The global iBeacon and Bluetooth beacon market size is expected to be valued at USD 21,181.1 million in 2023. Nowadays, the world is going through the third industrial revolution i.e. the smart infrastructure development built around the Internet of Things (IoT). Continuous technological advancement is a key factor in the revolution of the global stores and business sectors.
Various technological advancements in electronics and information technology have occurred significantly resulting in the development of the global iBeacon and Bluetooth beacon market over the last decade. iBeacon is a protocol that was originally developed by Apple Inc.
The overall demand for iBeacon and Bluetooth beacons is projected to develop at a CAGR of 27.5% between 2023 and 2033, totaling around USD 110,254.5 million by 2033.
| Data Points | Key Statistics |
|---|---|
| iBeacon and Bluetooth Beacon Market Value 2023 | USD 21,181.1 million |
| iBeacon and Bluetooth Beacon Market Projected Value (2033) | USD 1,38,652.6 million |
| iBeacon and Bluetooth Beacon Market CAGR (2023 to 2033) | 27.5% |
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From 2018 to 2022, sales witnessed significant growth, registering a CAGR of 24.3%. Since then, other vendors also have made iBeacon-compatible hardware transmitters known as beacons. The technology enables, smartphones and other devices to carry out activities such as sending or distributing messages and approximate location determination when there is nearness to an iBeacon.
Both software and hardware components are involved in iBeacon technology. iBeacon is compatible with OS 7, iPod touch (5th generation) or later, iPad mini or later, iPad (3rd generation), iPhone 4s or later or later devices. Also, with Android 4.3+, Macintosh computers (OS X Mavericks 10.9 and Bluetooth) 4.0, and Windows Phone devices (Lumia Cyan update or above).
Various applications offered by iBeacon and Bluetooth beacon include alert or push notifications sent to iBeacon-enabled devices, whenever the iBeacon user is around an iBeacon-enabled retail shop (special offers), museum (sporting event/closest display), bus stop, and other locations. Travel industries are undergoing key deployments of beacon technology in airports and hotels.
iBeacon and Bluetooth beacons are intensively used in smartphones. The overall demand for iBeacon and Bluetooth beacons is projected to expand at a CAGR of 27.4% between 2022 and 2032, totaling around USD 110254.5 million by 2032.
Growing Advancements in IT Industry to Spur Sales
A few key factors propelling the growth of the global iBeacon and Bluetooth beacon market include:
In addition to this, such enormous growth can be attributed to various key aspects such as the implementation of beacons in retail stores to engage customers, consistency in the growth of smartphones and related technologies, and increasing use of beacons in industries for enhancement of safety.
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An increase in Privacy and Security Issues is Likely to Impede the iBeacon and Bluetooth Beacon Market Growth
With the use of iBeacons and Bluetooth beacon, users are expected to witness challenges related to a limited transmit-only protocol (no bidirectional communications between two devices), frequency variance (do not have the same frequency and do not transmit signals of the same power), privacy and security issues, fluctuation in signal accuracy due to weather conditions, device power, temperature, and polling intervals. This limits the adoption of iBeacons and Bluetooth beacons among users and restricts the global iBeacon and Bluetooth beacon market growth.
High Penetration of Retail Services in the United States to Favor Market
North America iBeacon and Bluetooth beacon market accumulated a market share of 34.1% in 2022. North America is the prominent contributor in the market owing to the high penetration of organized retail and growing adoption of iBeacon and Bluetooth beacon services. The United States has highly contributed to the North American region, followed by Canada.
Need for Better Performance to Continue to Drive the Demand
Europe region is anticipated to be the second largest iBeacon and Bluetooth beacon market with a share of 26.6%. This is due to growing multichannel marketing and product distribution in the retail industry across these regions.
Bluetooth beacon manufacturers are developing software apps for beacons as well as manufacturing beacon devices. Enormous market growth and high internet penetration, improvement in technology infrastructure are some of the other factors boosting the iBeacon and Bluetooth beacon market.
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The retail sector accounts for a significant share of the overall market and is expected to continue doing so throughout the forecast period. Bluetooth Beacon equipped retailers with innovative solutions to track the movement of customers in the store. With this, they can send notifications about their products and offers according to their location which helps them in increasing revenues.
Manufacturers are adopting various marketing strategies such as new product launches, geographical expansion, mergers and acquisitions, partnerships, and collaboration to identify the interest of potential buyers and create a large customer base.
For instance:
Prominent players in the iBeacon and Bluetooth beacon market are Apple Inc. Estimote, Inc., Kontakt.io, Inc., Gimbal, Inc., BlueCats, Gelo Inc., Blue Sense Networks, Glimworm Beacon, Sensorberg GmbH, Accent Advanced Systems, SLU, and Aruba.
| Report Attributes | Details |
|---|---|
| Growth Rate | CAGR of 27.5% from 2023 to 2033 |
| Market Value in 2023 | USD 21,181.1 million |
| Market Value in 2033 | USD 1,38,652.6 million |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Component, Technology Platform, End-Use, Region |
| Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania; The Middle East and Africa (MEA) |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, India, Malaysia, Singapore, Thailand, China, Japan, South Korea, Australia, New Zealand, GCC, South Africa, Israel |
| Key Companies Profiled | Apple Inc.; Estimote, Inc.; Kontakt.io, Inc.; Gimbal, Inc.; BlueCats; Gelo Inc.; Blue Sense Networks; Glimworm Beacon; Sensorberg GmbH; Accent Advanced Systems, SLU.; Aruba |
| Report Customization & Pricing | Available upon Request |
The market is predicted to register a 27.5% CAGR through 2033.
The market secures a valuation of USD 21,181.1 million in 2023.
North America held a 34.1% share in 2022.
Security issues and frequency variance are likely to limit market growth.
The retail segment is the dominant end-use segment.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Component 5.1. Hardware 5.2. Software 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Technology Platform 6.1. iBeacon 6.2. Eddystone 6.3. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 7.1. for Retail 7.2. for Airports 7.3. for Museums 7.4. for Manufacturing & R&D 7.5. for Transportation 7.6. for Buildings & Infrastructure 7.7. for Other End Uses 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Apple Inc. 18.2. Estimote, Inc. 18.3. Kontakt.io, Inc. 18.4. Gimbal, Inc. 18.5. BlueCats 18.6. Gelo Inc. 18.7. Blue Sense Networks 18.8. Glimworm Beacon 18.9. Sensorberg GmbH 18.10. Accent Advanced Systems, SLU. 18.11. Aruba 19. Assumptions & Acronyms Used 20. Research Methodology
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iBeacon and Bluetooth Beacon Market
