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The Beacons Technology Market Generated $519.6 Million In The Year 2016LONDON, Nov. 15, 2017 /PRNewswire/ -- Download the full report: https://www.reportbuyer.com/product/5201361 The beacons technology market is experiencing an advanced rate of growth over the past couple of years due to an increasing demand for beacons for providing location-based marketing solutions from the retailers. The beacons technology market has witnessed a high growth rate owing to the increase in the IoT spending, a rise in the demand for beacons to provide location-based marketing, and development visions for smart cities across the globe. Recent innovations in beacon standards, protocols, and services have enabled the beacons technology to reach a wider segment of consumers in the industry. Companies are developing various software for beacon-enabled proximity platforms, such as content management system, analytical system, mobile apps, firmware, and Software Development Kits (SDKs), among others, to make the beacons system cost-effective, durable, and efficient. This, in effect, is expected to increase competition in the near future as well as facilitate the utilization of beacons for varied applications. Increasing market penetration of beacons technology in emerging sectors: airport, railways, real estate, automobile, and hotel, continued advancements in Bluetooth technology, and beacons gaining traction in enterprises for Industry 4.0 are the major factors which are expected to create lucrative opportunities for the market in the next five years. In terms of revenue, the beacons technology market generated $519.6 million in the year 2016. Following points provide a concrete description of the report content and the topics covered in the report:
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. Beacon essentially operates 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 an 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 by utilizing USB beacons, which are easy to configure with infinite durability and low maintenance cost. Increase in the 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. Furthermore, increasing market penetration of beacons technology into the emerging sectors: airport, railways, real estate, automobile, and hotel, continued advancements in Bluetooth technology, and beacons gaining traction in enterprises - Industry 4.0, are expected to create lucrative opportunities for the market in the coming years. Each of these factors has a definite impact on the growth of the market. The beacons technology market reported a revenue of $519.6 million in 2016, with retail end user accommodating for the highest revenue by 2026. As the figure shows, the retail end user had the highest penetration rate in the overall beacons technology market in 2016, followed by hospitality and others, including residential, industrial, healthcare, stadium, and museum. The end user is expected to witness a high growth rate owing to the rise in the deployment of beacons at retail stores, in order to offer rich, customized, and seamless customer experiences through promotions, in-store navigation, or loyalty programs. The future demand for beacons technology across different geographies is expected to be promising, with North America having the highest market share during the forecast period (2017-2026), followed by Europe, Asia-Pacific, and Rest of the World. North America is expected to maintain its dominance through the forecast period, owing to the maximum number of beacons installation for the retail industry. In addition to this, the emerging start-ups in the region are also keen to develop beacons for the emerging applications for varied end users, thus, boosting the utilization of beacons in the industrial and transportation industry. Moreover, Asia-Pacific is expected to witness the highest growth in the market, mainly driven by the increasing focus of the nations in the region on developing efficient wireless connectivity, thus, making it as one of the key strategic industries, which will make the country innovation-driven, high-tech, and capable enough to compete with the leading nations in the IT industry across the globe. Countries Covered
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