Global Beacon Market Worth $ 45.59 Billion by 2025 | CAGR: 89.76%
MUMBAI, India, Nov. 28, 2017 /PRNewswire-iReach/ -- According to a new market research report published by Global Market Estimates, the beacon market is expected to grow at a CAGR of 89.76% from 2017 to 2025 to reach USD 45.59 billion by 2025. Evolving IoT infrastructure and increasing investments in proximity solutions are expected to increase demand for beacons over the coming years.
The retail sector is expected to observe a high demand for beacons in order to attract proximate customers to outlets by pushing promotional material to Bluetooth enabled smartphones. Some of the major retailers such as Target, Macy's, and Urban Outfitters, Inc. have adopted beacon technology for proximity marketing.
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Key Market Insights
The large influence of promotional media on retailers is projected to boost demand for beacons
Customers often seek personalized or customized solutions and in-store experiences from brick-and-mortar retail outlets
Eddystone has advantages such as open format & flexibility coupled with integration with Google products
Beacon technology is expected to play a vital role in museums, airports, airlines, banks, financial institutes, hotels, and homes
The demand for beacons in healthcare segment is projected to increase as it helps in queue management and staff communication
Some of the companies using beacon technology include Miami International Airport, Hong Kong International Airport, Hamad International Airport, Chhatrapati Shivaji International Airport, and Tokyo Haneda Airport among others
North America is anticipated to account for a considerable revenue share owing to growing number of organized retails outlets and IoT adoption across the region
The growing disposable income in the Asia Pacific region is expected to boost demand for beacons in the retail, hospitality, BFSI, and healthcare sector
Major players in the beacon market are BlueCats, Gimbal, Inc., Kontakt.io, Inc., Estimote, Inc., Apple Inc., Aruba, Gelo Inc., Blue Sense Networks, Sensorberg GmbH, Glimworm Beacon, Accent Advanced Systems, SLU., Onyx Beacon Ltd., and Bluvision, Inc. among others
In July 2015, Google launched Eddystone, the company's Bluetooth Low Energy beacon
In September 2017, Target adopted Bluetooth beacon technology that facilitates indoor mapping with the store to locate products
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