabled a customized communication channel between businesses and their customers. As the beacon landscape is expanding, companies are focusing on developing products that can be customized according to the customer's needs for network and relevant branding requirements. The vendors supplying hardware such as chipsets and sensors are emphasizing on improving the network capabilities and battery life of the beacons to enhance their value proposition for the users.
Beacon Technology Market Overview
Beacon Technology Market is poised to be valued USD 25 billion by 2024; according to a new research report by Global Market Insights, Inc. The beacon technology market growth is attributed to increasing penetration of smartphones around the world and need for location-based proximity marketing solutions to improve customer experience. Mobile devices have become an integral component of marketing and communication strategies of businesses to attract customers who use smartphones as the primary channel to conduct research and make purchase decisions.
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Beacon Technology Market By Deployment Model
On-premise beacon technology market will account for considerable share by 2024 due to the availability of numerous vendors developing and commercializing beacons that can be locally deployed by businesses with ease and without much technical expertise or assistance. However, cloud deployment model is expected to witness accelerated growth during the timeline owing to rapid adoption of cloud computing technology, as it offers a cost-effective approach to store and manage huge volumes of customer data.
Beacon Technology Market By Region
North America beacon technology market growth can be credited to the large-scale adoption of the technology by retailers in the U.S. along with extensive penetration and of mobile devices. These retailers are using beacons to provide customers with flash sales, product information, customized deals and other offers to motivate them to make purchase decisions. With a growing e-commerce ecosystem in the region, especially in the U.S., retailers are leveraging this modern technology to offer a personalized, digital and rich content-driven shopping experience to the customers in their stores.
Beacon Technology Market By Application
The retail sector is expected to gain a major share of the beacon technology market by 2024 accounting to over 55%. This dominance can be attributed to rapid adoption of the technology by retailers to strengthen their marketing strategies by incorporating proximity marketing using beacon transmitters. Beacons have proved to be effective in increasing revisits and enabling impulse purchases while enabling an omnichannel shopping experience. This is expected to fuel the further adoption of the technology by the retail industry over the timeline. On the other hand, the healthcare sector is expected to witness high growth between 2017 and 2024 as the technology offers to improve the hospital management functions by facilitating better patient and staff monitoring.
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Competitive Beacon Technology Industry Share
The players operating in the beacon technology market include platform providers, beacon technology providers, and hardware providers. Apple and Google are the key providers of beacon platforms whereas companies such as Estimote, Kontakt.io, and Gimbal are aggressively trying to acquire a larger share of the beacon technology market by developing innovative beacons.
Beacon Technology Market By Technology
BLE holds a major beacon technology market share in 2016 and is expected to dominate the market throughout the timeline as it is a low-cost wireless technology alternative to Wi-Fi, NFC and GPS technologies for location-based services. As BLE-enabled devices consume considerably less power compared to those running on these technologies, customers tend to prefer such devices to increase the productivity of their location-based marketing functions. These factors result in a relatively low cost for manufacturing and deploying BLE beacons compared to setting up Wi-Fi networks. Hence, BLE has been the most preferred choice for operating beacons.
Browse key industry insights spread across 220 pages with 334 market data tables & 14 figures & charts from the report, "Beacon Technology Market Size By Platform (iBeacon, Eddystone, AltBeacon), By Deployment Model (On-premise, Cloud), By Application (Retail, Travel, Tourism & Hospitality, Healthcare, Financial Institutions, Real-estate, Education), By Technology (BLE, Wi-Fi, Ultrasound, Combined Technologies), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Denmark, Poland, China, Japan, ANZ, South Korea, India, Singapore, Brazil, Mexico, GCC, South Africa), Growth Potential, Competitive Market Share & Forecast, 2017 - 2024" in detail along with the table of contents:
Chapter 7. Beacon Technology Market, By Application
7.1. Beacon technology market share by application, 2016 & 2024
7.2.1. Market estimates & forecast, by region, 2015-2024
7.3. Travel, tourim and hospitality
7.3.1. Market estimates & forecast, by region, 2015-2024
7.4.1. Market estimates & forecast, by region, 2015-2024
7.5. Financial institutions
7.5.1. Market estimates & forecast, by region, 2015-2024
7.6.1. Market estimates & forecast, by region, 2015-2024
7.7.1. Market estimates & forecast, by region, 2015-2024
7.8.1. Market estimates & forecast, by region, 2015-2024
Browse Full TOC @ https://www.gminsights.com/toc/detail/beacon-technology-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Media Contact: Arun Hegde, Global Market Insights, Inc., +13028467766, email@example.com
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SOURCE Global Market Insights, Inc.
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