Beacon market to grow at a CAGR of 41.91%

The Beacon market was valued at US$1,215.257 million in 2020 and is expected to grow at a CAGR of 41.91% over the forecast period to reach a total market size of US$14,087.993 million by 2027.

Beacons are small, inexpensive devices that broadcast Bluetooth low energy signals or Bluetooth smart signals, using Bluetooth Low Energy (BLE). Compatible apps on mobile devices can listen to signals from adjacent beacons and trigger a series of experiences, including sending a promotional notification, video, URL form, and others, via the app.

Additionally, beacon technology is widely used in a wide variety of industries, such as retail, healthcare, travel and tourism, and education due to its advantages such as superior accuracy in comparison with other geolocation methods, low battery consumption, and not requiring internet connection, among others.

One of the key market trends gaining traction is the adoption of Bluetooth smart technology, loop technology, and over-the-air (OTA) technology based on artificial intelligence. The technology is increasingly being adopted by companies in order to enhance their market presence. For instance, Uber announced, in October 2019, that an updated version of the colorful Beacon gadget would be available as Beacon 2.0., which will sit on the interior of the car and reflect the color chosen by drivers in the app to help them find their cars in crowded situations.