It is anticipated that the market for iBeacons and Bluetooth beacons will grow at an excellent 27.5% CAGR from 2023 to 2033, outpacing the lower 25.4% CAGR observed between 2018 and 2022. This notable increase, which increased the market value from US$ 21,181.1 million in 2023 to US$ 1,38,652.2 million by 2033, demonstrates the need for the iBeacon and Bluetooth beacon industry.
When smartphones and gadgets are near iBeacon transmitters, they may broadcast messages and detect approximate locations using Bluetooth beacon technology.
Increased awareness, low cost and power needs, growing smartphone usage, and advancements in IT solutions like IoT are all driving considerable growth in the worldwide iBeacon and Bluetooth beacon market. Beacons are also utilised by retail establishments to boost customer engagement and enhance security across a range of sectors.
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The growth of the iBeacon and Bluetooth beacon markets is hampered by obstacles such as limited bidirectional communication, frequency variance, privacy and security concerns, and signal accuracy fluctuations, which limit user adoption and market expansion.
Key Takeaways
- India’s iBeacon and Bluetooth beacon market is expected to develop at a CAGR of 28.7% by 2033, owing to increased use in the retail, hospitality, and transportation sectors to improve location-based marketing and customer engagement.
- The iBeacon and Bluetooth beacon market in the United Kingdom is predicted to expand significantly, with a CAGR of 30.2% by 2033, as firms use beacon technology for personalized customer experiences, indoor navigation, and contactless payments.
- China’s iBeacon and Bluetooth beacon market is expected to thrive at a notable 24.3% CAGR by 2033, owing to the country’s tech-savvy population and the significant deployment of location-based services in smart cities, museums, and shopping malls.
- The iBeacon and Bluetooth beacon market in Australia is expected to develop slowly, with a CAGR of 1.7% by 2033, with adoption predominantly seen in the retail sector for proximity marketing and analytics.
- As businesses integrate beacon technology for customer interaction and indoor navigation in stores and tourist destinations, Japan’s iBeacon and Bluetooth beacon market is anticipated to expand moderately at a CAGR of 2.7% by 2033.
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Competitive Scenario
Major technology companies such as Apple, Google, and Qualcomm have a strong market presence, delivering iBeacon and Bluetooth Beacon technology via their platforms. To preserve a competitive advantage, these corporations exploit their substantial research and development capabilities, brand recognition, and global reach.
Dedicated beacon manufacturers such as Estimote, Kontakt.io, and Gimbal concentrate completely on the development of advanced beacon hardware and software solutions. These businesses frequently offer customized solutions for certain industries, such as retail, healthcare, and hospitality, with increased functionality such as real-time location tracking, analytics, and proximity marketing.
Recent Developments
- io has introduced a new product known as “Kontakt.io Beacons.” Kontakt.io Beacons are Bluetooth beacons developed for use in several applications, such as interior navigation and proximity marketing.
Zebra Technologies has introduced a new product known as “Zebra Beacons.” Zebra Beacons are Bluetooth beacons developed for use in many applications, such as asset tracking and workforce management
Key Segments Covered in the iBeacon and Bluetooth Beacon Industry Analysis
By Component:
- Hardware
- Software
By Technology Platform:
- iBeacon
- Eddystone
- Others
By End Use:
- For Retail
- For Airports
- For Museums
- For Manufacturing & R&D
- For Transportation
- For Buildings & Infrastructure
- For Other End Uses
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa (MEA)
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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