Emerging Trends: Beacon Technology Market Expected to Witness Rapid Expansion by the End of 2027
Pune, New York, USA, November 25 2020 (Wiredrelease) Research Dive –:According to a study of Research Dive, the global beacon technology market forecast shall cross $45,213.7 million by 2026, growing at a CAGR of 75.4%.
The growing adoption of beacons for innovation in the business model is one of the significant factors for the growth of the beacon technology market. Beacon is a versatile product that has a key role in the application of retail, education, healthcare, and others. Moreover, to gain competitive advantages,market players are focusing high on business intelligence. For instance, FUJITSU has invented Bluetooth beacons which make indoor navigation accurate and it also provide an improved user experience. These beacons are cost-effective and provide valuable information such as bottlenecks, the effectiveness of offers and, customer movements.These factors are anticipated to boost the demand for beacons in the global market. In addition, beacons have great significance in the retail sector mainly because they provide key benefits of being highly effective, easy to deploy and lower in cost. However, alternatives like HubSpot Marketing, kpeiz, and Onlypult social media platform are available in the global market. These platforms are expected to decline the global beacon technology market growth. On the other hand, solar-powered BLE (Bluetooth Low Energy) beacons are an attractive solution for IoT applications such as healthcare, advertisement, and transportation. Solar-powered beacons can be used for the reduction of maintenance and increase of the lifespan of networks. Solar-powered BLE beacons give the best performance in terms of accuracy and energy efficiency.These renewable evolutions in beacon technology are anticipated to create vast opportunities for the beacon technology market.
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The global cloud segment has a rapidly growing market, and it will generate a revenue of $23,330.3 million by 2026, increasing at a CAGR of 76.9%, during the forecast period. Cloud-based beacons can connect and manage to any smart device within a 50-meter range. Also, users can automatically update this beacon anytime and from anywhere, across the globe. Furthermore, cloud beacon has a feature to set and schedule UUID (universally unique identifier), to provide infrastructure security.
The global AltBeacon platform has the fastest growing market, and it shall surpass $14332.7 million by 2026, growing at a CAGR of 77.1%, over the forecast period. This is mainly because AltBeacon has an open and interoperable specification for proximity beacons. For instance, Radius Networks, Inc. is offering AltBeacon which has more significance over multiple platforms from Android, iOS, Windows, and many others.
The education sector has a lucrative market, and it will cross $6,917.7 million by 2026, increasing at a CAGR of 76.6%, during the projected period. This is mainly because beacon technology in education is significantly used to enhance the in-class experience. An instructor can use beacon technology to take attendance. In addition, by using beacon technology, the lecturers can create (learning zones) a more interactive workshop or learning environment. Furthermore, it also provides key benefits such as seamless communication between professor and student, the facility of a push notification, and an interactive learning environment.Recently, Oklahoma University implemented BLE beacon technology in their campus and have around 50 battery-powered beacons which are expected to expand consistently.
The Wi-fi segment has the fastest-growing market, and it will register a revenue of $9,268.8 million by 2026, rising at a CAGR of 76.6%, throughout the forecast period. Wi-Fi and beacon are working together to drive the mass adoption of IoT enterprise solutions, across the globe. Wi-Fi beacon is extremely useful in vast spaces such as hospitals, stadiums, airports, and others. Also, this Wi-Fi beacon helps in the reduction of infrastructure costs.
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The beacon technology of the Asia-Pacific region has the fastest-growing market globally, and it shall generate a revenue of $11,258.2 million during the forecast period, growing at a CAGR of 76.7%.Growing demand of beacons for educational institutions rising popularity of tablets and smartphone devices and high demand in the logistics and transportation operations are anticipated to foster the growth of the Asian beacon technology market, particularly in India, South-Korea, and China. Moreover, growing focus on business intelligence to gain a competitive advantage preferably in countries such as China, India, and Japan are boosting the growth of the beacon technology market. Moreover, the existence of global players such as FUJITSU in this region is also expected to augment the growth of the Asian market.
The beacon technology of the European region is the dominating market, and it will surpass $13,473.7 million over the forecast period. This is mainly because of the extensive deployment of beacon technology in the application fields like transportation, healthcare, and tourism. Also, the availability of internet infrastructure in economies like Germany, the UK, and Italy are expected to upsurge the beacon technology market in Europe.
The major beacon technology market manufacturers arePaeDae, Inc. dba Gimbal, HID Global Corporation/ASSA ABLOY AB., by Kontakt.io, Estimote, Inc, Apple Inc., RECO, Glimworm Beacons, SAMSUNG,Qualcomm Technologies, Inc., and Hewlett Packard Enterprise Development LP.To elaborate more on the competitive landscape analysis of market players, the porter’s five force model is explained in this report.
Porter’s Five Forces Analysis for Beacon Technology Market:
Bargaining Power of Suppliers:Established ventures are experimenting with product designs by using multiple raw materials. So, if the price of one raw material increases then the company can shift to another material. Moreover, these companies of beacons are focusing mainly to make efficient supply chains with numerous suppliers.The bargaining power of suppliers is LOW.
– Bargaining Power of Buyer:Customers of beacon have low bargaining power, mainly because of the vast customer base, across the globe. The bargaining power of the buyer is LOW.
– Threat of New Entrants: Emergingstartups are focusingmainly on product development and technological evolutions. Also, theseemerging companiesemphasizingon economies of scale for the cost reduction per unit. The threat of new entrants is HIGH.
– Threat of Substitutes: Beacon technology offers a value proposition that is highly different from the present service of the market.In addition, the switching cost for the buyer will be high. The threat of substitutes is MEDIUM.
– Competitive Rivalry in the Market: Beacon industryhasnumeroussmall, medium, large, established ventures. These established ventures are building a sustainable differentiation and also emphasizingmajorly on technological evolution. The competitive rivalry in the industry isVERY HIGH.
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