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

The Beacon Market is being driven by Augmented adoption of beacon technology by diversified end users

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 users in various industries such as hospitals, event venues, museums, shopping malls, airports, and university campuses. This cutting-edge system is founded on 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. Renowned organizations, 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 advantages of the BLE positioning system. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

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

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Augmented adoption of beacon technology by diversified end users
• Benefits of proximity beacon marketing
• Increasing adoption of premium smartphones in emerging economies

However, the market also witnesses some limitations, which are as follows:

• Concerns over data security and privacy
• Reluctance among consumers to install and keep dedicated retailer apps
• Inaccuracy in signals and location-based search results

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Market Scope in Beacon Market Research Report

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Research Analysis Overview

Beacons, available in coin-sized and keychain formats, are technological advancements in proximity marketing. Manufacturers offer plug-in options for businesses seeking integration. Smart Beacons, utilizing Eddystone beacons and iBeacon technology, enable market penetration and diversification through proximity-based interactions. Untapped geographies present growth opportunities. Pioneering product developments include shopping cart beacons, audio-based directions, and data security measures. Beacons function via wireless networks and transmitters, engaging smart devices in the proximity zone for location-specific information.

Market Research Overview

The Beacon Market, a segment within the broader electronic equipment and instruments market, is characterized by Bluetooth smart signals, promotional notifications, geolocation methods, battery consumption, proximity marketing, managing assets, ensuring safety, and optimizing resources. According to Technavio, the global electronic equipment and instruments market, which encompasses communications equipment, technology hardware storage and peripherals, electronic components, consumer electronics, industrial electronics, and electronic manufacturing services, will experience growth due to the escalating demand for electronic test and measurement equipment. This demand is driven by technological advancements and digital transformation in various industries, including semiconductors, automotive, IT, consumer electronics, industrial, energy, and medical devices. The Beacon Market specifically contributes to this trend through its innovative use of Bluetooth technology for proximity marketing, asset management, and safety applications, while minimizing battery consumption through efficient beacon protocols.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/