The beacon market size is expected to grow by USD 15.99 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled Global Beacon Market 2020-2024 (Graphic: Business Wire)
The sales of premium smartphones are expected to grow during the forecast period, owing to the rise in disposable income of consumers and increasing household spending power in emerging economies. In addition, premium smartphone vendors are offering various advanced features, such as AI, triple camera options, full-screen displays, and high memory configurations. This enables smartphone vendors to quote a premium price for their products. These smartphones automatically connect with beacons installed in nearby places. These beacons have specific IDs that are registered in their dedicated apps. As soon as the smartphone is near any beacon, the smartphone app recognizes the incoming ID and location. The beacon then sends notifications, offers, discounts, messages, as per its programming. Thus, the growing adoption of premium smartphones will drive the beacon market growth during the forecast period.
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As per Technavio, the emergence of Industry 4.0 will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Beacon Market: Emergence of Industry 4.0
The emergence of Industry 4.0 or the fourth industrial revolution is expected to boost the demand for beacons during the forecast period. It involves digitalizing and linking the industrial sector to a connected network. This, in turn, creates the need for GPS devices, smart devices, and improved high-speed network connectivity. This will again lead to the deployment of more digital infrastructure, thus converting the entire mechanized value chain (including manufacturing, procurement, and sales) into a digitalized process with the help of beacons. Bridging the gap between the physical and digital interfaces, the beacon technology will facilitate exchange of up-to-date information instructions across the entire value chain.
“Factors such as the increasing adoption of beacons in logistics and transportation, and the rising adoption of IPIN systems will have a significant impact on the growth of the beacon market value during the forecast period,” says a senior analyst at Technavio.
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Beacon Market: Segmentation Analysis
This market research report segments the beacon market by type (iBeacon, eddystone, and others) and region (North America, Europe, APAC, MEA, and South America).
The North American region led the beacon market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the presence of well-established vendors, and increased adoption of beacons in the retail sector.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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