In a recent report by Transparency Market Research (TMR), the vendor landscape of the global beacon market is anticipated to witness a significant growth owing to the long life duration and surge in cost efficiency. Beacon based technology is gaining popularity with time especially in terms of retail applications and is expected to hold a noteworthy share in the overall market. Major players are focusing on understanding customer preferences and likewise making improvisations in their products so as to gain more popularity and earn more revenue share.
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As per the TMR report, the global beacon market is estimated to reach a 565 million units by the end of 2021 which was counted to be 8.2 million as per the 2016 reports. On the basis of end-use, the retail segment is presumed to gain more revenue as compared to the rest of them. Apart from that, the advertising industry is also estimated to expand with a higher CAGR during the forecast period of 2018 to 2026.On the basis of geography, the beacon market is foreseen to outshine in Asia Pacific, as compared to the other regions of the world.
The global beacon market is subjugated by the regions of South America, Middle East and Africa, Asia Pacific, Europe and North America. Among these, the region registering more growth revenue, that too, at a faster speed, in the upcoming years is Asia Pacific. This is due to the rising population in the developing nations of China, Japan and India and their constant efforts to step into the new era of modernization and urbanization. Owing to the increasing population comes the emergence of smartphones, and this new smartphone trend is attracting many end users to draw their attention towards the beacon market.
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Apart from that, the multiple benefits that beacon technology offers is a major fact drawing more attention towards this market. There are many advantages of adopting beacon like getting customized offers, or prompts, or providing navigation and getting reviews. Malls in China are quickly adopting iBeacons on a large scale in order to utilize them for advertising. Thus, China is likely to add a large amount of revenue to the Asia Pacific Market. These features will help the global beacon market to gain more revenue with the advent of time.
Although there are lot of scopes for the beacon market to emerge as a powerful market, there may be one or two factors that may act as a hindrance to the overall growth of the market. One such factor may be the growing trend of offline stores to choose online platforms in the retail sectors. However, the rise in trend for spatial data to be used in analytics and the increase in focus of business intelligence organizations to get the competitive advantage are important factors that are likely to fuel up the global beacon market in the years to come.