by BLE beacons are small wireless transmitters that use Bluetooth low energy wireless technology to broadcast their presence. They are commonly used for location-based services like navigation or wayfinding. Retailers are increasingly adopting BLE beacon technology for proximity marketing and offering personalized in-store experiences to customers.
The global Bluetooth low energy (BLE) beacon market is estimated to be valued at US$ 25.44 Bn or Mn 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:
Rising demand for proximity marketing and location-based services is expected to drive growth of the BLE beacon market over the forecast period. BLE beacons facilitate proximity-driven customer engagement and enable retailers to deliver customized and personalized digital experiences to consumers within the physical stores. They can also be integrated with mobile apps to send notifications and coupons to customers when they are nearby a store location. Growth of mobile commerce and retailers moving towards an omnichannel strategy is also expected to boost adoption of BLE beacons across various industries. With technological advancements, BLE beacons are becoming multi-purpose and affordable which is further fueling their deployment across applications such as asset tracking, indoor navigation and wayfinding.
SWOT Analysis
Strength: BLE Beacon technology offers small, low-cost, and low-powered devices that do not require pairing and can be embedded nearly anywhere. BLE Beacons transmit signals that smartphones and tablets with Bluetooth capabilities can detect in close proximity. This allows for a variety of location-based applications and services. Additionally, BLE Beacon installations do not require wired networks or constant power supplies as they operate using coin cell batteries with year-long lives.
Weakness: Early versions of BLE beacons had limited ranges of around 10-30 meters and could interfere with one another. Newer versions have expanded ranges up to 70 meters but signal interference is still a concern in dense deployments. Additionally, a lack of universal standards for beacon protocols and data formats has led to fragmentation across platforms.
Opportunity: A wide variety of sectors are implementing BLE Beacon solutions to improve customer experiences through proximity marketing, indoor navigation, asset tracking, and more. Retailers, museums, airports, event venues and other public spaces are all driving adoption. Additionally, growth of Internet of Things applications and platforms will support further expansion of beacon networks and use cases.
Threats: Other complementary technologies like WiFi, NFC, QR codes and Vision-based solutions compete for some of the same location-based services that BLE Beacons enable. Additionally, some consumers view certain proximity marketing applications of beacon data as invasive regarding their personal information without proper controls and transparency. This challenges widespread consumer acceptance of the technology if not addressed appropriately.
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 driven by expanding applications of location-based technology. The market is estimated to reach nearly US$ 25.44 Billion by 2024, growing at a CAGR of 21%.
Regional analysis reveals North America currently dominates the market due to widespread early adoption particularly in the retail and advertising sectors. However, Asia Pacific is poised to grow the fastest through 2030 as BLE Beacon solutions see expanding rollouts across major countries like China, India, and various parts of Southeast Asia concentrated in public services applications.
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. While early beacon platforms focused primarily on proximity marketing, leading vendors are now offering versatile end-to-end solutions that support a much wider array of location-based use cases across industries.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
