Beacon Market to Grow at 16.05% Whopping CAGR With Swelling Adoption of Proximity Marketing - TMR

ALBANY, New York, September 19, 2018 /PRNewswire/ --

The global beacon market is prognosticated in a report by Transparency Market Research (TMR) to find players making strategic merger and acquisition deals and creating tactical partnerships to achieve a position of strength. This could be evidenced by the 2017 partnership deal between Kube Systems and Gimbal. Using this partnership, Gimbal will be providing location-based marketing solutions to the hotel industry. Other leading operating in the global beacon market such as Radius Networks, Inc., Kontakt.io, and Estimote Inc. are also expected to make their presence known.

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TMR predicts the global beacon market to log a 16.05% CAGR between 2018 and 2026 to reach a valuation of US$4.9 bn by the final forecast year. In 2016, the global beacon market was worth a US$1.1 bn. Among end-use industry verticals, retail is anticipated to gain a prominent share of the global beacon market. On the geographical front of analysis, North America could rank higher in terms of revenue share. In 2017, its regional beacon market was valued at a US$0.4 bn.

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Adoption of Beacon Technology to Increase with Rise of IoT and Industry 4.0 

Benefits such as longer life and increased cost-efficiency are envisaged to create ample of demand in the global beacon market. The growth of the global beacon market could see a rise as a result of the increasing integration of IoT. Retail applications are expected to provide a surge in the growth of the global beacon market. Increasing use of beacon-based solutions in the retail industry could bode well for the global beacon market. Retail companies such as Tesco and Kroger have been employing beacon technology to gain more profit and improve their customer base.

The rise of Industry 4.0 is foreseen to work in the favor of the global beacon market. Furthermore, the rising adoption of proximity marketing could create several opportunities for players operating in the global beacon market.

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Consumers Hesitate to Keep Bluetooth Switched on for Using Beacon Devices 

The global beacon market is projected to gather pace in the near future. However, there could be a few factors hampering the demand in the global beacon market. For instance, the mandatory requirement of using Bluetooth to make the beacon device work is envisioned to discourage adoption in the global beacon market. Consumers may not necessarily want to keep their Bluetooth switched on all the time for security reasons and because of battery issues in some mobile devices.