The global smart beacon market is set to witness massive growth in forecast period, owing to rising penetration of Bluetooth technology equipped smartphones around the world. The Asia-Pacific region is anticipated to witness fastest growth by 2028.
NEW YORK, Nov. 3, 2021 /PRNewswire/ — Research Dive in its latest published report estimates that the Global Smart Beacon Market will generate $17,497.4 million and exhibit a CAGR of 29.6% from 2021 to 2028.
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The adoption of in-store marketing by retailers is increasing at a rapid pace. Besides, the penetration of Bluetooth technology equipped smartphones is increasing the need for spatial data for advertisement is rising across the globe. These factors are predicted to increase the demand for smart beacons in various industries, thereby resulting in boosting the growth of the global market during the forecast period. Moreover, the growing use of wearable devices such as smart watches is predicted to create huge growth opportunities for the market by 2028. However, short-range capabilities of smart beacon devices and its battery maintenance issues are expected to hamper the market growth during the estimated timeframe.
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Key Segment Findings of the Market:
The research report segments the global smart beacon market into component, protocol, application, end use, and region.
Based on component, the software sub-segment is predicted to grow at a CAGR of 30.2% and have a fastest growth during the forecast period. This is mainly owing to the growing demand for in-store analytics to enhance customer experience by improving store operations.
Based on application, the tracking & tracing sub-segment valued for $829.9 million in 2020 and is predicted to hold a dominating market share during the analysis period. This is mainly because smart beacon is used as active tags in several industries. These active tags function to transmit positioning data at specific intervals and also helps operators or forklift trucks to identify and find the products they are looking for.
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Based on protocol, the Eddystone sub-segment is expected to value for $3,437.8 million by 2028 and witness fastest growth over the forecast period. The increasing penetration of Android-enabled smartphones and other mobile devices across the globe is predicted to drive the sub-segment growth of the smart beacon market.
Based on region, the Asia-Pacific market for smart beacon is expected to surpass $6,019.1 million and grow at the fastest CAGR during the forecast period. The increasing need for technologically advanced marketing platforms and the high traction of beacon technology among end users in the region are the major factors predicted to boost the regional market growth by 2028. In addition, the increased penetration of beacon technology in Australia and India for various applications is also driving the Asia-Pacific market growth.
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Impact of COVID-19 Pandemic on the Smart beacon Market
The COVID-19 pandemic has moderately impacted the global smart beacon market growth. The negative impact on the smart beacon market size and share is mainly due to the lockdown imposed by many governments around the world which slowed down or stopped operating during the pandemic and impacted the smart beacon industry sales. However, the increasing digitalization and automation efforts by manufacturers and retailers is expected to increase the use of smart beacons in the near future. Moreover, smart beacons are being increasingly utilized in the healthcare industry to prevent and mitigate the spread of the virus. These factors have impacted the growth of the global smart beacon market during the unprecedented times.
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Top 10 Prominent Players of Smart Beacon Industry
The key players of the global smart beacon industry include –
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These players are focusing on product launches, technological advancements, and strategic collaborations to gain a competitive in the global market.
For instance, in June 2021, Confidex, a leading provider of short-range wireless products & services in IoT technologies, introduced its newly enhanced Viking Tough BLE (Bluetooth Low Energy) beacon delivering real-time intelligence about the status & conditions of assets & goods in places and conditions where BLE beacon devices won’t last.
Porter’s Five Forces Analysis for the Global Smart Beacon Market:
1. Bargaining Power of Suppliers: In the case of smart beacons, currently there are large number of suppliers offering beacon’s primary components such as battery, central processing unit (CPU), and radio. Most of the developed countries rely on the import of such components from other countries including China and other Southeast Asian countries. Given the constrain on domestic supply of beacon components, global suppliers currently have substantial bargaining power in the market.
Thus, the bargaining power of the suppliers is moderate.
2. Bargaining Power of Buyers: The market is fragmented with few players and no major player. Switching cost of beacons is low as customers have more power to negotiate for lower prices and better deals. With increasing buyers for beacons in several industry verticals, bargaining power of buyers is more in current scenario.
Thus, the bargaining power of the buyers is high.
3. Threat of New Entrants: Beacons are impacted by government rules and regulations such as the General Data Protection Regulation (GDPR) in Europe and the California Consumer Privacy Act (CCPA) in the United States. Low initial investment and demand for innovative proximity marketing technologies, on the other hand, are boosting start-up growth.
Thus, the threat of the new entrants is moderate.
4. Threat of Substitutes: Smart beacons provide amazing capabilities and value when compared to alternatives such as Global Positioning System (GPS) or Near Field Communication (NFC) technologies. NFC and GPS, as alternatives to proximal marketing, have drawbacks such as limited range and high cost of technology. Smart beacons are a far more affordable and practical instrument for nearby marketing.
Thus, the threat of substitutes is low.
5. Competitive Rivalry in the Market: The smart beacon market is highly fragmented, with many small firms. Few large companies, on the other hand, are aggressively investing in beacon technology offering better hardware, support, and expertise than their cheaper counterparts.
Therefore, the competitive rivalry in the market is moderate.
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