01 April 2021
Visiongain has published a new report on Bluetooth Beacons Market Report to 2031: Forecasts By Technology (iBeacon, Eddystone, Others), By Industry Vertical (BFSI, Retail, Healthcare, Travel & Tourism, Education, Others). PLUS, Profiles of Bluetooth Beacons Companies, and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
The global Bluetooth beacons market was valued at US$ XX billion in 2019 and is projected to reach a market value of US$ XX billion by 2031.
Bluetooth beacons are small hardware transmitters which consume low energy (LE) devices and allows data transmission to the nearby portable electronic devices. The technology enables smartphones, tablets, and other devices to exchange data when close to a beacon. Growing demand for high-speed data transfer rates with low energy consumption and increasing demand for location-based marketing are the factors driving the growth of the Bluetooth beacons market. The market seeks growth opportunities from the rising adoption of mobile payments and a growing need for enhancing customer experience. However, concerns related to data security and privacy and movement restrictions hamper market growth during the forecast period.
COVID-19 Impact on Bluetooth Beacons Market
The COVID-19 is having a significant impact on the Bluetooth beacons market. The nationwide lockdown imposed by the governments of various countries for minimizing the spread of the virus. Bluetooth beacon technology has helped trace the COVID positive patients in the proximity and identify the high-risk zones. Special BLE beacons have been designed with proximity warning buzzer & vibration feedback for anti-Covid-19 social distancing, thereby reducing the risk of contact with the virus. The technology has helped the medical facilities reduce their strain by offering assistance & support services to the community. BLE beacons allow sending push notifications related to COVID alerts and necessary notifications regarding personal care measures, thereby creating significant demand for the Bluetooth beacons market during the pandemic.
Growing Demand for High-Speed Data Transfer Rate with Low Energy Consumption
Growing demand for high-speed data transfer rates with low energy consumption is witnessed among consumers due to the consumption of connected devices and Internet-based services. Technologies such as Wi-Fi allow data transfer at a high rate but consume more power. Thus, the demand for BLE beacons increases. Bluetooth beacons allow short-range wireless data transmission at low cost and low power consumption across the range of 70-80 meters. Thus, the growing adoption of IoT technology requiring low energy high-speed data transfer rate is expected to fuel the growth of bluetooth beacons market.
Growing Demand for Location-Based Marketing
Bluetooth beacons offer a simple way for marketers to send timely messages to targeted customers based on customer location. Beacons have been proven to provide significant benefits to location-based marketing or proximity marketing. Beacons provide accurate location details compared to GPS or Wi-Fi, allowing the enterprise brands to get a precise understanding of the entire customer journey across the stores. Advertising via beacons will enable the enterprise brand to extend personalized offers and discounts to the customers based on their exact location. These timely offers tailored to each customer helps in enhancing the conversion rate and customer experience.
Moreover, the standard push notifications relevant to users offered by the BLE beacons help the enterprises influence customers during the purchase process. Also, the data gathered from beacons across the stores helps analyze the meaningful insights to provide attractive offers to the users based on the location. Thus, the growing demand for location-based marketing is expected to drive the Bluetooth beacons market.
Rising Adoption of Mobile Payments
The popularity of mobile payments has been growing across the globe. In many countries, mobile payments are popular than traditional cash. Bluetooth beacon technology is finding its way into mobile payments replacing NFC technology. The beacons add value to the mobile payments by allowing faster & easier checkouts, multiple checkouts being processed at once, and increasing data integration. Moreover, most smartphones today support BLE, which is further expected to create opportunities for market growth.
Growing Need for Enhancing Customer Experience
The adoption of Bluetooth beacons helps in enhancing the customer experience, especially in the retail, hospitality, and tourism sector. The low energy Bluetooth beacons optimize the search for parking spaces and improve the overall parking experience. Beacons integrated with an ultrasound sensor when attached above the parking spaces help identify if the parking area is vacant or occupied. Bluetooth technology enhances communication with customers with proximity-based marketing and personalized services. The technology allows the customers to receive information regarding products and special offers as soon as they enter a shopping arena. Beacons offer personalized product proposals to the customers based on purchase history. Moreover, the technology helps restaurants and bars to send push notifications with coupons to people passing by, which is likely to increase the chances of a visit. Thus, the growing need for enhancing customer service is expected to create growth opportunities for the Bluetooth beacons market.
The Bluetooth Beacons market is highly competitive. The key market players emphasize offering advanced features to Bluetooth beacons technology to obtain a higher share in the market. The companies also consider strategic mergers and acquisitions and organic growth strategies to increase their consumer base and widen its product portfolio. Some of the companies profiled in the report include Accent Advanced Systems, BlueCats, Blue Sense Networks, Bluvision, Inc., Estimote, Inc., Gimbal, Inc., Glimworm Beacons, Kontakt.io, Onyx Beacon Ltd., and Radius Networks, Inc.
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