Smart Beacon Market: Key Market Developments and Innovations in 2023

This report delves into the segmentation of the smart beacon market, focusing on criteria such as beacon standard, connectivity type, offering, end use, and geographical distribution. The overall valuation of the smart beacon market is anticipated to reach USD 19,805.5 Million by 2023, with a notable compound annual growth rate (CAGR) of 56.2% spanning from 2017 to 2023. This impressive growth trajectory is propelled by the widespread adoption of smartphones and a heightened emphasis on leveraging business intelligence for competitive advantages.

Smart beacons, also referred to as Bluetooth Low Energy (BLE) beacons, function as proximity sensors that transmit signals utilizing Bluetooth technology. When Bluetooth-enabled devices, such as smartphones or tablets, come within range of these beacons, they activate corresponding applications on the devices, prompting specific actions associated with the beacon signal. Leading players in this market, including Estimote (US), Aruba (A Hewlett Packard Enterprise Company) (US), Kontakt.io (Poland), Cisco (US), and Bluvision (An HID Global Company) (US), have significantly contributed to market growth through continuous innovation in product development.

Within the spectrum of end-use segments, the smart beacon market in transportation and logistics is poised to experience the highest CAGR during the forecast period. This can be attributed to the capability of beacons to facilitate real-time asset tracking, enabling precise monitoring of goods’ delivery times to end customers at reduced operational costs. Asset tracking represents a burgeoning application of smart beacons, offering substantial benefits to the logistics industry, where profit margins are often narrow, and the cost-effective installation of smart beacons presents a strategic advantage.

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Geographically, the smart beacon market in the Asia-Pacific (APAC) region is expected to register the highest CAGR during the forecast period. This robust growth can be attributed to the increasing adoption of beacon technology in countries like China and Australia. Furthermore, the smart beacon market in this region is still in its early stages, offering substantial untapped potential for expansion.

Among the various beacon standards, the Eddystone standard is projected to exhibit the highest CAGR in the smart beacon market during the forecast period. Eddystone, which augments iBeacon by sending four packets as part of the Bluetooth connectivity signal, has gained significant traction since its introduction by Google in 2015. While initially developed for Android users, Eddystone boasts interoperability features that make it compatible with highly specialized user-facing applications, contributing to its growing popularity within the smart beacon market.

Related Reports: 

  1. conveyor monitoring Market https://www.marketsandmarkets.com/Market-Reports/conveyor-monitoring-market-55899833.html 
  2. Automatic Labelling Market https://www.marketsandmarkets.com/Market-Reports/automatic-labeling-machine-market-136090157.html 
  3. Motion Sensors Market https://www.marketsandmarkets.com/Market-Reports/Motion-Sensor-Market-614.html

Mr. Rohan
MarketsandMarkets™ INC. 
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sales@marketsandmarkets.com

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