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Growing Penetration of Bluetooth Enabled Smartphones across the Globe to Foster the Growth of the Global Smart Beacon Market by 2028, Says Research Dive Report
The adoption of in-store marketing by retailers is increasing at a rapid pace. Besides, the penetration of Bluetooth technology equipped smartphones is increasing the need for spatial data for advertisement is rising across the globe. These factors are predicted to increase the demand for smart beacons in various industries, thereby resulting in boosting the growth of the global market during the forecast period. Moreover, the growing use of wearable devices such as smart watches is predicted to create huge growth opportunities for the market by 2028. However, short-range capabilities of smart beacon devices and its battery maintenance issues are expected to hamper the market growth during the estimated timeframe.
The research report segments the global smart beacon market into component, protocol, application, end use, and region.
The COVID-19 pandemic has moderately impacted the global smart beacon market growth. The negative impact on the smart beacon market size and share is mainly due to the lockdown imposed by many governments around the world which slowed down or stopped operating during the pandemic and impacted the smart beacon industry sales. However, the increasing digitalization and automation efforts by manufacturers and retailers is expected to increase the use of smart beacons in the near future. Moreover, smart beacons are being increasingly utilized in the healthcare industry to prevent and mitigate the spread of the virus. These factors have impacted the growth of the global smart beacon market during the unprecedented times.
The key players of the global smart beacon industry include –
These players are focusing on product launches, technological advancements, and strategic collaborations to gain a competitive in the global market.
For instance, in June 2021 , Confidex, a leading provider of short-range wireless products & services in IoT technologies, introduced its newly enhanced Viking Tough BLE (Bluetooth Low Energy) beacon delivering real-time intelligence about the status & conditions of assets & goods in places and conditions where BLE beacon devices won't last.
1. : In the case of smart beacons, currently there are large number of suppliers offering beacon's primary components such as battery, central processing unit (CPU), and radio. Most of the developed countries rely on the import of such components from other countries including China and other Southeast Asian countries. Given the constrain on domestic supply of beacon components, global suppliers currently have substantial bargaining power in the market.
Thus, the bargaining power of the suppliers is .
2. : The market is fragmented with few players and no major player. Switching cost of beacons is low as customers have more power to negotiate for lower prices and better deals. With increasing buyers for beacons in several industry verticals, bargaining power of buyers is more in current scenario.
Thus, the bargaining power of the buyers is .
3. : Beacons are impacted by government rules and regulations such as the General Data Protection Regulation (GDPR) in Europe and the California Consumer Privacy Act (CCPA) in the United States . Low initial investment and demand for innovative proximity marketing technologies, on the other hand, are boosting start-up growth.
Thus, the threat of the new entrants is .
4. : Smart beacons provide amazing capabilities and value when compared to alternatives such as Global Positioning System (GPS) or Near Field Communication (NFC) technologies. NFC and GPS, as alternatives to proximal marketing, have drawbacks such as limited range and high cost of technology. Smart beacons are a far more affordable and practical instrument for nearby marketing.
Thus, the threat of substitutes is .
5. : The smart beacon market is highly fragmented, with many small firms. Few large companies, on the other hand, are aggressively investing in beacon technology offering better hardware, support, and expertise than their cheaper counterparts.
Therefore, the competitive rivalry in the market is .
About Research Dive
Research Dive is a market research firm based in Pune, India . Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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