Provided by BIS Research
With the introduction of Apple’s iBeacon technology in 2013, beacons technology created a buzz around the technological world. The rapid evolution of Bluetooth beacons from then has taken the electronic world by storm. In the subsequent years from 2013, Apple partnered with IBM to develop number of apps incorporating analytics and iBeacons.
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. 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 paradigm shift in various technologies in the proximity market over the last few years, in dealing with several aspects of wireless communication platforms based on proximity solutions, have enhanced the way of marketing for the retailers. Beacons technology is being used at commercial constructions and setups, allowing retailers to increase their sales volume and footfalls and targeting consumers by executing advertising campaigns that are specific and executed at the right times. Besides this, beacon platforms are designed to be integrated into industrial and healthcare applications as well and this market is being touted as the fastest growing field in terms of inventions and research.
The IT industry of any country have immense potential to influence its social, political and economic aspects, thus, boosting its overall development. This, consequently, leads to better work practices with enhanced safety levels at the workplace. The impact of IT technologies is expected to grow considerably with time, as there is a significant increase in the number of internet users every year, globally. In 2010, 1,970 million individuals were using the internet, across the globe, which rose to 3,553 million in 2017, with a growth rate of approximately 9%. Thus, with the growing internet users, more individuals are expected to connect to a beacons platform, thus, boosting the establishment of beacon driven wireless communication platforms.
According to the latest market intelligence report by BIS Research, titled ‘Global Beacons Technology Market - Analysis and Forecast: 2017 to 2026', the global beacons technology market was valued at $519.6 million in 2016, and is expected to grow at a robust rate from 2016 to 2026.
The growth in the market is being propelled by the increase in the Internet of Things (IoT) spending, rise in the demand for beacons for providing location-based marketing, and the push for developing smart cities across the globe. The market is set to witness lucrative opportunities in the future owing to the 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.
REACHING ITS FULL POTENTIAL
The beacons technology market will have to overcome certain challenges such as the dependency of this technology on Bluetooth enabled mobile devices with a compatible software application and a significant reduction in maintenance cost of the beacons system. The market is expected to realize its full potential in the coming two years, along with the development of creative concepts to utilize beacons technology and resources to develop interactive applications.
The companies in the beacons technology market 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 the competition in the near future as well as facilitate the utilization of beacons for varied applications.
Some of the major companies covered in the report are:
- Accent Advanced Systems
- Aruba Networks, Inc
- Beaconinside GmbH
- BKON Connect
- Bluvision Inc.
- Estimote, Inc.
- Fujitsu Ltd.
- Gimbal, Inc.
- Onyx Beacon Ltd.
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