Beacon Technology Market Set For Rapid Growth & Trend, By 2027 | PaeDae, dba Gimbal, Apple Inc., Estimote, Glimworm Beacons
Pune, New York, USA, November 17 2020 (Wiredrelease) Research Dive –:The spread of COVID-19 virus all over the world has negatively impacted the global beacon technology market. Nevertheless, the market is likely to recover by Q1/Q2 of 2022. The decline in the market growth is mainly due to the shutting down of many industries all across the globe. Governments of various countries are taking initiatives in this unprecedented to avoid close contact by using beacon technology. For example, the government of India has implanted numerous beacons at Bangalore airport to avoid close contact and prevent the spread of the life-threatening COVID-19 virus.
The global beacon technology market is likely to observe a decline in the growth rate due to the COVID-19 pandemic. According to a new report added to Research Dive’s offerings, the global beacon technology market is estimated to reach up to $38,803.9 million and grow at a CAGR of 71.7% during the forecast period from 2019 to 2026. Though there is a decline in the growth rate, the industry is projected to recover by Q1/Q2 of 2022. Comprehensive analysis on drivers, restraints, growth opportunities, key segments, and strategies executed by major market players are further provided in the report to wisely understand the pandemic effect on the global market.
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Key Features of the Market
– Our analysts stated that the rising demand for location-based marketing solution and increasing adoption of internet of things (IoT) are the major factors estimated to boost the growth of global beacon technology market during the forecast period.
– The predicted market size of the beacon technology industry post COVID-19 pandemic is $1,082.6 million in 2020, which is a drastic decline from $1,546.5 million before the pandemic situation. However, the shutting down of various industries due to COVID-19 spread and the data privacy & security concerns are the factors restricting the market growth.
– On the contrary, the implementation of Machine Learning (ML) and Artificial Intelligence (AI) and ML with Bluetooth low energy beacons is expected to create massive growth opportunities in the global market.
Strategies & Initiatives to Sustain in the Pandemic Crisis
The key players of the beacon technology market are building several applications to curb the misinformation passed on regarding the diagnosis, number of fatalities, and vaccination on COVID-19 disease. For instance, Google and Facebook have united to help NHS fight fake COVID-19 news.
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Moreover, the governments of various countries are implementing numerous initiatives to avoid close contact and maintain social distancing by using beacon technology. This is expected to boost the market in 2020 pandemic. For instance, the Indian government has implanted various beacon devices at the Bangalore airport to avoid close contact of fellow passengers and prevent the spread of COVID-19 infection.
The major players of the global beacon technology market include dba Gimbal, PaeDae, Inc., Apple Inc., RECO, Estimote, Inc, Glimworm Beacons, SAMSUNG, HID Global Corporation/ASSA ABLOY AB., Hewlett Packard Enterprise Development LP, and Qualcomm Technologies, Inc.
As per the report, the global beacon technology market is anticipated to observe a significant growth post COVID-19 pandemic. The rising usage of smartphones across the globe and the advancements in beacon technology will help the industry to grow exponentially during the forecast period. Besides, many organizations are adopting several strategies to hold a strong position in the global industry, which is expected to boost the growth of the global beacon technology market after the end of COVID-19 pandemic.
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