North America beacon technology market growth can be credited to the large-scale adoption of the technology by retailers in the U.S. along with extensive penetration and of mobile devices. These retailers are using beacons to provide customers with flash sales, product information, customized deals and other offers to motivate them to make purchase decisions. With a growing e-commerce ecosystem in the region, especially in the U.S., retailers are leveraging this modern technology to offer a personalized, digital and rich content-driven shopping experience to the customers in their stores.
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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.
BLE holds a major beacon technology market share in 2016 and is expected to dominate the market throughout the timeline as it is a low-cost wireless technology alternative to Wi-Fi, NFC and GPS technologies for location-based services. As BLE-enabled devices consume considerably less power compared to those running on these technologies, customers tend to prefer such devices to increase the productivity of their location-based marketing functions. These factors result in a relatively low cost for manufacturing and deploying BLE beacons compared to setting up Wi-Fi networks. Hence, BLE has been the most preferred choice for operating beacons.
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.
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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.
Major Key Points from Table of Content:
Chapter 7. Beacon Technology Market, By Application
7.1. Beacon technology market share by application, 2016 & 2024
7.2.1. Market estimates & forecast, by region, 2015-2024
7.3. Travel, tourim and hospitality
7.3.1. Market estimates & forecast, by region, 2015-2024
7.4.1. Market estimates & forecast, by region, 2015-2024
7.5. Financial institutions
7.5.1. Market estimates & forecast, by region, 2015-2024
7.6.1. Market estimates & forecast, by region, 2015-2024
7.7.1. Market estimates & forecast, by region, 2015-2024
7.8.1. Market estimates & forecast, by region, 2015-2024
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