Global Beacon Technology market witness market size of USD 1.29 billion in 2019 to projected to reach USD 19.32 billion by 2026 at a CAGR of 47.6% during 2020-2026. The major factors contributing to the growth of the beacon market include rising demand for Indoor Positioning and Indoor Navigation (IPIN) systems in retail stores and shopping malls.
In addition cohesive government policies and growing internet penetration coupled with increasing smartphone users contributing with significant growth rate in global market. Due to its marketing significance, IPIN systems are increasingly being adopted in retail stores and shopping malls to send push notifications through it. The rising penetration of the Internet of Things (IoT) is also assisting the market growth. The technology allows beacons to detect information, enabling them to communicate more accurately with other devices and to make location-based searching and interaction.
Increasing investments in proximity marketing lead to market growth
Proximity marketing target potential customers with personalized customer location-based advertisements to attract the customer to purchase. Over the last few years, proximity marketing has seen an increase in investment due to several factors such as high chances of successful sales conversion, improved customer relationships, enhanced personalized experience, real-time and inexpensive compared to traditional marketing. Increasing usage of mobile leads to proximity marketing, which will, in turn, drive the growth of beacon technology as it is the simplest way to connect the customers. However, to connect customer devices, beacon does not need an internet connection; the mobile app will capture beacon signals without an internet connection and store data on the device locally.
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Rising organized retail and increasing disposable income is expected to drive the market
With the rise of organized retail outlets such as supermarkets, department stores, hypermarkets and discounters, demand for beacon technology is expected to increase, as beacon makes organized retail outlets smarter. Based on the location and movement of the customer within or near the store, the retailer can send targeted messages such as product offers & discounts, available customer choice brands, new arrivals based on previous purchase history and others. This makes the shopping experience more enjoyable, with easier access to the products. Hence, contributing to drive the beacon market growth.
The objective of the Study:
Ø To analyze and forecast the global Beacon Technology Market size of the market in terms of value.
Ø To examine the careful market segmentation and forecast the market size, in terms of value, based on the region by segmenting.
Ø The Global Beacon Technology Market segmented into five regions, namely, North America, Europe, Asia Pacific, Latin America and Middle East & Africa coupled with their leading countries.
Ø To outline, categorized, and forecast the global Beacon Technology Market based on the Type, Technology, Application coupled with the region.
Ø To examine competitive developments like technological advancement, services, and regulative framework within the global Beacon Technology Market.
Ø To highlight the impact analysis of the factors affecting the market dynamics such as drivers, restraints, opportunities, and challenges.
Ø To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.
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