March 1, 2024
Bluetooth Low Energy (BLE) Beacon Market

Flexible Workforce Trends Projected To Boost The Growth Of Bluetooth Low Energy (BLE) Beacon Market

Market Overview:

Bluetooth Low Energy (BLE) Beacon is a wireless technology standard for creating personal area networks using very low power consumption chips and antennae that transmit data packets to nearby smartphones and tablets using Bluetooth wireless communication. BLE Beacon delivers real-time location and context data to mobile applications through lightweight Bluetooth radios. It helps organizations to engage and interact with their customers within proximity through mobile push notifications and location-based messaging. BLE Beacon is widely being used in industries like healthcare, retail, government, transportation, education, and other sectors for applications like indoor wayfinding, proximity marketing, inventory management, asset tracking, and others.

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 28% over the forecast period 2023 to 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 rising demand for proximity marketing by retailers. Proximity marketing leverages BLE Beacon technology to deliver personalized and contextual content to customers based on their location within a store. It helps retailers to engage customers in-store, understand customer behavior patterns, optimize layout and shelf placements, and increase average basket value. Growing focus of retailers on enhancing customer experience and increasing sales through proximity marketing is driving the adoption of BLE Beacon solutions. Furthermore, increasing application of BLE Beacon in industries like healthcare, transportation, and manufacturing for purposes like asset tracking and management is also contributing to the market growth.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the BLE beacon market is low to moderate. High investment costs limit new players from entering the market easily. However, some new entrants with innovative ideas may pose a threat.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes in the market. However, buyers are more inclined towards specific requirements, thereby limiting switching of suppliers.

Bargaining power of suppliers: Big players have significant bargaining power due to strong innovation capabilities and technology dominance. However, presence of several regional and global players balances the power.

Threat of new substitutes: Substitutes like NFC tags and Wi-Fi pose low-moderate threat as they cater to specific use cases. BLE beacon is preferred for low-power proximity marketing and location-based services.

Competitive rivalry: The competitive rivalry in the market is high owing to presence of many global and regional players focusing on technology innovation to gain market share.

Key Takeaways

The Global BLE Beacon Market Size is expected to witness high growth, exhibiting 28% CAGR over the forecast period, due to increasing adoption of proximity marketing solutions by retailers.

Regional analysis: North America dominated the BLE beacon market in 2023 and is expected to maintain its lead over the forecast period. This is attributed to high technology adoption and presence of major players in the region. Asia Pacific is expected to witness fastest growth owing to expanding retail sector and growing online shopping trends in the region.

Key players operating in the BLE beacon market include Bluecats, Estimote, Inc., Qualcomm Inc, Blesh, Radius Networks, Inc., Beaconinside GmbH, Bluvision, Inc., Polestar, Onyx Beacon Ltd, Quuppa Oy, Accent Advanced Systems, SLU, MOKOSmart, Zebra Technologies Corp., and Kartographers Technologies Pvt. Ltd. Major players are focusing on product launches and innovations to strengthen their market presence. For instance, in 2022, Kontakt.io introduced a new line of customizable BLE beacons to help brands stand out on shelves.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it