The global beacon technology market accounted for $504.7 million in 2018, and is anticipated to generate a revenue of $38,803.9 million by 2026, at a CAGR of 71.7% during the forecast period.
The beacon technology market is predicted to experience a decline in 2020. Implementation of beacon technology in the retail sector, post the pandemic, is predicted to drive the beacon technology market in the forecast period. Moreover, increasing awareness of internet of thing (IoT) among the consumer is predicted to be the major driving factor for the market tin the forecast period.
|Recovery By||Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|75.4%||71.7%||Q1/Q2 2022||373||USD 1,546.5||USD 1,082.6 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Beacon technology is being adopted by most industries due to various features such providing real time information, cheap and easy to adopt implementation, which is predicted to boost the beacon technology market in the forecast period. Moreover, increasing use of smartphones and rising demand for location-based marketing solutions is predicted to drive the market in the forecast period.
Data privacy & security is predicted to hamper the market in the forecast period. Beacon technology transfers the information to the concerned mobile application which is then associated with the beacon where the application stores all the personal information of the user. This information may be subject to breaching risks. The development in beacon technology in enables users to communicate with other devices and helps in marking location, which is predicted to create more investment opportunity in beacon technology in the forecast period.
Due to the pandemic, the entire world is under a shutdown and the operational work of various industries is ceased. The pandemic has imposed a negative impact on the beacon technology market in 2020. Many organizations are building various applications with the help of beacon technology to curb the misinformation passed on about number of fatalities, diagnosis and treatment options, and vaccination. For instance, Facebook and Google have united to help NHS fight fake coronavirus news.
Various governments across the globe are implementing various initiatives to avoid close contact by using beacon technology, which is predicted to drive the market in 2020 pandemic. For instance, the Indian government in Bangalore airport have implanted various devices to discard the close contact of fellow passengers and minimize the spread of coronavirus.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
It has been predicted that the market is will recover by Q1/Q2 2022. Many organizations are implementing various strategies and are preparing themselves for the post COVID consequences. Implementation of AI and ML with Bluetooth low energy beacons is predicted to create more growth opportunities for the market in the forecast period. For instance, Estimote, is planning to launch a wearable Bluetooth location detector for workplace-level contact tracing to avoid close contact and maintain social distance, which are designed specially to decrease the spread of corona virus.
Many governments are planning to make the public places safer by implementing beacon technology. For instance with the help of infrared cards one can make payment anywhere without even touching the swiping machine. Pay pal has built up a beacon convention to keep away from utilization of money or swipe cards. Demand for location-based marketing solutions and increasing penetration of mobile devices is predicted to create more growth opportunity for the market in the forecast period.
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- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Beacon Technology Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity