DUBLIN--(BUSINESS WIRE)--The "Smart Beacon Market by Beacon Standard (iBeacon, Eddystone), Connectivity Type, Offering (Hardware, Software, Service), End Use (Retail, Transportation and Logistics, Public Gathering and Spaces), and Geography - Global Forecast to 2023" report has been added to Research and Markets' offering.
The smart beacon market is expected to be valued at USD 1,363.6 million in 2017 and is likely to reach USD 19,805.5 million by 2023, at a CAGR of 56.2% between 2017 and 2023.
The growing need for spatial data, which can be used to analyze the current demographic trend, primarily in the retail industry, is driving the growth of the market. Further, adoption of smartphones, primarily in APAC, is contributing to the growth of the smart beacon market. However, security and privacy concern, and restricted sensing capabilities due to limitations in underlying BLE technology may pose as challenges to the market growth.
The market for transportation and logistics is expected to grow at the highest CAGR during the forecast period. This can be attributed to smart beacon's capability to save time and cost as well as to track assets in real time, thereby providing a competitive advantage to the end users.
The market for Eddystone is expected to grow at a significant CAGR during the forecast period as it provides an extended feature to iBeacon and sends 4 packets as a part of Bluetooth connectivity signal. Google launched Eddystone as an open protocol in 2015, and since then, it is being adopted considerably in the smart beacon market. It is specifically developed for Android users; however, it has an interoperability feature to power highly specific user-facing apps.
Europe is expected to hold the largest share of the smart beacon market by 2023 owing to the high traction of beacon technology and growing need for technologically advanced marketing platforms among the end users to capture the shares in the respective markets. In addition, Europe is an early adopter of the technology, and the customers in this region have accepted the technology seamlessly. APAC is expected to witness significant growth due to the growing traction of the beacon technology in China and Australia. Further, the market is still in a nascent stage in this region and has a lot of potential for growth.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Smart Beacon Market, By Beacon Standard
7 Smart Beacon Market, By Connectivity Type
8 Smart Beacon Market, By Offerings
9 Smart Beacon Market, By End Use
10 Geographic Analysis
11 Competitive Landscape
12 Company Profiles
- Accent Systems
- Avvel International
- Blue Sense Networks
- Cubeacon (Eyro Digital Teknologi, Ltd.)
- Jaalee Technology
- Onyx Beacon
- Swirl Networks
For more information about this report visit https://www.researchandmarkets.com/research/36w3tn/smart_beacon?w=4