Beacon Market Research, 2032
The Global Beacon Market was valued at $9.6 billion in 2023, and is projected to reach $395.9 billion by 2032, growing at a CAGR of 53% from 2024 to 2032.
Beacon is a small, battery-powered, wireless device that uses Bluetooth low energy technology (Bluetooth Smart) to advertise its presence and services. Mobile apps on compatible devices can listen for signals from beacons on proximity area and then trigger an experience such as sending a promotional notification, coupon, video, URL form and others via the app.
The beacon market is expected to witness notable growth owing to an increasing utilization of beacons in logistics, warehousing, and retail. Moreover, the surge in adoption of beacons in sports stadiums and arenas for fan engagement and concession stand promotions is expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, the high cost limits the growth of the beacon market.
Key Takeaways of Beacon Market Report
On the basis of Type, the iBeacon segment dominated the Beacon Market size in terms of revenue in 2023. However, the AltBeacon segment is anticipated to grow at the fastest CAGR during the forecast period.
On the basis of Technology, the BLE segment dominated the Beacon Market size in terms of revenue in 2023. However, the others segment is anticipated to grow at the fastest CAGR during the forecast period.
On the basis of Application, the Retail segment dominated the Beacon Market size in terms of revenue in 2023. However, the Healthcare segment is anticipated to grow at the fastest CAGR during the forecast period.
Region wise, North America generated the largest revenue in 2023. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
Segment Overview
The beacon market is segmented into technology, type, application, and region.
On the basis of Technology, the beacon growth drivers is classified into BLE, Wi-Fi, Ultrasound, and others. In 2023, the BLE segment dominated the market in terms of revenue. However, the others segment is expected to manifest the highest CAGR during the forecast period.
On the basis of type, the beacon market insights is divided into iBeacon, Eddystone, AltBeacon, and others. In 2023, the iBeacon dominated the market in terms of revenue. Moreover, the AltBeacon segment is projected to have the highest CAGR during the forecast period.
On the basis of Application, the beacon market value is classified into Retail, Travel tourism and hospitality, Healthcare, BFSI, and others. In 2023, the retail segment dominated the market in terms of revenue. However, the healthcare segment is expected to manifest the highest CAGR during the forecast period.
On the basis of region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), Latin America (Brazil, Argentina, and rest of Latin America), and Middle East and Africa (UAE, Saudi Arabia, Qatar, and rest of Middle East and Africa).
Beacon market size by country in Asia-Pacific, specifically China, remains a significant participant in the beacon market due to rise in demand for location-based services from various industries such as education & research sectors, entertainment, transportation & logistics, and others, which is driving the growth of the beacon industry in Asia-Pacific region.
Competitive Analysis
Beacon market share by company includes Kontakt.io, Apple Inc., Estimote Inc., BlueCats, Aruba Networks Inc., Blue Sense Networks, Glimworm Beacon, Gelo Inc., Sensorberg GmbH, Accent Advanced Systems, SLU are provided in this report. Product launch and acquisition business strategies were adopted by the major market players in 2023.
Market Dynamics
Rise in adoption of advanced communication technology
The rising adoption of advanced communication technology serves as a significant driving factor for the beacon market. With the proliferation of smartphones, wearable devices, and IoT (Internet of Things) gadgets, there's a growing ecosystem of interconnected devices capable of exchanging data seamlessly. Beacons leverage this network by transmitting signals to nearby devices, enabling location-based services, personalized notifications, and contextual interactions. Moreover, advancements in Bluetooth Low Energy (BLE) technology have enhanced the efficiency and range of beacon transmissions, further fueling their adoption. Various industries, such as retail, hospitality, and transportation, are integrating beacon technology into their operations to enrich customer experiences, streamline workflows, and glean valuable insights. As the digital landscape continues to evolve, the synergy between advanced communication technology and beacon technology is expected to drive further growth and innovation in the market.
