Beacon Market to Reach $395.9 Billion, Globally, by 2032 at 53% CAGR: Allied Market Research
Wilmington, Delaware, May 07, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Beacon Market by Type (iBeacon, Eddystone, AltBeacon, and Others), Technology (BLE, Wi-Fi, Ultrasound, and Others), and Application (Retail, Travel Tourism and Hospitality, Healthcare, BFSI, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the beacon market was valued at $9.6 billion in 2023, and is estimated to reach $395.9 billion by 2032, growing at a CAGR of 53% from 2024 to 2032.
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- 163 – Tables
- 56 – Charts
- 250 – Pages
Prime Determinants of Growth
The beacon market is expected to witness notable growth owing to increase in utilization of beacons in logistics, warehousing, and retail. Moreover, surge in the adoption of beacons in sports stadiums and arenas for fan engagement and concession stand promotions is expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, the high cost limits the growth of the beacon market.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $9.6 billion |
| Market Size in 2032 | $395.9 billion |
| CAGR | 53% |
| No. of Pages in Report | 250 |
| Segments Covered | Type, Technology, Application, and Region |
| Drivers | Growth in utilization of beacons in logistics, warehousing, and retail sectors Rise in adoption of advanced communication technology Surge in government initiative in ongoing smart cities project |
| Opportunity | Technological advancement |
| Restraint | High initial Cost |
The iBeacon segment to maintain its leadership status throughout the forecast period
On the basis of type, the iBeacon segment held the highest market share in 2023, accounting for more than two-fifths of the beacon market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the enhancement of customer shopping experience by sending them relevant notifications based on their location. However, the AltBeacon segment is projected to manifest the highest CAGR of 55.11% from 2024 to 2032.
The BLE segment to maintain its leadership status throughout the forecast period
On the basis of technology, the BLE segment held the highest beacon industry in 2023, accounting for more than two-thirds of the global beacon market revenue and is estimated to maintain its leadership status throughout the forecast period. However, the others segment is projected to manifest the highest CAGR of 55.89% from 2024 to 2032, owing to the widespread adoption of combined beacon technology globally.
The retail segment to maintain its leadership status throughout the forecast period
On the basis of Application, the retail segment held the highest market share in 2023, accounting for more than half of the global Beacon Market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the increasing demand for personalized shopping experiences and targeted marketing campaigns. Beacons enable retailers to deliver relevant notifications, promotions, and product information based on a customer's location, enhancing engagement, loyalty, and ultimately driving sales. However, the healthcare segment is projected to manifest the highest CAGR of 55.92% from 2024 to 2032.
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North America to maintain its dominance by 2032
On the basis of region, North America held the highest market share in terms of revenue in 2023, accounting for more than two-fifths of the beacon industry revenue owing to the presence of a myriad of players in the region such as Apple, Estimote, Gimbal, Google, Texas Instruments, and many others. The presence of a significant number of players in North America is anticipated to drive the growth of the beacon market in this region. Moreover, Asia-Pacific is projected to manifest the highest CAGR of 56.17% from 2024 to 2032 owing to rise in demand for location-based services from various industries such as education & research sectors, entertainment, transportation & logistics, and others.
Leading Market Players:
- Kontakt.io,
- Apple Inc.
- Estimote Inc.,
- BlueCats
- Aruba Networks Inc.
- Blue Sense Networks
- Glimworm Beacon
- Gelo Inc.
- Sensorberg GmbH
- Accent Advanced Systems, SLU.
The report provides a detailed analysis of these key players in the global beacon market. These players have adopted different strategies such as product launch, product development, partnership, investment, acquisition, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Key Benefits for Stakeholders:
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the beacon market analysis from 2023 to 2032 to identify the prevailing beacon market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the beacon market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the beacon companies.
- The report includes the analysis of the regional as well as global beacon market trends, key players, market segments, application areas, and beacon market, beacon infrabuild growth strategies.
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Beacon Market Key Segments:
By Technology
- Others
- BLE
- Wi-Fi
- Ultrasound
By Type
- iBeacon
- Eddystone
- AltBeacon
- Others
By Region:
- North America (U.S., Canada, and Mexico)
- Europe (UK, Germany, France, Russia, and Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific)
- Latin America (Brazil, Argentina, and Rest of Latin America)
- Middle East and Africa (UAE, Saudi Arabia, and Rest of Middle East and Africa)
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