Market Size of Smart Beacon Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 54.05 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Smart Beacon Market Analysis
The smart beacon market is expected to register a CAGR of 54.05 % during the forecast period. Beacon technology enables smartphones, tablets, and other devices to perform actions close to a beacon. Because of characteristics such as the increased probability of successful sales, improved customer relationships, enhanced tailored experience, and real-time & affordable nature when compared to traditional marketing, proximity marketing has seen increased investment. Furthermore, increased mobile penetration promotes the expansion of proximity marketing.
- The increasing need for spatial data, which can be used to analyze the current demographic trend, is driving the growth of the market studied in various applications. One of the most widespread usages of beacon technology in higher education is the expedition of administrative tasks, such as attendance monitoring. Attendance monitoring via beacons increases efficiency and saves time. It also replaces a physical attendance sheet with spatially and automatically detected attendance information.
- Increasing globalization and demand from the automobile sector will emerge as key market development drivers. Increasing emphasis on business intelligence to achieve a competitive edge, increased usage of spatial data in analytics, rising demand for smart beacons for indoor navigation, and expanding industrialization would contribute to the market's growth.
- Moreover, by creating virtual perimeters around real-world geographic areas to communicate with users in those areas, players are focused on innovating advanced geofence technology and spatial data for increasing the audience reach and capturing telematics around hundreds of thousands of points of interest in the smart connect platform.
- The lack of information and technological skills will hamper the market's expansion. Technical obstacles, interoperability concerns, and bluetooth low energy technology's restricted sensing capabilities may slow the market's development pace even more. Large-scale technology restrictions in developing nations, and increased security and privacy concerns, may further challenge market expansion.
- During the COVID-19 Pandemic, the market is hampered due to the closure of many retail stores and the close of various end-user industries. Post-pandemic, the market is growing rapidly with the reopening of stores and resuming of various end user activities. With the increased mobile penetration, the market is propelling further.
