Rapid advancements in wireless communication technologies in the recent years has led to the emergence and growth of Bluetooth beacons, which is a distinctive field of proximity connectivity. Beacons are defined as proximity devices, transmitting Bluetooth Low Energy (BLE) signals, received by nearby portable electronic devices, in order to facilitate varied applications, including advertising, indoor navigation, notification & alert, monitoring, real time analysis, and quick interaction, among others. Bluetooth technology was developed in 1989 by Dr. Nils Rydbeck, CTO at Ericsson Mobile, with the basic purpose of providing a means of wireless communication.
Prodigious need and interest to incorporate wireless technologies across numerous industry verticals have led to a drastic transformation in the Bluetooth technology, with the latest Bluetooth versions replacing legacy technologies and strengthening beacon solutions in IoT driven wireless communication systems, thus, enabling the maturation and growth of the beacon industry. Beacons essentially operate using Bluetooth 4.0 Low Energy standard, which allows it to establish a one-way connection, unlike prior versions of Bluetooth.
The beacons technology market will take a couple of years to reach its full market potential and commercialization. Currently, beacons are dependent on Bluetooth enabled mobile devices with a compatible software application.
The effective realization of beacons technology platform involves creative concepts and resources for developing interactive applications. Large and well-known retailers may not face the issue in getting the user to download their applications, however, the small and medium-sized retailers and business certainly have the problem of expanding their reach. Moreover, the maintenance cost of beacons system is quite high as compared to other proximity wireless communication platforms. However, companies are opting for strategies to reduce the maintenance cost incurred due to batteries is by utilizing USB beacons, which are easy to configure with infinite durability and low maintenance cost.
According to the latest market research report by BIS Research, titled ‘Global Beacons Technology Market -…ast: 2017 to 2026', the global beacons technology market reported a revenue of $519.6 million in 2016, with retail end user accommodating for the highest revenue by 2026. Increase in Internet of Things (IoT) spending, a rise in the demand for beacons for providing location-based marketing, and development visions for smart cities across the globe are driving the growth of the market. In addition to this, dependency on Bluetooth enabled mobile devices with a compatible software application and a significant reduction in maintenance cost of beacons system act as major challenges to the market.
Few Companies Mentioned in the Report:
- Accent Advanced Systems, SLU
- Aruba Networks, Inc. (a Hewlett Packard Enterprise company)
- Beaconinside GmbH
- BKON Connect, Inc.
- Blue Sense Networks Ltd.
- BlueCats Australia Pty Ltd.
- Bluvision Inc.
- Estimote, Inc.
- Fujitsu Ltd.
- G24 Power Ltd.
- Gimbal, Inc.
- Glimworm Beacons
- Kontakt Micro-Location Sp. Z.o.o.
- Onyx Beacon Ltd.
- Radius Networks, Inc.
Key Questions Answered in the Report:
- What is the size, in terms of revenue and volume, of beacons technology market in 2016, and growth rate during the forecast period, 2017-2026?
- What is the market size of different protocol types, including iBeacon, Eddystone, and others for beacons?
- What was the market value of different end users of beacons in 2016?
- What is the market size of beacons technology on the basis of different geographical regions and respective leading nations? Furthermore, what is the market size of different end users of beacons operating in these regions?
- What are the key trends and opportunities in beacons technology market, across different regions and respective countries?
- What are the major driving forces that tend to increase the demand for beacons during the forecast period?
- What are the major challenges inhibiting the growth of the global beacons technology market?
- What kinds of new strategies are being adopted by existing market players to make a mark in the industry?
- What is the competitive strength of key players in the beacons technology market by analyzing through market share analysis and competitive benchmarking model?
- How attractive is the market for different stakeholders present in the market by using Porter’s Five Forces model?
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