Global Beacon Market Accounted for Significant Revenue Growth and CAGR of 16.05% during 2018 – 2026

Published on : Jul 19, 2018

Albany, New York, July 18, 2018: Technology is progressing at a rapid pace, gradually turning every science fiction into reality. Beacon technology is one of those technological advancements which is gaining momentum in the global market. A fresh study, highlighting global market dynamics of beacon has been broadcasted to the vast archive of Market Research Hub (MRH), with the title of “Beacon Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018-2026”. The study comprises a comprehensive analysis of the global market along with all information related to sub-segments as well as segments. The report also talks about major advancement in technologies along with the competitive scenario.

First of all, the report presents a detailed market overview of beacon market. This section comprises qualitative analysis, by considering the factors shaping the market drivers, opportunities and restraints, together with Porter's five forces and market attractiveness analysis. A beacon is basically a wireless Bluetooth sensor, which uses Bluetooth Low Energy (BLE), to send and receive data to smartphones to perform certain actions, like app notifications, messages or prompts. In the retail industry, it is a cost-effective and targeted marketing technique that promotes sales and generates higher revenues. It has been analyzed that multiple benefits of adopting beacon technology such as providing navigation, getting reviews, customized offers, and prompts are projected to have a positive impact on the global beacon market.

Key Highlights from the Study

As per the active research evaluations, the global beacon market is expected to reach an impressive value of US$ 4,909.4 Mn by 2026. The market is projected to expand at a notable CAGR of 16.05% during the forecast period from 2018 to 2026. In addition, the global beacon market will continue to be influenced by a range of factors such as rising popularity and adoption of beacon technology with Internet of Things (IoT) and Industry 4.0. Additionally, the growing adoption of proximity marketing is anticipated to boost the global beacon market during the forecast period 2018-2026.

Moreover, the study provides an entire perspective on the market’s growth in terms of revenue in US$ Bn, across different geographical regions such as Asia Pacific, North America, Middle East & Africa, Europe, and South America. For a better understanding of the market, the global market for beacon are broadly assessed on the basis of end-use industry, technology, and component. On the basis of technology, the study covers iBeacon, Eddystone and others. By component, the study covers hardware and software. By end-use, the study outlines retail, transportation and logistics, healthcare, advertising, manufacturing and others.

From a geographical standpoint, the study finds that North America and Asia-Pacific anticipated dominating global market with the highest growth rate. The factors contributing to growth of the market in the Asia Pacific is the rising adoption of smartphones across the region due to the continuously increasing population. On the other hand, North America is home to many well-established players from the beacon domain.

At last, the study covers competitive outlook of the market by highlighting key players active in the industry. They are, Aruba Networks Inc, Gimbal, Estimote Inc., and Radius Networks, Inc. among others. These key players are looking to capture a larger market share by originating novel beacon lights.

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