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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Some of the leading players of the global beacon market are Estimote Inc., Aruba Networks Inc., Gimbal, Estimote Inc., and Radius Networks, Inc. major players are looking for innovative business strategies so as to increase demand for beacon technology in the market. This is being done by new merger and acquisition plans in order to enhance their beacon market to other parts of the world as well. New ideas like that of location based marketing solutions are also being initiated in order to draw more end users to the beacon market in the years to come.
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.
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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.