The smart beacon market is expected to be valued at USD 1,363.6 million in 2017 and is likely to reach USD 19,805.5 million by 2023, at a CAGR of 56.2% between 2017 and 2023. The growing adoption of smartphones and the increasing focus on business intelligence to gain competitive advantage are driving the growth of the market.
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According to the new research report on the "Smart Beacon Market by Beacon Standard (iBeacon, Eddystone), Connectivity Type, Offering (Hardware, Software, Service), End Use (Retail, Transportation and Logistics, Public Gathering and Spaces), and Geography - Global Forecast to 2023", the market is expected to be valued at USD 1,363.6 Million in 2017 and is likely to reach USD 19,805.5 Million by 2023, at a CAGR of 56.2% between 2017 and 2023. The growing adoption of smartphones is a major factor driving the growth of the smart beacon market.
Browse 66 market data Tables and 30 Figures spread through 124 Pages and in-depth TOC on "Smart Beacon Market - Global Forecast to 2023"
Eddystone standard to hold largest size of smart beacon market by 2023
iBeacon held the largest share of the smart beacon market in 2016; however, the market for Eddystone is expected to grow significantly and is expected to surpass iBeacon over the forecast period.
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Eddystone provides an extended feature to iBeacon and sends 4 packets as a part of Bluetooth connectivity signal. Google launched Eddystone, an open protocol, in 2015, and since then, it is being adopted considerably in the smart beacon market.
It is specifically developed for Android users; however, it has an interoperability feature to power highly specific user-facing apps.
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Smart beacon market for transportation and logistics to grow at highest CAGR between 2017 and 2023
Among all the end use segments, the smart beacon market for transportation and logistics is likely to grow at the highest CAGR during the forecast period. This growth can be attributed to the capability of beacon to provide real-time asset tracking to determine the exact time of the delivery of goods to the final customers at lower cost.
Europe held largest share of smart beacon market in 2016
Europe held the largest share of the smart beacon market in 2016 owing to the high traction of beacon technology and growing need for technologically advanced marketing platforms among the end users to capture the shares in the respective markets. In addition, Europe is an early adopter of the technology, and the customers in this region have accepted the technology seamlessly.
The report profiles the key players in the smart beacon market. The competitive landscape of the market presents an interesting picture of the strategies adopted by these players to grow in the market.
Some of the key players in this market are Estimote (US), Aruba (A Hewlett Packard Enterprise Company) (US), Kontakt.io (Poland), Cisco (US), Bluvision (An HID Global Company) (US), Onyx Beacon (Romania), Leantegra (US), Gimbal (US), Accent Systems (Spain), Swirl Networks (US), Sensoro (US), JAALEE Technology (China), Beaconinside (Germany), Blesh (US), and BlueUp (Italy).
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