Smart Beacon Market: Introduction
Increasing digitalization and advancements in technology are assisting the implementation of innovation technologies in Bluetooth technology. One such new innovation has been the invention of a beacon, a Bluetooth radio transmitter. The device is generally used to transfer data or signals from one device to the other using Bluetooth technology.
Smart beacons are proximity beacons which make use of a compatible application or operating system and function using Bluetooth low energy technology. At present, iBeacon (launched in 2013 and majorly intended for apple devices) and Eddystone (launched in 2015 and majorly intended for android devices) are the two most prominent smart beacons in the market. Having been present for a longer time in the market, iBeacon held larger market share in 2017. Also, due to the advanced features associated with Eddystone, such as ability to send 4 packets, enhanced accuracy and performance, etc., iBeacon is expected to witness higher growth rate in the smart beacons market during the forecast period.
Smart Beacons have witnessed considerable traction in the past four years owing to increasing digitalization and adoption of smart devices. However, due to the high application areas of smart beacon, the smart beacon market is expected to exhibit double digit growth rate during the forecast period.
Smart Beacon Market: Market Dynamics
Increasing demand and adoption of smart devices and the concept of smart cities are expected to be key driving factors for the global smart beacon market. This growth is further expected to be assisted by the increasing penetration of internet and growing customer expenditure across the globe. Increasing demand witnessed for smart beacons from transportation and logistics industry verticals, owing to smart beacons’ advanced features, such as real-time tracking feature, etc., is also expected to impel the demand and adoption of smart beacon market during the forecast period. Introduction of Eddystone, a smart beacon based on Google beacon platform, designed specifically for android users, in 2015, complimented by the presence of a larger customer base, is also expected to be a driving factor for the global smart beacon market.
One of the recent trends witnessed in the market is the introduction of hybrid connection type smart beacons.
However, the lack of presence of technological resources for the implementation of smart beacon is considered to be a major factor challenging the growth of the same across some countries. In addition to this, lack of awareness amongst various countries may also impact the growth of the global smart beacon market negatively, in terms of revenue. These factors, as a result, are expected to be the primary restraining factors for the global smart beacon market.
Smart Beacon Market: Segmentation
The global Smart Beacon market can be segmented on the basis of offerings, connection type, industry vertical and region.
Segmentation of Smart Beacon Market by Offerings:
On the basis of offerings, the smart beacon market can be segmented into:
Segmentation of Smart Beacon Market by connection type:
On the basis of connection type, the smart beacon market can be segmented into:
Segmentation of Smart Beacon Market by industry vertical:
On the basis of industry vertical, the smart beacon market can be segmented into:
Smart Beacon Market: Key Players
Some of the key players in the Smart Beacon market are Estimote, Inc., Aruba (Hewlett Packard Enterprise), Kontakt.io, Cisco Systems, Bluvision Inc., FUJITSU, Onyx Beacon Ltd., Accent Advanced Systems, SLU, Beaconinside GmbH, BLESH and various others.
Various smart beacon vendors are focusing on partnering with various Tier-1 players for innovating their products to strengthen their position in the global smart beacon market. For instance, in November 2016, Blesh partnered with Volkswagen Turkey and introduced new smart beacon key.
Smart Beacon Market: Regional Overview
By geography, the smart beacon market can be segmented across North America, Latin America, Western Europe, Eastern Europe, China, Japan, SEA and others in Asia Pacific, and Middle East & Africa. Among these regions, North America is expected to dominate the global smart beacon market during the forecast period owing to the high presence of various smart beacon vendors and implementation of advanced technological innovations in the region. Asia Pacific (including Japan and China) and Europe are expected to follow North America in the global smart beacon market. The Asia Pacific (including China and Japan) smart beacon market is expected to exhibit highest growth rate during the forecast period owing to the increasing penetration of internet (complimented by increasing cybercrimes), growing consumer expenditure and increasing adoption of smart devices and wireless technology in the region. Besides this, the Latin America smart beacon market is expected to witness significant growth rate and the MEA smart beacon market is expected to witness comparatively moderate growth during the forecast period in the global smart beacon market.
The report covers exhaustive analysis on:
Regional analysis for Global Smart Beacon market includes
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.