smart beacon market

According to Market Research Future, the global smart beacon market has been segmented on the basis of beacon standard, connectivity type, component, end user, and region.

Smart beacons are easily scalable and have improved logistics operations with asset tracking, leading to improvements in capacity sensing, planning, reporting, and fault detection. Magnetic beacons and receiver with magnetic sensors are mostly adopted for a wide range of indoor events and applications such as pedestrian and robot navigation.

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Also, smart beacons in a wireless sensor network (WSN) helps in providing forest fire detection and animal tracking. For instance, during the preparations for the 2018 World Cup, the Russian Railways partnered with Navigine, a provider of software tools for mobile developers, and Kontakt.io, a provider of proximity technologies, to use Kontakt.io’s Bluetooth low-energy beacons, with smartphone sensors, accelerometers, gyroscopes, barometers, and magnetometers, and Navigine’s app to determine the user’s position in the station down to 1 meter. The app also incorporated relevant information like train schedules, platforms numbers, locations, and ticket purchasing capabilities. 

The global smart beacon market has been segmented on the basis of beacon standard, connectivity type, component, end user, and region.

On the basis of beacon standard, the market has been segmented into iBeacon, Eddystone, others. The Eddystone beacon standard is projected to show the highest CAGR during the forecast period owing to enhanced and a number of new features as compared to iBeacon standard. Also, this standard is expected to be used by the retail industry for proximity marketing.

Based on connectivity type, the market has been segmented into Bluetooth low energy (BLE), Wi-Fi, and hybrid. Among these, Bluetooth low energy (BLE) is dominating the market owing to its low power consumption capabilities. Moreover, BLE modules are cheaper to manufacture, which brings down the overall cost of the BLE hardware, making it the most preferred choice for operating beacons.

By component, the market has been segmented into hardware, software, and services. Among these, the software segment is expected to be the fastest-growing during the forecast period as most of the companies are developing software such as mobile apps, analytical systems, content management systems, among others for beacon-enabled proximity platforms to make the beacons system cost-effective, durable, and efficient.

By end user, the market has been segmented into retail, hospitality, transportation & logistics, healthcare, BFSI, automotive, aviation, education, and others. Among these, the retail segment holds the largest market share in 2018 as the use of smart beacon for advertising and marketing has effectively impacted this sector. However, the transport and logistics segment is expected to show the highest CAGR during the forecast period owing to smart beacons ability to provide real-time asset tracking of delivery of goods to end users at a lower cost.

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