The global bluetooth beacons market was valued at USD 109.5 million in 2019 and is projected to reach USD 58.3 million by 2028. The market is expected to expand at a substantial CAGR during the forecast period, 2021 – 2028. The growth of the market is attributed to increasing number of mobile app companies along with rising investments in beacon technology.
A bluetooth beacon is a tiny wireless device, which functions on Bluetooth low energy. It frequently transmits a signal that other devices can see. It transmits a radio signal that is made of a mixture of numbers and letters at regular intervals.
Market Trends, Drivers, Restraints, and Opportunities:
- Increasing importance of location-based marketing in retail industry is expected to drive the market.
- Increasing investment in proximity solutions are reducing advertising and marketing costs, thereby boosting the market.
- The bluetooth industry has endured transformation in the last few years, owing to maturation and growth of the beacon industry.
- The beacon industry is adjusting to lodge complex industrial applications.
- The beacon industry is anticipated to incline towards scrappy market, where beacons concentrate on specific industrial verticals.
- Industrial fragmentation is essential for the growth of the beacons market, as new beacon products require enhanced solutions.
Scope of the Report:
The report on the Bluetooth beacons market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Global Bluetooth Beacons Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Technology (Eddystone, iBeacon, and Others), End-uses (Travel & Tourism, Retail, Healthcare, Financial Institutions, and Others), and Regions
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Onyx Beacon Ltd., Bluvision, Inc., Kontakt.io, Accent Advanced Systems, SLU, and Estimote, Inc.
Market Segment Insights:
The iBeacon segment held a major market share of the total revenue in 2016
Based on technology, the global Bluetooth beacons market is segregated as eddystone, iBeacon, and others. The iBeacon segment is expected to expand at a rapid pace during the forecast period. The growth of the segment is attributed to increasing need for providing location-based information and alerts to nearby smartphones compatible with iBeacon. Large adoption of products such as iPhones and iPads is projected to boost the segment during the forecast period.
iBeacon provides proximity-based marketing to its target customers with modified messages based on their shopping history. Rising importance of iBeacon has encouraged companies to introduce several new protocols such as AltBeacon and Eddystone.
Placement of beacons in stadiums and airports is projected to boost the segment. Additionally, the support of Eddystone on Android Chrome is estimated to drive the demand for android-based proximity solutions, which helps to track the location of beacons. Google provides protocols with open sourced framework, which differentiates it from Apple’s iBeacon.
The retail segment held a major share of more than 65% of the total revenue in 2016
On the basis of end-uses, the global bluetooth beacons market is fragmented as travel & tourism, retail, healthcare, financial institutions, and others. The retail segment is expected to expand at a robust CAGR during the forecast period. Growth of the segment is attributed to growing beacon deployment for improving customer experience. Retailers are involved in enhancing customer experience by fitting in-store beacons to send promotional messages, thus improving their efficiency and sales. Profit margin is more in brick and mortar retailers as compared to online retailers.
Brick and mortar stores are purchasing technologies such as Bluetooth Low Energy (BLE) and big data to accomplish high conversion rates and great operating efficiency. For instance, Carrefour installed a wide network of iBeacon in all its hypermarkets in Romania, which tracks consumer behavior and keeps them up to date about the products from each department.
The healthcare segment is expected to expand at a considerable CAGR during the forecast period. Growth of the segment is attributed to increasing need for quick responses to emergency situations. Hospitals are installing the technology to offer customized solutions according to the patients current and historic health conditions. Increasing need to address streamlining of patients management and monitoring process is fueling the healthcare segment in the bluetooth beacons market.
North America held a major market share of the total revenue in 2016
On the basis of regions, the global bluetooth beacons market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is expected to expand at a substantial CAGR during the forecast period. Growth of the market is attributed to increasing adoption of technology in retail and hospital industries and provision of coupons and trade promotions by enterprises to increase store sales and gain a competitive advantage in the market.
Stores such as Lord & Taylor, Urban Outfitters, Walmart, and Sephora send targeted messages to customers, notifying them about personalized coupons. Alex and Ani, a retail jewelry company, connected beacons in its stores to improve the store layout and product placement. The beacon alerts customers about product information rather than sending promotional coupons and messages.
The market in Middle East and Africa is expected to expand at a robust CAGR during the forecast period, owing to rising structured retail formats coupled with rising smartphone usage. Need to increase store sales is anticipated to boost the regional market. Moreover, deployment of beacons is projected to increase, due to increasing installations at financial institutions and airports.
The global bluetooth beacons market has been segmented on the basis of
- Travel & Tourism
- Financial Institutions
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players in the global Bluetooth beacons market include Onyx Beacon Ltd., Bluvision, Inc., Kontakt.io, Accent Advanced Systems, SLU, and Estimote, Inc. Major players are partnering with application developers and end-use industries to increase their geographical reach. Sellers are concentrating on the beacon platform, which helps in beacon campaign and management.