SMART BEACON MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

During the forecast period, 2021-2026, the smart beacon market is estimated to grow at a 45 percent CAGR. When smartphones, tablets, and other devices are in close proximity to a beacon, beacon technology allows them to do tasks. When Apple introduced its iBeacons in 2013, proximity marketing became a big industry trend that was widely adopted by the industry's behemoths. Amazon, the world's largest retailer, used beacons to track attendees at one of the company's largest Amazon web services conferences in 2019. Instead of sending individualised messages, Amazon later announced that the sensors were used to anonymously track foot activity and obtain insights about crowd behaviour. These examples reveal major trends in the market's development.

Furthermore, players are focusing on innovating advanced geofence technology and spatial data for increasing audience reach and capturing telematics around hundreds of thousands of points of interest in the smart connect platform by creating virtual perimeters around real-world geographic areas to communicate with users in those areas.

The smart beacon market is being driven by the growing use of smart beacons in logistics and transportation. In the logistic sector, initial investments and ongoing expenses are maintained to a minimal because beacons have cheap unit costs and use existing infrastructure. It's also a viable alternative to GSM trackers and RFID tags, which have a limited lifespan and a high overall cost of ownership. In the transportation industry, beacon devices linked to software simulate an electronic bill. Customizing beacons with extra sensors (such as temperature, humidity, and light) is important for freight forwarders who must adhere to certain supply chain standards.

Furthermore, Bluetooth's next trick is to allow users to create mesh networks for broadcasting signals from one sensor to the next. The internet gateway device does not require a direct connection to all loading units; however, because the signal is forwarded from one device to another, meshed networks are likely to perform well on ships, trains, and terminals.