Bluetooth low energy (BLE) beacons are a class of low-powered radio transmitters that are used as location markers for proximity-based services. They transmit low energy Bluetooth signals that can range up to 40 meters. BLE beacons are usually coin cell battery powered and are placed in various locations throughout a building or outdoor area. Their signals are then picked up by Bluetooth-enabled smartphones and tablets. Common uses of BLE beacons include indoor navigation, proximity marketing, asset tracking and inventory management. Retail stores utilize beacons placed throughout a store to send tailored offers and coupons to customers based on their location within the store. Museums and other attractions deploy networks of beacons to guide visitors through areas and provide contextual information. Manufacturers integrate beacons with products and parts for tracking through the supply chain.
The global Bluetooth Low Energy (BLE) Beacon Market is estimated to be valued at US$ 25.44 in 2023 and is expected to exhibit a CAGR of 21.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The growing adoption of Internet of Things (IoT) devices and technology along with rising demand for location-based services are the major drivers for the Bluetooth low energy beacon market. IoT has made it possible to connect any device to the internet, collect and exchange data. Beacons play a crucial role in enabling connectivity between multiple devices by acting as low cost transmitters. They help expand the IoT ecosystem by supporting a wide range of use cases across industries such as asset tracking, indoor mapping, proximity marketing and more. Additionally, with growing smartphone penetration, businesses are increasingly leveraging mobile location data to provide customized experiences to customers. Beacon technology has emerged as a cost effective solution for delivering proximity based services and location targeted content.
Segment Analysis
The global Bluetooth Low Energy (BLE) beacon market is dominated by the retail and commercial segment. Within the retail segment, BLE beacons allow retailers and marketers to connect with customers through proximity-based notifications on mobile devices when entering a store. This helps them know more about the customers through their customer journey mapping in the stores as customers get notified about offers and promotions basis their location inside the store. This is driving greater customer engagement and purchases, making retail the largest adopter of BLE beacons currently. The healthcare segment is also emerging as an important segment for BLE beacons. Using beacons, hospitals can offer better navigation assistance to patients within large medical facilities via indoor maps and proximity-based alerts on their phones.
PEST Analysis
Political: There are no significant political risks affecting the BLE beacon market currently. Most countries support technology innovation and digital transformation across industries.
Economic: The global economy recovering post-pandemic and revival of retail and consumer demand is positively impacting the BLE beacon market. Investments are rising in omnichannel marketing and location-based services driving wider adoption of beacon technology.
Social: Younger generations are more comfortable with technology integration in public spaces. Increased use of smartphones for indoor navigation and contactless services is normalizing proximity-based mobile engagement using beacon technology across segments.
Technological: Continuous technology upgrades in Bluetooth protocols, growth of mobile app ecosystems and increasing presence of IoT devices providing an array of use cases are boosting the attractiveness of BLE beacons. Falling prices of components is also encouraging greater experimentation and use of beacons.
Key Takeaways
The Global Bluetooth Low Energy (BLE) Beacon Market Size is expected to witness high growth over the forecast period of 2023 to 2030, growing at a CAGR of 21%.
Regional analysis indicates North America currently holds the largest share of over 35% of the BLE beacon market in 2024 led by extensive retail applications of proximity marketing and indoor navigation use cases in the US and Canada. The Asia Pacific region is projected to witness the fastest growth during the forecast period led by growing digital transformation of industries in China, Japan, India and Southeast Asia.
Key players operating in the BLE beacon market are Aspex Inc., Riello Elettronica SpA, Cyber Power Systems Inc., EATON Corporation PLC, General Electric Company, Emerson Electric Co., Mitsubishi Electric Corporation, Delta Electronics Inc., Hitachi Ltd., ABB Ltd., and Schneider Electric SE. Aspex Inc. leads the market with its broad product portfolio catering to the retail and logistics segments. Riello Elettronica SpA has a strong presence in the industrial beacon solutions while Cyber Power Systems Inc focuses on location-based services for the healthcare market.
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