In 2016, the global Bluetooth beacons market was valued at USD 109.9million. The industry is expected to grow due to the increasing number of companies that use proximity technology and the increased investments made in it.
Beacons technology has transformed the operations of adopters by enabling personalization and customer engagement. The rise in popularity of location-based marketing within the retail sector is responsible for the growth prospects. Brick-and-mortar stores have realized the importance of combining the advantages of physical shopping with digital ecosystem. Investments in proximity solutions are seeing an increase, which means that they can reduce their advertising and marketing costs.
U.S. Bluetooth beacons market by technology, 2014-2025 (USD Million).
In recent years, the Bluetooth industry has experienced a significant transformation. This has led to the growth and maturation in the beacons market. Bluetooth is replacing outdated technologies like Near Field Communication (NFC), and ZigBee in order to improve beacon solutions. The beacon industry is evolving to support more complex industrial applications. The initial applications were limited to marketing and retail. However, the beacon industry is moving towards a more fragmented market in which beacons can focus on a specific industry vertical.
As beacon solution providers become more stable and can provide a steady stream, many new players are shifting to software solutions. This leaves infrastructure and hardware for a smaller number of companies. Because the future beacon products will require more sophisticated solutions, this industry fragmentation is crucial to beacons' growth.
In 2016, the iBeacon technology dominated this industry. This is due to the requirement to provide location-based notifications and information to nearby phones compatible with the iBeacon protocol. Segment growth is expected to be driven by the widespread adoption of products such as the iPhone and iPad.
iBeacons allow for proximity-based marketing, which allows customers to be targeted with customized messages based upon their past purchases. Eddystone, AltBeacon and many other protocols have been developed in response to iBeacon's increasing popularity. These protocols are open-source, which is a big plus for the industry.
These protocols are expected to grow as a result of large-scale beacon deployments at stadiums and airports. Eddystone's support for Android Chrome browser will increase the demand for Android-based proximity solution providers. Crowd-sourced solutions can also be used to track and monitor the health of beacons. Google's beacon platform is different from Apple's iBeacon. It positions the protocol as an open-source framework.
Retail accounted for over 65% of the total revenue in 2016, thanks to increased beacon deployment for improving customer experience. In-store beacons are used to send promotional messages and improve customer experience. This helps retailers increase their efficiency and sales. For brick-and-mortar stores, Bluetooth beacons can offer greater opportunities than online retailers to increase their profit margins.
Market for Bluetooth beacons worldwide, by end-use, 2016, (%)
Brick-and-mortar shops are using big data and Bluetooth Low Energy to increase conversion rates and improve their operating efficiency. Carrefour, for example, has installed a large network of iBeacons at all its hypermarkets in Romania. This monitors customer behavior and keeps them updated about the products in each department.
Another promising sector is healthcare, which is expected to experience the highest growth in order to meet the increasing need to respond to emergencies. Although the use of beacons in healthcare is still in its infancy, there is significant growth potential due to the need to streamline patient monitoring and management. Hospitals are using the technology to offer customized solutions based on the patient's history and current health condition.
Due to the adoption of Bluetooth beacons in the hospitality and retail sectors, North America was the dominant market for Bluetooth beacons in 2016. To increase store sales, trade promotions and coupons are becoming more common. Retailers can now offer personalized coupons and offers.
Targeted messages are being sent to shoppers in certain stores, such as Urban Outfitters and Lord & Taylor. These messages alert them to personalized coupons. Alex and Ani placed beacons in their stores to improve product placement and store layouts. Instead of sending coupons and promotional messages, the beacon informs customers about product information.
Due to an increase in organized retail formats and the growing smartphone penetration, the MEA region significantly contributed to industry growth in 2016. Regional growth will be driven by the need to increase store sales. With increasing installation at financial institutions and airports, beacon deployments will increase.
Contact.io, Onyx Beacon Ltd., Estimote, Inc., Bluvision, Inc., Accent Advanced Systems, SLU are the key players in this market. The key players in the market are Kontakt.io, Onyx Beacon Ltd., Estimote Inc., Bluvision Inc., and Accent Advanced Systems SLU. They also showcase beacon technology through pilot designs and leveraging mobile adoptability. Vendors are also focusing on providing a beacon platform that assists with both campaign management and beacon management. To expand their product reach, solution providers are working with end-user industries and application developers to form partnerships. Solution providers are focusing on providing high-quality hardware as well as the expertise and knowledge to manage large beacon fleets safely.
The report provides forecasts for revenue growth at the global, regional and country level and analyzes industry trends in each sub-segment from 2014 to 2025. Grand View Research segmented the global Bluetooth beacons industry based on technology, region, and end use.
Technology Outlook (Revenue USD Million; 2014-2025)
iBeacon
Eddystone
Other
End-Use Outlook (Revenue USD Million, 2014-2025)
Retail
Travel & tourism
Healthcare
Financial institutions
Other
Regional Outlook (Volume: Million Units; Revenue USD Million; 2014-2025)
North America
U.S.
Canada
Europe
Germany
UK
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Up Market Research published a new report titled “Bluetooth Beacons Market research report which is segmented by End-use (Healthcare, Retail, Financial Institutions, Travel & Tourism), by Technology (iBeacon, Eddystone), By Players/Companies Bluvision, Onyx Beacon Ltd, SLU Key manufacturers are showcasing beacon technology by deploying pilot designs and leveraging mobile adoption Moreover, Inc, Accent Advanced Systems, Inc, Estimote, vendors are focusing on offering a beacon platform, Kontaktio, which assists in both beacon management and campaign Solution providers are forming partnerships with application developers and end-use industries to expand their product reach The shifting focus of providing high-quality hardware and the ability and expertise to safely manage large beacon fleets are the key underlying trends among solution providers”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Bluetooth Beacons Market Research Report |
By End-use | Healthcare, Retail, Financial Institutions, Travel & Tourism |
By Technology | iBeacon, Eddystone |
By Companies | Bluvision, Onyx Beacon Ltd, SLU Key manufacturers are showcasing beacon technology by deploying pilot designs and leveraging mobile adoption Moreover, Inc, Accent Advanced Systems, Inc, Estimote, vendors are focusing on offering a beacon platform, Kontaktio, which assists in both beacon management and campaign Solution providers are forming partnerships with application developers and end-use industries to expand their product reach The shifting focus of providing high-quality hardware and the ability and expertise to safely manage large beacon fleets are the key underlying trends among solution providers |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 200 |
Number of Tables & Figures | 140 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by End-use (Healthcare, Retail, Financial Institutions, Travel & Tourism), by Technology (iBeacon, Eddystone).
Bluetooth Beacons Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Bluetooth Beacons Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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