Global Beacon Technology Market Research Report 2021 Overview, Territorial Outlook, Technology, Demand and Estimate 2027

Having been chronicled as one of the most opportunistic business spheres for potential investments, the growth chart of beacon technology market is forecast to be exponential over the coming seven years. The commercialization potential of the entire business space is quite evident from the estimates by Global Market Insights, Inc., that claims beacon technology market to exceed a valuation of USD 25 billion by 2024. The technology has been creating a buzz since for a while now, particularly post the introduction of Apple’s first Bluetooth based ibeacon protocol in the year 2013. How beacon technology is making a head way across myriad end-use domains in a comparatively short span has been a subject of contention for tech investors. Given the backdrop of a tech-driven era, the surging demand for proximity based merchandizing solutions in the retail space, as per experts’ opinion, can be fundamentally credited for the increasing popularity of beacon technology industry over the recent years.

In this regard, it is important to mention that the retail space, of late, has been undergoing a stage of transition, where determinants like payment technology, in-store experience, and personalization are playing a bigger role.  Sum and substance, higher customer engagement is presently the prime focus for retailers today – the profound factor behind the exceptional beacon technology market proceeds from retail applications. Whether e-commerce giants launching full-fledged mobile applications or brick-and -mortar storeowners launching companion mobile apps to enhance instore shopping experience, penetration of beacon technology has become imperative to keep pace with the consumers expectations.

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Having been recognized as a technology that is a breakthrough in itself in reaching out consumers, beacon technology market penetration in the retail space can be aptly quoted as revolutionary. In fact, experts claim, it has taken contextual marketing completely to a new level. One of the major factors that was somewhat standing in the way of beacon technology adoption even until a few years back, is the difficulty of integrating beacon-enabled app into the business model. However, with the introduction of Eddystone by Google in the year 2015, the scenario completely changed. This new beacon protocol has removed the necessity of an app, allowing the business model to connect to customers via Google Chrome browser on iOS and other Android mobile devices using beacon. Claimed as the immediate rival of ibeacon component, the growth prospect of Eddystone platform in beacon technology market is likely to be exceptionally phenomenal over 2017-2024.  Add to it, Google recently strengthened its success story with the announcement of its new feature, dubbed as Android Instant Apps, that allow the users to access certain beacon technology based apps even without installing it. With Google’s constant effort of integrating its other patent services like Google Maps with the platform, experts have enough reason to claim that the number of Eddystone matched beacons would increase exponentially down the line of seven years, leaving a direct impact on beacon technology industry share.

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Speaking of the competitive landscape, beacon technology industry is undergoing an inflection point, where the business space is transiting from a consolidated structure to a rather fragmented or shared model.  Some of the strong contenders other than Apple and Google, that are readily investing in beacon technology market include Radius Networks, Kontakt.io, Estimote, Blue Sense Networks, Gimbal, BlueCats, Glimworm Beacons, and Beaconinside. These giants are heavily banking on product innovation and development to come up with enhanced beacon products that feature water-resistant surfaces, wider range, and cloud based network management facilities. With a plethora of verticals having already borne the dynamic impact of this technology, beacon technology market is overtly one of the fascinating business spheres of recent times to watch unfold.

ToC:

Chapter 3.   Beacon Technology Industry Insights

3.1.  Introduction

3.2.  Benefits of beacons

3.2.1. Relevant, real-time information

3.2.2. Cheap and easy to adopt and implement

3.2.3. Reduced waiting time and queuing

3.2.4. Assistance with indoor navigation

3.2.5. Increased customer visits and purchases

3.2.6. Personalized marketing with relevant offers and discounts

3.2.7. Increased app engagement and retention

3.3.  Industry segmentation

3.4.  Evolution of Beacons

3.5.  Addressable Market

3.6.  Industry landscape, 2015 - 2024

3.7.  Industry ecosystem analysis

3.8.  Beacon architecture analysis

3.9.  Regulatory landscape

3.10. Technology & innovation landscape

3.10.1.  Bluetooth 5

3.10.2.  Online retargeting and attribution

3.10.3.  Acquisitions

3.11.      Industry impact forces

3.11.1.  Growth drivers

3.11.1.1.     Growing adoption of IoT

3.11.1.2.     Demand for location-based marketing solutions

3.11.1.3.     Increasing penetration of mobile devices

3.11.1.4.     Emphasis on developing smart cities

3.11.2.  Industry pitfalls & challenges

3.11.2.1.     Data security and privacy concerns

3.11.2.2.     Networking and precision challenges

3.12.      Porter's analysis

3.13.        PESTEL Analysis

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