Beacon Technology Market analysis growth challenges opportunities and forthcoming developments
According to a study of Research Dive, the global beacon technology market forecast shall cross $45,213.7million by 2026, growing at a CAGR of 75.4%.
Beacon is a smart technology which can be compared to a lighthouse. It is a small radio transmitter functioned by Bluetooth. Like the lighthouse, a beacon repetitively transmits a single signal that is visible to other devices. A radio signal that is made up of an amalgamation of numbers and letters, transmits on a regular pause of approximately 1/10th of a second, instead of visible lights. Once it comes within range, devices such as Bluetooth-equipped smartphones can detect a blinking beacon.
To quote Hubspot, Beacon technology, first introduced by Apple in 2013, are small Bluetooth devices that can send alerts to smartphones based on location proximity.
The most popular configurations of Beacon technology are the iBeacons and Eddystone beacons. iBeacon was created by Apple while Eddystone was built by Google.
The main differentiator of both types of the Beacon technology is the Unique IDs that are transmitted and the way their security features function. iBeacon’s Unique ID has one advertising packet that contains three different components. On the contrary, Eddystone beacons have various types of advertising packets that can cycle to provide more security.
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Application of Beacon Technology across industries
Beacon technology is reshaping the retailing industry with its plethora of amazing benefits.
Beacon technology helps the retailers to fulfil the needs of the customer in smarter ways and create a more organized in-store experience.
Lord & Taylor, Timberland, Macy’s, Urban Outfitters, CVS, Targetm are the major retailers who have already implemented the beacon technology to taking the in-store shopping experiences to the another level.
Beacon technology has benefitted the retailers with its various applicability. The retailers are using beacon to inform the customers about real-time discounts, promote sales and upcoming events, or provide other real-time reminders to the customers when they're in-store.
Beacon technology also helps the customers by offering an indoor mapping experience.
iBeacon, a brilliant type of beacon technology, is being instilled by the transportation companies worldwide in various transportation methods.
This technology implementation has simplified the means of transit for the travelers.
iBeacon is taking the transportation sector to another level by offering the consumers effortless ways to fill up gas, find parking area, hassle-free flights and secure travel experience.
The travel companies send consumers push notifications on the basis of their habit and interests with the help of beacon.
In addition, Beacon also help the drivers to find cabs and locate nearby inexpensive places to park as well as stay informed about transit updates with Bluetooth during travel.
Based on the real-time location of their users, apps can connect with beacons to receive news that is applicable to them. When a user walks by a location, a beacon transmits a signal to the phone and the app delivers an update of news applicable to that location in the real-time. However, once the user leaves the area and the signal from the beacon can no longer gets detected, the app no longer displays that news. The process is called geo-fencing which can be used with the grouping of both GPS and beacons.
Beacons can be very useful for resorts, hotels, and restaurants. With the help of a beacon, the resort or the restaurant can inform their clienteles about the current ongoing events around them, inform them about the turn-down service arrival time, or information about the restaurants nearby that would accommodate their specific dietary limitations.
Travel and Tourism Industry
Beacons are transforming every aspect of travel and tourism industry with its astonishing features.
Looking at the rising popularity of mobile devices, it can be predicted that beacon is going to be one of the best ways to communicate with the customers directly and thus enhancing customer experience in the tourism industry.
Beacon technology is mitigating the information gap between the hotels and airlines by connecting them digitally. This definitely would result in cohesive customer satisfaction.