According to a new market research report published by Credence Research, “Bluetooth Beacon Market(by Operating Platform (Open Source, Closed Source), By End-use (Retail, Public Infrastructures, Others)) Market – Growth, Future Prospects and Competitive Landscape, 2017-2025”, Bluetooth beacon market is estimated to grow at a CAGR 22.0% from 2017 to 2025.
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Mobile and wireless communication technologies have emerged exponentially in the past few decades. Development of advanced cellular communication is estimated to grow even further in the forthcoming years, witnessing adoption across different application. The retail industry is one such vertical continuously working towards enhancing their consumer experience by deploying newer engagement models.
Some of them are attractive LED billboards, interactive billboards, and facial analytics/recognition. This makes the retail industry highly promising for customer engagement technologies such as Bluetooth beacon. Bluetooth beacon is one of the many wireless communication techniques developed in recent times using which the retail companies (outlets) can connect with their customers.
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The Bluetooth beacon market has witnessed considerable growth since its first introduction in the year 2013. Bluetooth beacon is equipped with Bluetooth low energy (BLE) and has proven to be an easy one-way communication channel. Bluetooth beacons are available for both open source and closed source platform and hence, can be used for a wide range of applications. In addition, the installing and operating cost of Bluetooth beacon is very economical making it a long term solution for the retail companies, thereby enhancing brand promotion.
Companies are willingly adopting this new technique for engaging their customers. In addition, Bluetooth beacon finds its application in public places such as airports, automatic parking systems, navigation inside the buildings and others to guide the people by providing important information directly to their smartphones.
Bluetooth beacon market is segmented based on platform, end-use, and geography. On the basis of the platform, Bluetooth beacon is classified as open source Bluetooth beacons and closed source Bluetooth beacon. Open source Bluetooth beacon are typically applicable for android platform, while the closed source Bluetooth beacon is deployed for IOS operating system.
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Based on the end-use segmentation, Bluetooth beacons are classified for retail, public infrastructures, and other applications. The other applications segment include indoor navigations and healthcare applications.
Globally, North America leads the overall Bluetooth beacon market. Europe succeeds the North American Bluetooth beacon market, in terms of revenue. Asia-Pacific is expected to emerge as the fastest growing market for Bluetooth beacon technology because of the large potential for the retail industry. Bluetooth beacon market is expected to grow significantly in Asia Pacific during the forecast period.
Bluetooth beacon market is still in its nascent stage, with very few countries witnessing their adoption. The market comprises a significant number of manufacturers, with most of them focusing on developing energy efficient Bluetooth beacons based on open source platform.
Bluetooth beacon manufacturers such as Aruba (a Hewlett-Packard Enterprise Company), Estimote, Inc., Gimbal, Inc., Kontakt.io, Radius Networks, Inc., BlueCats, Blue Sense Networks, Glimworm Beacon, Sensorberg GmbH, and others are developing the technology by increasing battery life and improving other technical specification such as operating range. Another major strategy adopted by the market players is developing low-cost Bluetooth beacon for small retail segments.
- Continue efforts by the retail industry towards more effective customer engagement
- Strengthening global sales channel in order to maintain and expand the sales
- Consistent growth in wireless communication as well as the smartphone technology
- Focus on widening the application area of Bluetooth beacons
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