Global Bluetooth Beacon Market CAGR
February 12, 2018
key factors driving market growth are growth in mobile payments to boost
beacons demand, increased penetration in retail sector, Need for
enhanced customer experience and Growing integration of beacons in
cameras, LED lightings, Point of Sale (POS) devices, digital signage,
and vending machines.
According to Research and Markets,
the Global Bluetooth Beacon Market will exhibit an impressive CAGR of
95.5% through 2023.
Geographically, North America is the largest market region for global
bluetooth beacon market in terms of market revenue share. US held 84%
market share in shipment of bluetooth beacons in 2015. The key factors
driving the market growth in North America is increased adoption of
beacon technology in hospitality and retail sectors. Furthermore,
offering coupons and surging trade promotions are driving the store
sales thereby enabling the retailers to provide personalized offers and
coupons. Moreover, North America has the highest penetration of
organized retails which is expected to boost the North American market
growth. However, Asia Pacific is anticipated to emerge as the fastest
growing market region during forecast period 2016-2023 owing to
increased mobile payments and rising penetration of smartphones.
Moreover, high potential applicability of bluetooth beacons in retail
sector is expected to drive the market growth in APAC.
The global bluetooth beacon market is positively influenced by presence
of leading companies such as Bluecats, Paypal, Kontakt.io, Gimbal,
Fathom etc. Product launch, joint venture, mergers and acquisitions are
some of crucial strategies adopted by key market players to gain
bluetooth beacon market report covers segmentation analysis of type,
applications and end users. Report further covers segments of
technologies used in bluetooth beacons include iBeacon, Eddystone,
Microsoft 10 etc. iBeacon is dominating technology segment and accounted
for 77% adoption in retail sector in 2015. This is due to surging demand
for providing location-based notification and information to nearby
smartphones which are compatible with the iBeacon protocol. However,
Eddystone is expected to emerge as the fastest growing technology
segment due to its open format and it ability to offer a wide range of
solutions for proximity interactions without the requirement for native
apps. Report further covers segments of platforms which include closed
source and open source. The end users of bluetooth beacon include
retail, travel and tourism, healthcare, financial institutions etc.
Retail is the leading end user sector and had accounted for over 65%
revenue share in 2016 owing to the increased adoption of bluetooth
beacon for the enhancement of customer experience.