The abrupt outbreak of COVID-19 pandemic has adversely affected the growth of the global beacon technology market. The market is predicted to recover from the incurred losses by the first or second quarter of 2022.
The recent research report on the global beacon technology market by Research Dive reveals the impact of the COVID-19 pandemic on the present and future market growth. This report is a meticulous research formulated by analyzing several aspects of the market such as key driving factors, restraints, investment opportunities, new trends & developments, and size & scope of the market during the COVID-19 disaster.
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Highlights of the Report:
The global beacon technology market has witnessed significant headway previously, but the sudden rise of the COVID-19 pandemic has declined the growth of the global market to some extent.
As per the report, the global beacon technology market was valued at $504.7 million in 2018 and is anticipated to garner a revenue of $38,803.9 million by 2026, rising at a CAGR of 71.7% in the upcoming years.
The size of the market in the current circumstances has reached $1,082.6 million due to the stoppage of industries and businesses and the execution of lockdown in COVID-19 infected countries. Analysts have estimated that the market is likely to recuperate from the incurred losses by the first or second quarter of 2022.
Factors Impacting the Market Growth amidst COVID-19 Pandemic
The implementation of lockdown in several parts of the world has resulted in a slowdown or cessation in the functioning of various industries and businesses. However, by end of 2020 a significant rise in the use of beacon technology has been estimated. This is because several organizations are developing innovative applications using beacon technology to avert the spread of misinformation about number of diagnosis and treatment options, death tolls, and vaccination.
Response of Market Players to COVID-19 Pandemic:
Several businesses have started utilizing beacon technology in novel applications during the crisis period. For instance, Google and Facebook have joined hands to help NHS prevent the spread of fake news related to COVID-19. Moreover, Estimote, an experts in location and proximity solutions is planning to develop a wearable Bluetooth location detector for workplace-level contact tracing to evade close contact and curtail the spread of COVID-19 infection.
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Moreover, government bodies over the world have taken initiatives for the implementation of various techniques to prevent close contact with the help of beacon technology. For instance, the government in Bangalore, India has fitted in many devices to avoid the close contact of fellow passengers and curtail the spread of COVID-19 infection on the airport.
Post-pandemic Market Insights:
Market players are taking significant steps and forming new business strategies to recover from the losses suffered during the pandemic. Implementation of AI and ML with Bluetooth low energy beacons is expected to unlock rewarding opportunities for the growth of the market post-COVID-19 pandemic. Due to such advanced technological developments, the global beacon technology market is estimated to gain tremendous growth after the end of the crisis period.
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