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Beacon Technology Market Size

Report ID: GMI2296
Published Date: Dec 2017
Report Format: PDF

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Beacon Technology Market Size

Beacon Technology Market size estimated at USD 170 million in 2016 and is expected to grow at a CAGR of over 80% from 2017 to 2024.

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Beacon Technology Market Report Attributes
Report Attribute	Details
Base Year:	2016
Beacon Technology Market Size in 2016:	170 Million (USD)
Forecast Period:	2017 to 2024
Forecast Period 2017 to 2024 CAGR:	80%
2024 Value Projection:	25 Billion (USD)
Historical Data for:	2013 to 2016
No. of Pages:	220
Tables, Charts & Figures:	348
Segments covered:	Platform, Deployment Model, Application, Technology and Region
Growth Drivers:	Growing adoption of IoT Demand for location-based marketing solutions Increasing penetration of mobile devices Emphasis on developing smart cities
Pitfalls & Challenges:	Data security and privacy concerns Networking and precision challenges

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The beacon technology market is expected to witness an accelerated growth over the forecast timeline due to the extensive usage of technology in industry verticals including retail, education, hospitality, and healthcare. For instance, the healthcare sector is witnessing heavy usage of Bluetooth-based technologies to improve the quality of healthcare services provided to patients. Beacons offer vital information to users such as navigating hospitals and finding medications to improve hospital efficiency, which will improve patient satisfaction. The rising penetration of the Internet of Things (IoT) is also supporting the market growth. The technology allows beacons to detect information, enabling them to communicate with other devices and making location-based searching and interaction more accurate.

Authors: Preeti Wadhwani, Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of beacon technology was estimated at USD 170 million in 2016.

The industry share of beacon technology is expected to grow at a CAGR of over 80% to 2024.

Growing use technology in various industry verticals, like retail, education, etc., coupled with proliferation of IoT is driving the market demand worldwide.

AltBeacon platform offers an open and interoperable specification for proximity beacons. It consists of more data delivery space compared to iBeacon, making it highly preferable to choose amongst various other platforms.

The education sector is expected to create substantial product demand in the upcoming years owing to increasing adoption of BYOD in classrooms, universities, schools on the grounds of quality enhancement for students.

The LAMEA market is anticipated to emerge as a major revenue pocket owing to introduction of several smart city initiatives undertaken and widespread use of BLE technology across the region.