BLE beacons are used for proximity-based applications like indoor navigation, location-based services, engagement and analytics. They provide proximity-based notifications and help users identify their location via their mobile device. With technological advancements, BLE beacons have become smaller, more affordable and capable of longer battery lives. Their applications have expanded across various industries like retail, transportation, healthcare, aviation, hospitality and more.
The global Bluetooth Low Energy (BLE) Beacon Market is estimated to be valued at US$ 25.44 Bn 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 Opportunity:
Geofencing is one of the major opportunities driving the growth of BLE beacon market. Geofencing uses BLE beacon technology to define geographical boundaries virtually. When a mobile device enters or exits the predefined geographical boundaries, it triggers notifications which are useful for location-based applications. With increasing adoption of location-based services, retailers, marketers are using geofencing applications enabled by BLE beacons to send targeted offers, advertisements and messages to customers. It is estimated that geofencing applications of BLE beacons will grow exponentially in the coming years owing to growth in proximity marketing and IoT, thereby positively impacting the Bluetooth Low Energy (BLE) Beacon Market.
Porter’s Analysis
Threat of new entrants: The BLE Beacon market has moderate threat of new entrants as it requires significant investments in R&D for technology development and establishment of distribution networks. However growing demand is opening opportunities.
Bargaining power of buyers: Buyers have moderate to high bargaining power due to availability of substitutes and standardized products available from various vendors.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute components and intense competitive environment.
Threat of new substitutes: Threat of substitutes is moderate as new proximity technologies can replace BLE Beacons in future.
Competitive rivalry: The market is marked by presence of numerous global and regional players competing on pricing and quality.
SWOT Analysis
Strength: BLE Beacon technology offers advantages like low power consumption, remote device management and indoor positioning capabilities. Their compact size allows for discreet placement.
Weakness: High initial costs, interoperability issues between different manufacturer’s products, and requirement of specialized apps limit wider adoption. Privacy concerns exist over collection of customer data.
Opportunity: Growing use of location-based services across retail, healthcare, transportation and logistics provides significant growth opportunities. Integration of beacons with IoT infrastructure will drive the market.
Threats: Strict regulations around data privacy and security pose threats. Technical flaws could lead to loss of customer trust.
Key Takeaways
The Global Bluetooth Low Energy (BLE) Beacon Market Size is expected to witness high growth due to growing penetration of smartphones and proliferation of applications leveraging location data. The retail sector is one of the major adopters of BLE Beacon solutions for proximity marketing and indoor navigation applications.
North America currently dominates the market due to high technology adoption across various industries in the region. The growing e-commerce industry is significantly driving the need for proximity technologies in retail stores and other settings. Asia Pacific is expected to be the fastest growing region owing to digital transformation of industries across countries like China and India.
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. These players are focusing on developing innovative solutions and forming strategic collaborations to strengthen their market position.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it