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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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
176 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 77.6% |
Market growth 2024-2028 |
USD 90413.3 million |
Market structure |
market_structure.ucfirst |
YoY growth 2023-2024(%) |
59.6 |
Key countries |
US, China, UK, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Find out which segment is leading the market by accessing the free PDF report
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.
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
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UK: +44 203 893 3200
Email: media@technavio.com
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