Smart beacons are tiny and low-priced, micro-location-based advanced technology devices that can notify nearby Bluetooth devices of their presence and transmit information by sending radio frequency signals. It connects and transfers data to other smart and mobile devices, enabling convenient and accurate location-based search and interaction. The signals are stronger if the receptive devices are closer. Smart beacons are used in retail to ease the offer better services to customers, enhance their shopping experience, and contribute to a possible increase in sales. Thus, smart beacon technology is proving to be one of the most innovative and revolutionary technologies of recent times.
COVID-19 Impact on Smart Beacon Market
The outbreak of COVID-19 across the globe has moderately impacted the global smart beacon market growth. This is majorly due to the imposition of lockdown in various parts of the world, which resulted in numerous enterprises and industries to slow down or stop operating. In addition, the sales of the smart beacon market were impacted owing to the closure of manufacturing and retail industry, which are the prime consumers of beacon technology. Besides, owing to the automation and digitalization efforts undertaken by retailers and manufacturers, the utility of smart beacons is predicted to increase in the coming future.
Additionally, healthcare industry is vigorously utilizing beacon technology to mitigate and prevent the spread of the coronavirus. Large number of groups are actively working on novel beacon-based applications to prevent the virus spread and its disinformation related to the number of diagnosis, death tolls, treatment options, and vaccination. Furthermore, with the help of beacon technology, various governments across the world are taking steps to deploy several measures to avoid close contact. For instance, the Indian government installed numerous beacon devices in Bangalore to mitigate the COVID-19 infection spread and prevent close passenger contact at the airport.
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Smart beacon Market Trends and Developments
The companies operating in the global industry are adopting several growth strategies and business tactics such as partnerships, collaboration, business expansion, and product launches to obtain a leading position in the global industry, which is predicted to drive the global smart beacon market growth in the upcoming years.
For instance, in January 2019, Kontakt.io, an industry leader in BLE beacons and indoor location services, introduced the first button-equipped Bracelet Tag BT18-3, a tracking device offers real-time location to ensure the continuous security and safety of the user.
In March 2019, Estiomote, a technology company building a sensor-based analytics & engagement platform, launched new generation of Proximity Beacons that comes with many software and hardware such as Bluetooth 5 chip, Temperature Sensing, Long-lasting batteries, and RGB-color LED for configuration feedback, and more.
In July 2021, Tuya Smart, a leading IoT cloud platform globally, announced the launch of ‘Tuya Beacon,’ which is a cost-effective, remote-controlled, easy to deploy, and developer-friendly Bluetooth protocol in order to empower the transformation and intelligent upgrade of smart devices with micro-location-based technology.
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Forecast Analysis of Global Market
The global smart beacon market is projected to witness an exponential growth during the forecast period, owing to the technological advancements and the rising adoption of AR technology in retail and other industries are projected to open up new growth opportunities for the market by 2028. Conversely, the AR security and privacy concerns among consumers are expected to hamper the market growth in the projected timeframe.
Smart beacons may be employed in a variety of ways in the future. Smart watches can be used in conjunction with beacons to provide client updates. It would be more convenient to use a smart watch instead of pulling out one's phone every time there is a notification. Smart beacons are now frequently employed in places including airports, hospitals, restaurants, industries, schools, and shopping malls, which are likely to interact with wearable devices that people are wearing. Moreover, growing utility of wearable devices and use of beacons in healthcare facilities will support hospital staff with indoor navigation capabilities and expedite the process of meeting and helping patients.
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The growing usage of beacons in healthcare facilities and the rising adoption of proximity marketing solutions in retail are the significant factors and smart beacon market trends estimated to bolster the growth of the global market in the coming future. According to a latest report published by Research Dive, the global smart beacon market is expected to garner $17,497.4 million during the forecast period (2021-2028). Regionally, the Asia-Pacific region is estimated to observe the rapid growth by 2028, owing to the due to the high traction of beacon technology and the rising need for technologically improved marketing platforms amongst end users in the region.
The key players functioning in the global market include
- Estimote
- Kontakt.io
- Aruba
- Sensoro
- Vision IOT
- Gimbal
- Sensorberg
- Glimworm
- Blueup
- BlueCats
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