Beacons Management Software Market Growing at a CAGR of 18.70%: Current Landscape and Future Outlook

Rise in several smart cities and increased scope for the retail market in Asia-Pacific are expected to drive the beacons management software market.

PORTLAND, PORTLAND, OR, UNITED STATE, April 26, 2024 /EINPresswire.com/ -- According to a recent report published by Allied Market Research, titled, Beacons Management Software Market by Component and End User: Global Opportunity Analysis and Industry Forecast, 2017-2024, the global beacons management software market was valued at $1,979 million in 2017, and is projected to reach at $6,516 million by 2024, growing at a CAGR of 18.70% from 2018 to 2024.

The beacons management software market defined as a subset of the broader location-based services industry, is witnessing significant growth owing to the increasing adoption of beacon technology across various sectors. This software facilitates the management, monitoring, and analysis of beacon networks deployed in physical spaces, enabling businesses to deliver personalized experiences, gather valuable data, and enhance operational efficiency.

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Rise in need for managing multiple beacons deployed in commercial spaces or retail stores, penetration of IoT, increase in automation of building management, and increase in adoption of beacons technology drive the global beacons management software market. In addition, the evolving smart cities are expected to create numerous opportunities for the growth of the market. However, limitations on beacons deployment hamper the beacon management software market growth.

The Beacons Management Software market can be segmented based on deployment type into cloud-based and on-premises solutions. Cloud-based solutions offer scalability, flexibility, and accessibility from anywhere with an internet connection, making them increasingly popular among businesses seeking cost-effective and easily deployable solutions. On-premises solutions, on the other hand, provide greater control and security for organizations with specific compliance requirements or data sensitivity concerns.

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Based on end user, the retail segment led the beacons management software market in 2017, and is projected to maintain its dominance in the future. However, the non-retail segment is expected to witness the highest growth, owing to its increased adoption due to different initiatives taken by countries to develop the smart cities where these beacons are used extensively creating the demand for beacons management software.

Based on application area includes retail, hospitality, healthcare, transportation, and others. In the retail sector, beacon technology is utilized for proximity marketing, indoor navigation, and inventory management, enhancing the shopping experience and driving sales. Similarly, in hospitality, beacons facilitate seamless guest experiences, personalized services, and operational efficiency improvements.

Geographical segmentation is crucial for assessing regional variations in market dynamics, regulatory environments, and adoption rates. The Beacons Management Software market spans regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. While developed regions like North America and Europe have been early adopters of beacon technology, emerging economies in Asia Pacific are increasingly embracing these solutions to drive digital transformation and enhance competitiveness.

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The Beacons Management Software market caters to various industries, including retail, hospitality, transportation, healthcare, and smart cities. Businesses deploy beacon technology to enhance customer engagement, streamline operations, and gain actionable insights into consumer behavior. As the demand for location-based services continues to grow, the market for Beacons Management Software is expected to expand, with vendors offering innovative solutions to meet evolving customer needs and industry requirements.

The global beacons management software market was led by North America in 2017 and is projected to maintain its dominance during the forecast period. However, the Asia-Pacific is anticipated to witness the fastest growth registering a CAGR of 23.7% during the forecast period.

Some of the key players operating in the beacons management software market and are profiled in the report include Aruba by HP, Beaconinside GmbH, BlueCats, Estimote Inc., Glimworm Beacons, Kontakt.io, MobStac Inc., Quuppa Oy, Relution Inc., and Sensoro Co. Ltd.

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