[FURL=https://www.industryarc.com/Research/Smart-Beacon-Market-Research-505371?utm_source=BriefingWire&utm_medium=PressRelease&utm_campaign=PaidPressRelease]Smart Beacon Market[/FURL] size is expected to reach $9.7 billion by 2026, and estimated to grow at a CAGR of 42.1% during the forecast period 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 beacon’s range, it automatically detects physical location of that device and start tracking it. Business intelligence is other factor boosting the smart beacon market, owing to its advanced technology such as real time tracking is increasing demand for the industry such as transportation and logistics, retails, automotive and other. North America is estimated to play a key role in market growth due to rising adoption.Key Takeaways
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.
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Smart Beacon Market Drivers
Early Adoption of Technology
The growing need for technological advancement in marketing platforms, the concept of smart building and smart cites creates an opportunities for development of smart beacon market. Moreover, the rising demands for digitalization and adoption of smart devices for activities such as tracking and identifying are boosting the market growth.
Increase in advance communication technologies
Rapid development In advance communication technology is the key driver for smart beacon market. Bluetooth Low Energy, Wi-Fi, IoT and other are rapidly advancing in technology and is expected to propel the smart beacon market, especially Eddystone based devices.
Beacon market top companies Leantegra Inc., Kontakt.io Inc., Fujitsu Components Ltd, Gimbal Inc., HID Global Corporation, Cisco Systems Inc., Accent Systems, Onyx Beacon, Beaconinside, Sensoro, Estimote, JAALEE Technology.
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