Beacon Market size is expected to be valued at USD 714.2 million in 2022 and is expected to grow at a CAGR of 37.2% in 2022-2028. Beacon is an inexpensive, small wireless tool that transmits signals using Bluetooth SMART technology or Bluetooth Low Energy (BLE). Compatible devices containing smartphone applications can recognize signals from the nearby area from the beacon and then start an experience such as sending promotional coupons, URL forms, videos, notifications, and others through the application. Beacon is used In various sectors owing to certain properties such as low influence on the battery life, high degree of precision compared to other geo-location techniques, and no requirement of internet connections as it communicates via Bluetooth. Rising investment in the proximity market worldwide can lead to the Beacon Market beacon market growth. Moreover, security and safety, resource optimization, and employee and asset monitoring are some primary factors that can boost the beacon market growth. Apart from these, increasing advanced communication techniques and rising adoption of smart devices can also accelerate the market in the future. Enhanced standard of living, technological impact, rise in disposable income, the entrance of foreign retailers, and increasing consumerism can also drive the global market further. Moreover, with the rise in organized retail stores such as a departmental stores, supermarkets, hypermarkets, and discounters the demand for the beacon market is expected to increase as a beacon makes a retail shop smarter. However, some factors such as increasing concern regarding privacy and data security and lack of existence of technological resources can restrain the growth of the market. An increase in the organized retail industry can create an opportunity for the growth of the beacon market.
Recent Market Developments:
In September 2020, Australian Smart Satellite Center collaborated with NASA to use beacon technology to utilize developing satellite technology to advanced communication and navigation systems.