Beacon Technology Market to reach $25bn by 2024

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Beacon Technology Market to grow at 80 CAGR from
2017 to 2024 Global Market Insights Inc.
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Industry Overview

• 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.
• The business owners are becoming aware of these
  customer preferences and thus, they are
  leveraging proximity-based beacon transmitters to
  enable real-time communication with the
  customers. Furthermore, proliferation of smart
  cities around the world is also favorably
  contributing to the growth of beacon technology
  market as beacons can facilitate highly connected
  urban infrastructures. However, factors such as
  data security concerns and networking and
  precision challenges can restrain the market
  growth during the forecast period.
• iBeacon is expected to account for over 50
  market share by 2024 owing to large scale early
  adoption of the platform by key vendors to
  develop beacons. As Apple was the first company
  to introduce a beacon standard, iBeacon has
  received rapid adoption in the past five years
  since its inception in 2013. Googles Eddystone
  is projected to exhibit high growth between 2017
  and 2024 due to an extensive Android user-base
  and consistent upgradation of the platform by the
  company.

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• 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. With
  vendors such as Kontakt.io and Cisco offering
  cloud-based beacon solutions to their customers,
  the adoption of this model is likely to increase
  consistently over the forecast period.
• 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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Beacon Technology Market Share, By Application,
2016

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Industry Coverage
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• 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.
• 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.The
  competition in the market is characterized by new
  product development and innovation strategies
  leading to the emergence of several new players
  producing beacons with enhanced performance
  capabilities.

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