The Bluetooth Low Energy (BLE) Beacon Market Is Driven By Increasing Adoption Of Location-Based Marketing Services
BLE beacons help in location-based services and proximity-marketing by assisting apps and websites to understand the precise location of individuals. BLE beacons find usage in various indoor localization applications like retail stores, airports, museums, shopping malls and other public places. They help mobile apps to recognize the geographical location of individuals visiting various places and provide personalized and location-specific digital experiences through push notifications. The need for indoor navigation and geo-fencing solutions to track assets and streamline operations is also augmenting the demand for BLE beacons in industries.
The global Bluetooth Low Energy (BLE) Beacon Market is estimated to be valued at US$ 25.44 Bn in 2024 and is expected to exhibit a CAGR of 21% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the BLE beacon market is the increasing adoption of iBeacon technology. Major tech companies like Apple are heavily promoting iBeacon technology by integrating it across their devices and platforms. Being an open industry standard and having easy implementation has increased iBeacon's popularity among retailers and marketers for location-based communication and indoor navigation. Various mobile apps are now supporting iBeacon features which has further augmented their usage for proximity marketing. Wide compatibility of iBeacon across iOS, Android, and other operating systems has made them a preferred solution for launching innovative location-based engagement and analytics programs.
Porter's Analysis
Threat of new entrants: The threat of new entrants is low as establishing beacon manufacturing and infrastructure requires high initial capital investments. Bargaining power of buyers: The bargaining power of buyers is moderate. Consumers have options to choose from multiple BLE beacon manufacturers. Bargaining power of suppliers: The bargaining power of suppliers is low as there are many chipset and component manufacturers. Threat of new substitutes: The threat of new substitutes is moderate as other technologies like Wi-Fi and RFID could emerge as substitutes for BLE beacons. Competitive rivalry: The competitive rivalry is high among established players as the market is fragmented with presence of global and regional vendors.
Key Takeaways
The Global Bluetooth Low Energy (BLE) Beacon Market Size is expected to witness high growth. Regional analysis related content comprises Regional analysis related content
The North America region dominates the BLE beacon market currently due to technological advancements and early adoption of beacon technology for various indoor positioning applications across several industries like retail, healthcare, transportation etc. in the US and Canada. Asia Pacific BLE beacon market is poised to witness the fastest growth during the forecast period supported by increased investments in developing smart infrastructure projects across China, India and other developing countries.
Key players operating in the Bluetooth Low Energy (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. specializes in development and production of iBeacon compatible devices for indoor positioning and proximity-based applications. Riello Elettronica focuses on manufacturing uninterruptible power supply systems for commercial and industrial use.
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