The global smart beacon market is expected to grow from USD 1,240.0 million in 2018 to USD ~25,000.0 million by 2025, at a CAGR of ~54% during the forecast period. Since a few years, the rapid advances in information and communication technology has encouraged people to install intelligent appliances that have the capability to transmit information between connected devices in their homes.
Also, in organizations, smart beacons give automatic notifications when an unauthorized person tries to enter a restricted or dangerous zone. In larges venues or places like stadiums or theatres, smart beacons can increase service efficiency and reduce queuing time as it can activate timely messages regarding refreshments and location, thereby improving the consumer experience and increase their engagement. Thus, there is an opportunity to use smart beacons to increase sales of value-added products, such as popcorn at a cinema and refreshments at a stadium.
The key players in the smart beacon market are Estimote, Inc. (US), Aruba-Hewlett Packard Enterprise Company) (US), Kontakt.io (Poland), Cisco Systems Inc. (US), Bluvision-HID Global Company) (US), Leantegra Inc. (US), Gimbal, Inc. (US), Accent Advanced Systems, SLU (Spain), Swirl Networks (US), and Sensoro Co., Ltd (US).
Other prominent players studied for the Smart Beacon Market are Blue Cats (Australia), JAALEE Technology (China), Square Metrics GmbH (Germany), BlueUp Srls (Italy), Bleesk Benelux Sprl (Spain), Radius Networks Inc. (US), Resono (Netherlands) among others.
The global smart beacon market is projected to grow at a significant rate during the forecast period from 2019 to 2025. The geographical analysis of the global smart beacon market has been done for North America, Europe, Asia-Pacific, the Middle East and Africa, and Central and South America.
Europe dominates the global smart beacon market as smart beacons are being implemented by many hospitals to enable better asset tracking, improve information flow to the hospital staff, enhance equipment utilization, and increase the overall quality of medical services. Also, many startups are making use of smart beacons for various applications. For instance, OtherWorld, a UK-based startup uses Google’s Eddystone beacons across Manchester to provide local stories to pedestrians’ smartphones, thereby attracting the tourists and updating the citizens of Manchester about the latest news, events, offers, and trivia about the city. North America also holds a significant share in this market owing to the large-scale presence of various smart beacon vendors. In the US, huge retailers including Walmart and Target, have deployed smart beacons in their numerous retail outlets to display promotions, coupons, store maps, and products info through their mobile apps. Moreover, Asia-Pacific is expected to be the fastest-growing region during the forecast period as the number of Internet banking subscriptions and mobile banking transactions via smartphone and tablets is soaring in the Asian countries. However, the Middle East and Africa is expected to withness comparatively moderate growth during the forecast period as the market is still in a nascent stage in this region.
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