LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global beacon management software market to grow at a CAGR of more than 9% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global beacon management software market for 2017-2021. The analysts have presented the various facets of the market with a focus on identifying the key industry influencers.
Many companies, such as Simon Property Group, have installed more than 4,000 beacons in over 190 malls and shopping centers worldwide. The deployment of beacons is aimed at welcoming shoppers through messages sent through applications such as the Simon Mobile App. These companies are the major end-users of beacon management software.
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Technavio ICT analysts highlight the following three factors that are contributing to the growth of the global beacon management software market:
Growing need for managing beacons
Beacon management software is an inevitable software for a company or an individual that has more than 30 deployed beacons. The deployment of numerous beacons makes it difficult to analyze the features that are associated with the beacons. These features include the battery status of several beacons located in multiple physical locations.
Amit Sharma, a lead enterprise application research analyst at Technavio, says, “The beacon management software tracks data output from multiple beacons and gives information regarding battery status, last ping time, and alerts regarding visitor analytics. It also provides insights on the behavior of visitors and their responses to the messages they receive.”
Rise in usage of beacon management software in retail sector
A significant contribution in the retail sector comes from the organized form of retail. This organized retail is growing significantly across regions. The various formats of the organized retail include hypermarkets, supermarkets, department stores, discounters, specialty stores, and cash and carry stores.
“Retailers can also be classified as tier-1, tier-2, and tier-3 retailers. This classification is based on the annual revenue generated by the retailers. Tier-1, tier-2 retailers, hypermarkets, and supermarkets are the primary end-users of beacons and beacon management software,” adds Amit.
Cost benefits associated with beacon adoption
Cost is of vital importance for the retail industry. Bluetooth low-energy technology reduces the need for employees to assist customers and direct them toward brands and products. This enables retailers to reduce the operating costs of their stores. Beacons provide customer support, assistance, and information on promotional deals and offers.
Retailers will have to invest thousands of dollars to develop a beacon-based mobile application. However, there are several companies, such as Collect and Swarm, that offer applications at lower prices on a monthly subscription basis.
Top vendors:
- Estimote
- Kontakt.io
- Gimbal
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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