The global beacon technology market is anticipated to witness a remarkable growth during the forecast period, owing to its increasing adoption in the educational sector. The cloud sub-segment is expected to be most lucrative. The Asia Pacific region is anticipated to dominate the market.
New York, USA, July 21, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global beacon technology market is estimated to generate a revenue of $45,213.7 million by 2026, increasing from $504.7 million back in 2018, growing at a CAGR of 75.4% during the forecast period (2019-2026). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: Beacons are extensively used in the educational sector in order to advocate interactive lectures for an enhanced in-class experience. Beacon technology also enables teachers to manage check-ins pertaining to the attendance of the students. Moreover, the expansion of internet penetration of internet of things (IOT) and extensive application of advanced communication technologies are expected to bolster the growth of the market during the forecast period.
Opportunities: The beacon technology plays a noteworthy role in tackling the growing rate of disasters around the world. Beacon technology with the help of IOT (internet of things) enables detection of any disasters at the early stages. This factor is expected to drive the growth of the market during the forecast period.
Restraints: Availability of a huge number of substitutes is expected to impede the growth of the global beacon technology market.
The report has divided the market into different segments based on deployment model, platform, application, technology and regional outlook.
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Deployment Model: Cloud Sub-segment Expected to Have the Largest Market Share
The cloud sub-segment is estimated to generate a revenue of $23,330.3 million during the forecast period. Cloud-based beacon efficiently analyzes and superintends cloud-hosted services for different providers. This factor is expected to boost the growth of sub-segment during the forecast period.
Platform: AltBeacon Sub-segment to be Most Profitable
The Altbeacon sub-segment is expected to generate a revenue of $14,332.7 million during the forecast period. Altcbeacon is more popular among the developers around the world due to its free implementation. This factor is expected to accelerate the growth of the sub-segment during the forecast period.
Application: Education Sub-segment to be most lucrative
The education sub-segment of the beacon technology market is expected to generate a revenue of $6,917.7 million during the forecast period. Beacon technology in education sector provides a great deal of perks like efficient communication tools, impeccable in-class experience, detailed book information, and so on. These factors are expected to bolster the growth of the sub-segment.
Technology: Wi-Fi Sub-segment to be Most Beneficial
The Wi-Fi sub-segment of the beacon technology market is expected to generate a revenue of $9,268.8 million by 2026. Beacon technology meddled with wi-fi-based sensors enhances the experience of the Wi-Fi campus and enables clients to lookout for their respective destination. This factor is expected to drive the growth of the sub-segment during the forecast period.
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Regional Outlook: Asia Pacific Region to Dominate the Market
The Asia Pacific beacon technology market is expected to generate revenue of $11,258.2 million during the forecast period. Increasing application of beacons in the educational sector is anticipated to drive the growth of the market in this region. Furthermore, the increasing demand for business intelligence so as to receive a competitive advantage is expected to boost the growth of the market in this region.
Key Players of the Market
The major players of the market are
Hewlett Packard Enterprise
HID Global Corporation
and so on. These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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