Bluetooth Beacon marketing is becoming a mainstream in-store marketing activity for retailers to drive traffic, surge in conversion rate and boost revenues will drive the growth of Bluetooth Beacon market during the forecast period
The Bluetooth Beacon market is likely to experience high growth due to higher adoption of Bluetooth beacon technology by retailers, driving the USD 1,584 million market in 2018 towards USD 80,552 million by 2026. The market is expected to post a solid CAGR of 70.2% during 2019-2026.
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Bluetooth Beacon is emerging as the most innovative and cost-effective solution for sending push messages and notifications to the customers. The technology helps retailers to track customers inside the store by providing them with valuable information about purchase patterns.
Bluetooth Beacon facilitates better indoor navigation helping retailers to push offers based on their location inside the stores which helps them in improving conversion rates. Moreover, an increase in penetration of the smartphones globally coupled with IoT integration capability is likely to propel the growth of the Bluetooth Beacon market in the forecast period. Seamless integration capabilities provided by Bluetooth beacon across multiple devices leading to enhanced consumer experience is further paving a way for the global Bluetooth beacon market.
The Eddystone segment is expected to dominate the market during the forecast period owing to its user-friendly feature to connect with android or IOS operating systems without any need for native apps. Operational accessibility from the chrome extension which is an open-source platform result in low maintenance cost is bolstering the growth of the Eddystone segment. Additionally, Altbeacon is also expected to witness a surge in demand due to lower overall cost in comparison to the iBeacons. Rising demand for accurate location-based tracking in airports, healthcare, etc. is fuelling the growth of Altbeacon technology.
The organized retail sector is expected to dominate the Bluetooth Beacon market and is projected to grow at CAGR of 75.3% over the forecasted period 2019-2026 owing to the most effective way of sending push messages or notifications to the customers and it also helps in getting information regarding the choices and preferences of customers leading to increase in-store sales. In addition, higher accuracy and low impact on the battery life of mobile phone results in higher adoption of Bluetooth beacon in healthcare, travel and tourism industry. Moreover, Bluetooth beacon provides the most suitable platform for the advertisement and marketing of products and services of the retail segment driving the growth of the Bluetooth beacon market.
North America region is the major revenue contributor as the regional retail landscape is dominated by organized retailers which are leading to higher adoption of Bluetooth beacon. The Asia-Pacific region is projected to grow at the fastest CAGR of 79.6% during 2019-2026 as the retail industry is shifting to more organized retail coupled with growing penetration of smartphones, especially in developing countries like China, India and Japan will driving the Bluetooth beacon market growth. Additionally, an increase in inclination towards proximity marketing technologies in the developing countries is expected to propel the demand for Bluetooth beacon in the region.
Key Insights:
- In 2018 iBeacon held the highest revenue share due to early adoption of Bluetooth beacon technology.
- The increasing penetration of mobile phone market contributing towards the higher demand of Bluetooth Beacon
- Retail Sector expected to record the highest market growth during the forecasted period.
- Asia Pacific region expected to achieve highest growth rate for the Bluetooth Beacon
Some of the key players operating in the global market for Bluetooth Beacon include Texas Instrument, Siliconlabs, Zebra Technologies, BlueCats, Estimote, Kontakt.io, Gimbal etc.
The global Bluetooth beacon market has been segmented based on technology, application, and key geographies. Based on the technology, the global Bluetooth beacon market has been segmented into iBeacon, Eddystone, and others. Based on Application, the market has been segmented into Retail, Public Gatherings & Spaces, Hospitality, Transportation & Logistics, Sports, Aviation, Healthcare, Automotive, Bank, Financial Services, Insurance (BFSI), Education, Others
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