Bluetooth beacon devices: Key market research findings
- Availability of standardized BLE technology
- Vendors are following multi-product approach
Technavio has released a new market research report on the global Bluetooth beacon devices market, which is expected to generate revenues of $700 million between 2016 and 2020. Bluetooth beacons are considered to be the next big thing in many industries such as retail, transportation, logistics, and healthcare owing to their effective micro-location, presence detection, and contextual communication attributes. IBeacon is the leading technology standard used in Bluetooth beacon devices. The Americas dominate the global Bluetooth beacon devices market, accounting for 40% of the overall market share. Much of this region’s growth comes from the surging demand for beacons in the organized retail sector.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Of late, the mobile platform manufacturers are developing their own beacon software code, using the BLE technology. This software code is based on Java. The currently available beacon technologies are iBeacon, Eddystone, and Microsoft 10. These software are available for beacon device manufacturers, who are required to buy licenses from the software builders. Moreover, these different codes are standardized by the Institute of Electrical and Electronics Engineers (IEEE) standards, which helps manufacturers gain client trust,” says Sunil Singh, Lead Analyst, Hardware & Semiconductor, Technavio Research
The beacon device manufacturers are following a multi-product approach. Besides, device manufacturing, they are developing software apps for beacons as well. For instance, Estimote is now developing mobile software apps for both the iOS and Android platforms. Majority of the businesses are now investing and developing their own beacon-based apps instead of going for a third-party developer in order to eliminate privacy risks and to hold data ownership. Beacon assistance services are increasingly being used for online shopping as well. For instance, PayPal has recently introduced a beacon software that can support its online payment gateway.
The key vendors in the global Bluetooth beacon devices market are Estimote, PayPal, Qualcomm (Gimbal), Kontakt.io, and PLUS Location Systems (BlueCats). These vendors manufacture beacon devices by licensing technology from developers. The market is highly fragmented with the presence of a few big players and many small- and medium-sized IT firms and hardware manufacturers. Currently, the market is in the developing stage, where the vendors are deploying beacon devices in try-and-test mode.
A more detailed analysis is available in the Technavio report, Global Bluetooth Beacon Devices Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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