Increase in the demand for advanced communication technologies, surge in investments in proximity marketing by prominent players in the market, rise in adoption of smartphone devices among people, and increase in the standard of living, and persistent technological advancements are expected to drive the growth of the global BLE beacon market.
PORTLAND, Ore., Oct. 3, 2022 /PRNewswire/ -- Allied Market Research published a report titled, "BLE Beacon Market by Type (iBeacon, Eddystone, Others), by Application (Proximity Marketing, Asset Tracking, Indoor Navigation, Others), by Industry Vertical (Retail, Healthcare, Travel and Tourism, BFSI, Automotive, Others): Global Opportunity Analysis and Industry Forecast, 2019–2030". According to the report, the global BLE beacon industry was valued at $2 billion in 2019, and is projected to reach $69.2 billion by 2030, growing at a CAGR of 36.9% from 2022 to 2030.
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Drivers, Restraints, and Opportunities
Increase in the demand for advanced communication technologies, surge in investments in proximity marketing by prominent players in the market, rise in adoption of smartphone devices among people, and increase in the standard of living, and persistent technological advancements drive the growth of the global BLE beacon market. In addition, rise in internet penetration across the globe and prevalence of innovative technologies such as Internet of Things (IoT) are expected to create ample opportunities for the industry.
COVID-19 Impact Analysis
The outbreak of COVID-19 has had a negative impact on the growth of the global BLE beacon market, owing to the occurrence of lockdowns in various countries across the globe.
Lockdowns resulted in the closure of various manufacturing facilities, including those revolving around gadgets and electronics. In addition, the shortage of workforce and essential raw materials during the pandemic further aggravated the impact on the market.
The Retail Segment to Lead the Trail
Based on industry vertical, the retail segment held the largest market share in 2019, holding more than half of the global market. In sports, starting from the players themselves, beacons can be attached to the uniforms of team members and used to track their real-time performance for improvement and training. In addition, airports use beacon technology in conjunction with mobile apps to deliver real-time "day of travel" information directly to passengers at the airport. The rise in adoption of BLE Beacon in aviation and stadiums offer growth opportunities for the BLE Beacon market. Hence, expected to emerge as the fastest growing segment of the market. In addition, the same segment is expected to maintain its leadership status during the forecast period. The report includes analysis of the healthcare, travel and tourism, BFSI, automotive, and others.
The Ibeacon Segment to Maintain the lion's share
Based on type, the ibeacon segment held the largest market share in 2019, holding more than two-fifths of the global market. Beacon opened doors to a host of opportunities for location-data and proximity marketing. This protocol enables seamless interactivity between iOS and Android devices, and iBeacon hardware, such as BLE beacons. This boosted the growth of the segment. In addition, the same segment is predicted to maintain its leadership status during the forecast period. However, the others segment is projected to register the highest CAGR of 39.0% during the forecast period.
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The Proximity Marketing Segment to dominate
Based on application, the proximity marketing segment held the largest market share in 2021, holding nearly three-fifths of the global market. The growth is mainly because more and more companies are adopting BLE beacons to capture a vast collection of consumer data, which help these brands to engage better with their customers, improving customer experience as proximity marketing is gaining steam, which is making it the largest segment of the market. The indoor navigation segment, on the other hand, is expected to cite the fastest CAGR of 40.0% during the forecast period. All kinds of intricate buildings use indoor navigation technology. These consist of stadiums, shopping centers, medical facilities, offices, and museums. For instance, through the American Airlines app, BLE beacons are used by airlines to provide location-based information. Users of the American Airlines app can access data such as the closest security checkpoint, time of boarding, and distance to the gate. Consequently, forming it the fastest growing segment.
Asia-Pacific Region to cite the fastest CAGR
Based on region, the market across the Asia-Pacific region is expected to maintain its leadership status during the forecast period. This is because infrastructure development in emerging countries such as China and India offer opportunities for the BLE Beacon market. Asia-Pacific occupies a major share in the BLE Beacon market, owing to the high adoption of internet of things (IoT) technology and the growing retail industry. In addition, the same region is expected to cite the fastest CAGR of 38.8% during the forecast period. The North America region, on the other hand, held the largest market share in 2021, holding two-fifths of the global market.
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Leading Players of the Market:
Apple Inc., Mobstac Inc.
JK Tech, Bluecats
Google LLC (Alphabet)
Hewlett Packard Enterprise
MobileCoderz Technologies Pvt Ltd.
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