Beacon Technology Market Analysis

Beacon Technology Market Analysis

The AltBeacon platform is expected to grow at a CAGR of over 70% from 2017 to 2024 as it is an open and interoperable specification for proximity beacons. The AltBeacon specification helps to create a highly competitive market for proximity beacon implementations. The platform comprises more data delivery space than iBeacon, implying more data delivery per message for consumers. This will fuel the demand for such platforms among various industry verticals.

The cloud beacon technology market is estimated to exhibit the fastest growth rate due to the rising implementation of cloud enabled BLE networks, which will eliminate the high costs associated with overlay networks and complicated deployment & operation of these networks. These cloud-based networks aid in finding the accurate location, marketing & engagement, and replacements of battery-powered beacons through a network managed virtual beacons with simplicity and scalability. This is expected to accelerate the demand for cloud-based platforms.

The education application segment will grow at a CAGR of over 70% from 2017 to 2024 due to the rising implementation of BYOD in classrooms, schools, and universities globally to improve the quality, access, and availability of education for students. Beacons can offer solutions that provide contextual learning experience to students. For improving the in-class experience, beacons can be used to record the attendance by using check-ins with beacons instead of manually counting students. The technology is also used to establish a localized notification system to deal with safety alerts. For instance, in case of any natural calamity, officials can notify people through alerts to evacuate.

The Wi-Fi segment is projected to hold a beacon technology market share of over 5% by 2024 as Wi-Fi hotspots are gaining popularity in restaurants, hotels, and stadiums to provide internet access. The technology detects nearby Wi-Fi enabled devices and is cost-effective due to which smart proximity sensors are using underlying technology to support the communication process. The technology can be used for navigational purposes at the venue and together with beacons can aid in interaction, which is proximity-based.

The LAMEA beacon technology market will observe a growth rate of over 85% between 2017 and 2024 due to several smart city initiatives undertaken on a large-scale and the rising usage of BLE technology in various sectors. For instance, in November 2017, Mexico City’s Ministry of Economic Development (SEDECO) partnered with AT&T to run an IoT pilot program in Mexico City. This initiative focuses on developing a smart city under the Program to Promote and Improve Public Markets in Mexico City. In January 2017, Mexico witnessed large-scale beacon infrastructure at the Chivas stadium. The group deployed more than 400 Kontakt.io beacons at their new soccer stadium, utilizing the Tough Beacon in particular for easy deployment and durability.