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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.
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.
Why are AltBeacon platforms likely to witness immense demand?
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.
What are some of the major trends that are projected to drive beacon technology market?
Growing use technology in various industry verticals, like retail, education, etc., coupled with proliferation of IoT is driving the market demand worldwide.
Which application avenue is slated to record a distinguished product demand?
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.
How is the LAMEA beacon technology industry projected to outline a distinguished growth rate?
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.
What is the anticipated growth for the beacon technology industry share during the forecast period?
The industry share of beacon technology is expected to grow at a CAGR of over 80% to 2024.
What was the estimated global beacon technology market size in 2016?
The market size of beacon technology was estimated at USD 170 million in 2016.