Smart Beacon Market Anticipated to Garner $19.7 Billion, Growing with 42.1% CAGR by 2026
Business intelligence is the factor boosting the smart beacon market.
HYDERABAD, TELANGANA, INDIA, December 21, 2022 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that the Smart Beacon Market is expected to reach US$9.7 billion after growing at an estimated CAGR of 42.1% during 2021-2026. The market is estimated to witness substantial growth over the forecast period primarily due to rising demand for digitalization and adaption of smart devices such as smartphones and tablets. Smart beacon detects the locations of devices and perform tracking. For instance when smart device is in beacons range, it automatically detects physical location of that device and start tracking it. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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This IndustryARC report on the Smart Beacon Market highlights the following areas
In 2020, the smart beacon Market was dominated by North America owing to increasing business intelligence, digitalization and so on.
Smart Beacons enable smart devices to connect when it is in the beacons range, it works on Bluetooth connectivity as make it easy to recognize the devices and perform tracking and identifying.
Logistics and transportation industries are increasing the adoption of smart beacon as an alternative of GSM trackers as it has high cost of operation and has short span compared to smart beacon.
APAC is expected to have fastest growth in the global smart beacon market, due to the growing need for technological advanced marketing platforms and high adoption of beacon technology.
By Type - Eddystone which is developed by Google LLC has four types - Eddystone-UID, Eddystone-URL, Eddystone-TLM, and Eddystone-EID. Eddystone aids in providing more accuracy in performance. Ibeacon launched by Apple Inc., accounted for the largest market share in the global smart beacon market. However eddystone is expected to witness substantial growth in forecasted period 2021 -2026 at a CAGR of 36.7%.
By End User Industry - The Retail segment is projected to grow at a fast rate of 47.4% through 2026 due to rising demand for customer analysis. Tracking a customer's in-store movement has revolutionized the way retailers sale in the market by using smart beacon. To provide better customer experience major retailers such as Lord& Taylor, Timberland, Urban Outfitters and other are using beacon technology.
By Geography - In 2020, North America hold largest share in smart beacon market with 36.4% share in 2020, followed by APAC which is considered as the fastest growing region in this market due to the growing need for technological advanced marketing platforms and high adoption of beacon technology such as Eddystone in the region.
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The top 5 players in the Smart Beacon Industry are -
1. Leantegra Inc.
2. Kontakt.io Inc.
3. Fujitsu Components Ltd
4. Gimbal Inc.
5. HID Global Corporation
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