Global Smart Beacons Markets: Emerging Opportunities in Growth

Smart beacons are devices that use wireless Bluetooth low energy (BLE) technology to transmit a small piece of information to other Bluetooth devices.

These beacons can detect a Bluetooth enabled device once it enters into its transmission range. They are deployed in various places to attract the attention of a user to a specific location. Mostly, smart beacons are used for marketing offers, asset tracking, contact tracing, and indoor navigation purposes.

Early adoption of advanced marketing technologies and increasing adoption of wearable devices such as smartwatches among users are the major factors driving the growth of the market.

Offline businesses opting for online platforms, management of beacons, and mandatory installation of beacon applications are the major restraining factors for market growth. Nevertheless, growth in retail, increasing government initiatives in ongoing smart city projects, and increasing adoption of proximity marketing solutions are expected to create new market opportunities during the forecast period.

In this report the global market for smart beacons is segmented based on offering, technology, connectivity, end-user industry, and geography. The smart beacons market is segmented based on offering into hardware, software and services. In 2021, the hardware segment dominated the global market for smart beacons with the highest market share.

Based on the end-user industry, the smart beacons market is segmented into retail; banking, financial services and insurance (BFSI); hospitality; healthcare; transport and logistics; and others. Industries are gradually moving away from traditional proximity solutions such as Wi-Fi and RFID to integrate smart beacons. In 2021, the retail segment dominated the global market for smart beacons. Besides the retail industry, smart beacons are also expected to become a common product in the healthcare industry.

By geography, the smart beacons market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (Latin America, and the Middle East and Africa). North America is currently the dominant global smart beacon market.