Latest News:- Beacon Market: iBeacon is expected to lead the Type segment during 2024-2028

Beacon Market to grow at a CAGR of 77.6% during 2024-2028

The Beacon Market is expected to grow at a CAGR of 77.6% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 90413.3 million. IPIN technology, which utilizes sensors, magnetic positioning, and Bluetooth Low Energy (BLE) technology, offers precise indoor navigation for various establishments such as hospitals, event venues, museums, shopping malls, airports, and university campuses. This innovative solution is comprised of three essential components: a dynamic positioning system platform, beacons that transmit signals to smartphones, and consumer-centric applications. Notably, BLE beacons, which facilitate indoor positioning, are cost-effective and effortless to install and maintain. Key industry players, including Apple, American Airlines, Lord and Taylor stores, Walmart Inc., The Coca-Cola Co., Macys.com LLC, and Beiersdorf AG Nivea brand, have already reaped the benefits of this advanced positioning system. 

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The iBeacon subsegment is expected to dominate the Type segment during the forecast period 

Technavio analysts predict that the iBeacon subsegment will lead the Type segment during 2024 and 2028 At the 2013 Worldwide Developer Conference in San Francisco, Apple Inc. unveiled iBeacon, a revolutionary technology utilizing Bluetooth Low Energy (BLE) for delivering location-based services and information to compatible iOS and Android devices. Each iBeacon is identified by a unique code, composed of numbers and letters, which is recognized by mobile applications. Upon detection, the application responds with predetermined actions, such as notifications, data logging, or server connection, enhancing user experience and engagement.

Here are the various ways based on which the market is segmented: 

• Type
  • iBeacon
  • Eddystone
  • Others
• End-user
  • Retail
  • Healthcare
  • BFSI
  • Others
• Geography
  • North America
  • APAC
  • Europe
  • South America
  • Middle East and Africa

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There are several factors that are causing the market to flourish augmented adoption of beacon technology by diversified end users

Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report

Research Analysis Overview

The Beacon market is experiencing significant growth with the integration of Zigbee technology, enabling proximity-based interactions between smart devices and wireless networks. Beacons, such as iBeacons and Eddystone beacons, use Bluetooth Low Energy (BLE) technology to transmit data in physical locations. This technology offers audio-based directions, impairment-aware wayfinding through systems like Wayfindr, and enhances shopping experiences with proximity zone marketing. However, data security concerns are a complex issue in this market. Manufacturers like Smart Beacon are addressing these concerns through advanced encryption and secure communication protocols. Pioneering product developments include plug-in beacons, keychain beacons, and coin-sized beacons, expanding market penetration and diversification into untapped geographies. Competitive Assessment & Intelligence reports reveal that key players in the Beacon market include Estimote, Radius Networks, and Gimbal. These companies are employing competitive strategies like technological advancements and manufacturing capabilities to maintain their market position. Overall, the Beacon market is poised for continued growth as businesses seek to enhance user experiences and drive sales through proximity-based marketing solutions.

Market Research Overview

In the expansive landscape of the global electronics industry, Beacon Market holds a significant position, encompassing manufacturers of communications equipment, technology hardware storage and peripherals, electronic components, electronic equipment and instruments, consumer electronics, and industrial electronics. According to Technavio's market analysis, the size of the global electronic equipment and instruments market is determined by the revenue generated from the sales of associated ICT and electronics products, equipment, and components. Key growth drivers for this market include the increasing demand for electronic test and measurement equipment. This demand is fueled by technological advancements and digital transformation in various sectors such as semiconductors, automotive, IT, consumer electronics, industrial, energy, and medical devices.

The Beacon Market is experiencing significant growth, fueled by the augmented adoption of beacon technology by diversified end users. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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Technavio Research
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