The global smart beacon market is expected to witness a robust growth rate of more than 34.3% during the forecast period 2022-2028. Smart beacons are small, wireless transmitters and micro location-based technology devices that use Bluetooth technology to send signals to other smart devices nearby. The smart beacon detects the location of the devices and then starts tracking. They are widely used in various industries including retail, hospitality, transportation and logistics, education, and others. Pivotal growth factors such as the growing need for spatial data for analytics, growth in proximity marketing, increasing adoption of smartphones, and the development of advanced communication technologies like smart wearables are driving the growth of the global smart beacon industry. However, the shortage of technological resources for the execution of smart beacons and concerns about privacy and security are some of the reasons hampering the growth of the global smart beacon market.
Retail industry playing a crucial role to increase the smart beacon demand
Smart beacons are used as an alternative to GSM trackers, as a result, the transportation and logistics industry has increased the adoption of smart beacons. Smart beacons are more convenient as compared to GSM trackers, as GSM trackers have a high cost of operations and a short life span. On the other hand, smart beacons further offer an interactive platform which is anticipated to be a key driver for the smart beacon market. Additionally, the demand for smart beacon technology is expected to rise in organized retail such as supermarkets, departmental stores, hypermarkets, and discount stores. It helps in tracking customers’ in-store movement, helps customers find their way around the store, alert-in-store customers of discounts and coupons, attract customers to store events, and improve in-store conversion rates.
North America leads the global market
Geographically, the market is analyzed into North America, West Europe, Eastern Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America held more than one-third of the global share of the smart beacons market in 2020 on account of increased adoption of smartphones coupled with high penetration of advanced technologies in the region. The presence of significant industry players offering a broad range of solutions is further augmenting the regional market growth. The Asia Pacific is expected to grow at the fastest CAGR during the forecast period due to the growing need for a technologically advanced marketing platform, especially in the retail industry. The adoption of smart beacons is increasing in countries like India and Australia, as advanced communication technologies bloom in these economies, which is helping the global smart beacon market to grow rapidly. In Europe, the market is significantly driven by increasing strategic activities by major companies in countries such as Germany, UK, Spain, France, Italy, and others. The rise in the demand for smart beacons in the retail industry has fueled the growth in this region. To boost their productivity, key offline retailers in this region are focusing on adopting advanced beacons.
Market Structure and Competition Landscape
The global smart beacon market is fragmented in nature. Some of the prominent players that contribute significantly to the market growth include Fujitsu Components Ltd., Aruba Networks (Hewlett Packard Enterprise Development LP), HID Global Corporation (ASSA ABLOY), Leantegra Inc., Sensoro Co. Ltd., Radius Networks, Kontakt.io, Cisco System Inc., Tuya Inc., Estimote Inc., JAALEE Technology Co. Ltd., Accent Advanced Systems SLU, and others. These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Collaborations and product launches are some of the key strategies followed by industry players. Some of the key developments in the global smart beacon market include,
- In July 2021, China-based Tuya Inc. launched Tuya Beacon, a developer-friendly Bluetooth protocol to empower the intelligent upgrade and transformation of smart devices with location-based technology.
- In March 2019, Estiomote released a new generation of proximity beacons that have a Bluetooth 5 chip, long-lasting batteries, temperature monitoring, RGB-color LED for configuration feedback, and AR VLC, among other features.
Key Market Segmentation
RationalStat has segmented the global smart beacon market on the basis of components, standard, connectivity type, end use, and region.
- By Components
- Standard Beacon
- Card Beacon
- Sticker Beacon
- By Standard
- By Connectivity Type
- Bluetooth Low Energy (BLE)
- BLE 4.0
- BLE 5.0
- Bluetooth Low Energy (BLE)
- By End Use
- Transportation and Logistics
- Banking, Financial Services, and Insurance (BFSI)
- Others (Education)
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the smart beacon market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecast, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
- Annual reports, company filings, investor presentations, product catalogs, and company documents
- Industry and market-related documents available in the public domain
- Paid database including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for smart beacon providers, retailers, BFSI facilities, transportation and logistics companies, government organizations, healthcare facilities, market educational organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption pattern, ongoing smart beacon market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Frequently Asked Questions (FAQs)
The global Smart Beacons Market is expected to grow at a CAGR of approximately 34.3% during the forecast period 2022-2028.
The global market for smart beacons was US$ 3.0 – 3.5 Billion in 2021.
Smart shopping using beacons is the key trend in the market.
North America is the leading region in the market.
Major companies operating in the global Smart Beacons Market are Fujitsu Components Ltd., Aruba Networks (Hewlett Packard Enterprise Development LP), HID Global Corporation (ASSA ABLOY), and Sensoro Co. Ltd. among others.