Integration with the Internet of Things (IoT)
Integration with the Internet of Things (IoT) presents a promising future opportunity for the beacon industry report. As IoT devices continue to proliferate across various sectors, the synergy between beacons and IoT offers new possibilities for seamless and context-aware experiences. By integrating beacons with IoT devices, such as smart appliances, wearable gadgets, and connected sensors, businesses can create highly personalized and efficient solutions. For instance, in smart homes, beacons can enable automated lighting and temperature adjustments based on occupants' locations, preferences, and activities. Similarly, in smart cities, beacon enabled IoT devices can facilitate real-time monitoring of traffic flow, parking availability, and public transportation routes, enhancing urban mobility and sustainability. This convergence of beacon technology with IoT ecosystems not only enhances convenience and efficiency but also opens avenues for innovative applications across various industries, driving further growth and adoption in the beacon market.
Data Security Concerns
Data security concerns pose a significant restraint on the beacon industry. With the proliferation of beacon technology in various sectors such as retail, healthcare, and hospitality, there arises a heightened risk of unauthorized access to personal and confidential data. Cybercriminals can capitalize on weaknesses within beacon systems to intercept data transmissions, posing risks to privacy and causing potential financial harm. Therefore, businesses and consumers alike are cautious about adopting beacon technology, fearing the potential repercussions of data breaches. Thus, these security concerns through robust encryption protocols and stringent access controls are essential for fostering trust and driving widespread adoption of beacon market forecast.
Historical data and information
The beacon market is highly competitive, owing to the strong presence of existing vendors. Beacon companies with extensive technical and financial resources are expected to gain a competitive advantage over their competitors as they cater to market demands. The competitive environment in this market is expected to rise as technological innovations, product extensions, and different strategies adopted by key vendors increase.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the beacon market analysis from 2023 to 2032 to identify the prevailing beacon market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the beacon market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the beacon companies.
- The report includes the analysis of the regional as well as global beacon market trends, key players, market segments, application areas, and beacon infrabuild market, beacon infrabuild growth strategies.
Beacon Market Report Highlights
| Aspects | Details |
 Market Size By 2032 | USD 395.9 billion |
 Growth Rate | CAGR of 53% |
 Forecast period | 2023 - 2032 |
 Report Pages | 250 |
 By Technology |
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 By Type |
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 By Application |
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 By Region |
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 Key Market Players | Qualcomm Incorporated., Estimote Inc., Gelo Inc., Hewlett Packard Enterprise Development LP, Accent Advanced Systems, SLU., BLUECATS, Cisco Systems Inc., Apple Inc., sensorberg gmbh, Kontakt.io |
Analyst Review
Beacon is small device that sends out radio signals to nearby mobile phones and tablets, containing a small amount of data. Mobile apps on compatible devices are able to listen for signals from beacons on proximity area and then trigger an experience such as sending a promotional notification, coupon, video, URL form, and others through the app.
Increase in investment in proximity marketing globally. Further, employee & asset monitoring, safety & security, resource optimization, and other features of beacon solution fuel the market growth. However, rise in data security and privacy concern is expected to limit the market growth. Conversely, upsurge in organized retail provides ample of growth opportunity.
By type, ibeacon was the dominant segment in 2017, and is anticipated to continue this trend during the forecast period. In addition, by application, retail industry led the market in 2017. By technology, the BLE segment is anticipated to witness the highest growth rate during the forecast period.
Among the analyzed geographical regions, North America account for the highest revenue in the global market throughout the forecast period. However, Asia-Pacific is expected to grow at a higher growth rate, attributed to increase in investment in proximity marketing globally.
Advanced system, SLU., Apple Inc., BlueCats, Blue Sense Networks, Estimote, Inc., Gelo, Glimworm Beacons, Gimbal, Kontakt.io, and Beaconinside GmbH are key players that occupy a significant revenue share in the market.
Integration with IoT ecosystems and increased focus on enhancing beacon security are the upcoming trends of beacon in the world.
Retail is the leading application of beacon market
North America is the largest regional market for beacon market.
In 2023, $9.59 billion is the estimated industry size of beacon market.
Kontakt.io, Apple Inc., Estimote Inc., BlueCats, Aruba Networks Inc., Blue Sense Networks, Glimworm Beacon, Gelo Inc., Sensorberg GmbH, Accent Advanced Systems, SLU are the top companies to hold the market share in beacon.
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