Apr 08, 2020 (The Expresswire) -- The overall beacon market is expected to grow from USD 1.36 Billion in 2018 to USD 31.61 Billion by 2026 at a CAGR of 48.9% during the forecast period. The Market is likely to gain traction in the coming years with impetus from technological advancements. According to a report by Fortune Business Insights, titled “Beacon Market Size, Share and Global Trend by Technology (BLE, Wi-Fi, Ultrasound), Industry Vertical (IT and Communication, BFSI, Manufacturing, Healthcare, Power and Energy, Travel, Tourism and Hospitality, Retail), and Geography Forecast till 2025,” the market is likely to expand at a considerable rate, due to the impact of real-time advancements in information technology and communication industry.
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Fortune Business Insights has studied various factors that have favored the rise of the global beacon market in this report. The increasing number of Bluetooth devices has played a major role in the growth of the global beacon market. According to a report by Bluetooth SIG, around 4Bn Bluetooth devices were manufactured in 2018. The Bluetooth technology has been at the core of the devices integrated with the internet of things (IoT). The ability of beacon to transmit signals with low energy has led to high demand and a subsequently rising uptake.
List of Top Key Players:
Beaconinside - Proximity DMP
Blue Sense Networks
Advanced system SLU
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"Increasing Use of Internet of Things (IoT) Pivots Market Growth"
The use of IoT in beacons has helped overcome initial drawbacks associated with data transmission. The IoT integrated beacon devices are used by retailers in shops and malls to provide a seamless experience to users and passers-by. With the help of beacon, users can locate offers and deals in several shops in their vicinity. The use of beacons and IoT helps vendors locate customers and attract consumers. This can be done with the use of IoT and vendors can market their products with minimum efforts. Fortune Business Insights has predicted that the global beacon market will expand considerably in the coming years and a significant amount of growth can be entirely attributed to the integration of IoT.
"Google’s Latest Beacon Device Will Transform the Market"
The growing adoption of open-source IoT and artificial intelligence (AI) concepts has created several opportunities for the growth of the global beacon market. The report includes a contribution from many companies that have aided the growth of this market significantly. Google's latest beacon devices help you manage wireless services seamlessly. These devices are integrated with Google’s latest low energy Bluetooth (BLE) platform. The report stresses on company activities and includes a brief analysis of how these companies have impacted the growth of the global beacon market.
The report includes segmentation of the market based on various factors such as technology used, regional demographics and industry verticals. Fortune Business Insights expects North America to hold a significant share of the global market in the coming years. The prevalence of many big-name companies North America and product advancements made by these companies have favored the growth of the beacon market in North America.