Global Industry Trends and Scope for Smart Beacons Market

 


Market Overview

During the forecast period, 2021-2026, the smart beacon market is estimated to grow at a 45 percent CAGR. When smartphones, tablets, and other devices are in close proximity to a beacon, beacon technology allows them to do tasks. When Apple introduced its beacons in 2013, proximity marketing became a big industry trend that was widely adopted by the industry's behemoths. Amazon, the world's largest retailer, used beacons to track attendees at one of the company's largest Amazon web services conferences in 2019. Instead of sending individualized messages, Amazon later announced that the sensors were used to anonymously track foot activity and obtain insights on crowd behavior. 

Market Scope

Beacons are miniature wireless transmitters that broadcast signals to other nearby smart devices using low-energy Bluetooth technology. The market focuses on numerous end-user applications, including as retail, sports, transportation, and logistics, with its products as a service, hardware, and software.

Market Trend

v  The use of smartphones has completely transformed the way people shop, thanks to the increasing development in retail sales. Retailers are increasingly using Beacon technology, a location-based proximity marketing solution, to improve the customer experience, grow revenue, and increase operational efficiency.

v  Furthermore, merchants are employing technology to better understand their customers in order to solve the personalization challenge. Beacons, which are wireless devices that connect with consumers' Bluetooth-enabled cell phones as they shop, have been deployed at stores such as Target and CVS. 1000 beacons are estimated to be used in a typical Target store.

v  With the recent updating of Bluetooth specifications to Bluetooth 5.1, better and more cost-effective navigation solutions with positioning precision of less than a meter are now available on the market. Retailers who use beacons for indoor navigation, on the other hand, are likely to change their hardware infrastructure to support the new protocol.

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