Increasing Use of Internet of Things (IoT) Is Predicted to Drive the Global Beacon Technology Market during the Pandemic

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The pandemic situation has impacted a negative impact on the beacon technology market in 2020. The market is predicted to recover by Q1/Q2 2022.  The increasing use of internet of things in various end use industries is predicted to boost the market in the forecast period. Many industry giants are focusing more on strengthening the reach in the forecast period by supporting people by launching various app and various initiatives. For instance, Google and Apple have developed COVID-19 contact tracing system which helps to notify the coronavirus exposer system. All these technologies can be operated with the help of beacon technology which helps to drive the market in the forecast period. Moreover, data security and privacy concern is predicted to hamper the market in the forecast period. During this unpredicted situation, we are helping our clients in understanding the impact of COVID19 on the market. Our report includes:

• Technological Impact
• Social Impact
• Investment Opportunity Analysis
• Pre- & Post-COVID Market Scenario
• Infrastructure Analysis
• Supply Side & Demand Side Impact

According to a study conducted by Research Dive, the beacon technology market is expected to register a revenue of $38,803.9 million and grow at a CAGR of 71.7% during 2019-2026. The global market is classified on the basis of deployment model, platform, application, technology and region. The report offers the complete information about drivers, opportunities, restraints, segmental analysis and major players of the global market.

Factors Affecting the Market Growth

As per our analyst, the growing adoption of IoT and demand for the location based marketing solution is predicted to drive the market in the forecast period. Moreover, the data breach ad privacy concern is predicted to hamper the market growth in the forecast period.

Cloud based segment is predicted to be the most lucrative segment in the forecast period

Depending on deployment type the beacon technology market is segmented into Cloud and On-Premise. Cloud segment accounted for $242.8 million in 2018 and is predicted to grow at a CAGR of 73.2% in the forecast period. Due to the feasibility to access anywhere at any time across the globe using predictive intelligence is predicted to drive the cloud segment in the forecast period.

AltBeacon segment is predicted to have the highest growth rate in the forecast period

Depending on platform, the beacon technology market is segmented into iBeacon, AltBeacon and Eddystone. AltBeacon accounted for $148.4 million in 2018 and is predicted to grow at a CAGR of 73.3% in the forecast period. With the easy accessibility for using various type of app without any fee or any loyalty is predicted to boost the segment in the forecast period.

Education segment is predicted to grow enormously in the forecast period

Depending on application, the beacon technology market is segmented into Travel, Tourism & Hospitality, Real-Estate, Retail, Healthcare, Education and Financial Institution. Education segment accounted for $73.2 million in 2018 and is predicted to grow at a CAGR of 72.8% in the forecast period. Beacon technology provides self-book information, in class experience, provides better student and teacher relationship with powerful communication tools is predicted to drive the segment in the forecast period.

Wi-Fi segment is predicted to have the maximum growth rate in the forecast period

Depending on technology, the beacon technology market is segmented into Wi-Fi, Combined Technologies, BLE and Ultrasound. Wi-Fi segment accounted for $97.9 million in 2018 and is predicted to grow at a CAGR of 72.9% in the forecast period. TO improvise the experience of the wifi campus by implementing advanced level of hardware and software is predicted to boost the segment in the forecast period.

Regional Breakdown of the Market 

Depending on region, the beacon technology market is segmented North America, Europe, Asia-Pacific and LAMEA. Asia-Pacific region market accounted for $118.6 million in 2018 and is predicted to grow at a CAGR of 72.9% in the forecast period. Increase in the adoption of beacon technology in various end use industry is predicted to boost the region market in the forecast period.

Top Companies Leading the Market

Top 10 major key players in the beacon technology market are -

1.    PaeDae
2.    dba Gimbal
3.    Apple Inc.
4.    Estimote, Inc.
5.    RECO, by Kontakt.io
6.    Glimworm Beacons
7.    HID Global Corporation/ASSA ABLOY AB.
8.    SAMSUNG
9.    Qualcomm Technologies, Inc.
10.    Hewlett Packard Enterprise Development LP.