Market Overview:
The IoT connectivity business has experienced substantial revenue growth as a result of the rising investments in sensing technologies for automating industrial activities. The demand for audio devices, automotive entertainment and diagnostic equipment, smart city initiatives, automation, and wearable electronics with Bluetooth capabilities is driving the market's ongoing growth.But when the walls and other obstacles will weaken the signal, as they do with Wi-Fi, although a better wireless router has helped the things.
Tens, hundreds, or thousands of Bluetooth devices can be connected to a network using Bluetooth device network solutions in a residential or business setting. For Bluetooth networked lighting control frequencies, Bluetooth technology is also employed in smart homes.
By enabling tailored advertising and marketing, technologies considerably benefit retailers and landlords, notably shopping centres and retail parks. Additionally, shipping companies are utilising Bluetooth technologies to guarantee that a source of data is accessible for easily integrating into their current applications.More hospitals had started adopting IoT connectivity in order to track resources and make remote appointments. These trends are still continuing to grow as the pandemic subsides, which has made healthcare more accessible.
Bluetooth 5.0 Market is valued at USD 4.1 billion in 2022 and is projected to reach a value of USD 9.0 billion in 2030 expanding at a CAGR of 11% over the forecast period of 2022-2030.
The COVID-19 pandemic had also boosted the adoption of the Internet of Medical Things (IoMT) and increased the demand for hands-free medical technology in hospitals and in-home use.
Hardware for Bluetooth 5.0 consists of SoC, RF, development boards, sensors, and controllers. More chances in the Bluetooth 5.0 technology solutions have been created as a result of the rise in demand for high-speed, secure, and reliable wireless communication technology, which has also led to the creation of a variety of use cases.
Key Market Trends:
Every market has its growth determinant and challenges. One of the major factor that has fuelled the market growth over the forecast period is the rising investments in the IoT devices.
The rising investments in sensing technology for automating industrial activities have led to the increased revenue growth of the IoT connectivity industry over the forecast period. The market has been experiencing a continuous expansion because of the rising demand for audio devices, automotive entertainment and diagnostic devices, smart city projects, automation, and wearable electronics integrated with Bluetooth capabilities.
On the flip side, interference has been one of the biggest challenges for any wireless technology in providing reliable data communication. Since, wireless technologies that includes, Bluetooth and Wi-Fi devices, generally share a transmission medium, there is a possibility for a data packet being transmitted to be corrupted or lost if it collides with another packet being transmitted at the same time and on the same frequency channel.
Collisions have posed a major challenge in radio communication and become particularly problematic in busy radio environments. Bluetooth technology diminishes the risk of collisions using spread spectrum techniques. This has been a major restrain over the forecast period.
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Segmental analysis of the Market
Based on Component
- Hardware
- Software
- Solutions
- Services
- Protocol stacks
The services segment has dominated the market growth over the forecast period.
Based on Application
- Audio Streaming
- Data Transfer
- Location Services
- Device Networks
The device networks segment has dominated the market growth over the forecast period. This is because it is suitable for creating control, monitoring, and automation systems where tens to thousands of devices need to communicate with one another reliably and securely.
Based on End Users
- Consumer Electronics
- Wearables
- Automotive
- Retail and Logistics
- Healthcare
- Smart Home/Building
- Industrial Measurements and Diagnostics
- Other End User
The retail and logistics segment has dominated the market growth over the forecast period. This is because technologies have significantly boost retailers and landlords, particularly shopping centers, and retail parks, by facilitating targeted advertising and marketing. Bluetooth technology enables the automatic sending of personalized alerts to the shoppers' mobile phones, as Wi-Fi helps track shoppers while they hover around the shopping center.
North America is anticipated to amplify at a considerable CAGR
The Global Bluetooth 5.0 Market is segmented into 4 main regions namely, North America, Europe, Asia Pacific, and Middle east and Africa. Among these, North America is anticipated to dominate the market growth over the forecast period. This is because it is one of the most technologically advanced regions in the world. It comprises the US and Canada and is expected to account for the largest share of the global Bluetooth 5.0 market. North American countries have sustainable and well-established economies, which empower them to strongly invest in RD activities, thereby contributing to developing new technologies. The region is well-known for its high adoption rate of new advanced technologies, such as IoT, wearable technology, automobiles, smart cities, smart industry, smart agriculture, and autonomous cars/connected cars.
Competitive Landscape:
Some of the prominent companies operating in the market are Qualcomm (US), Nordic Semiconductor (Norway), ON Semiconductor (US), Broadcom (US), Silicon Labs (US), Realtek (Taiwan), Microchip Technology (US), NXP Semiconductors (Netherlands), Texas Instruments (US), MediaTek (Taiwan), Synopsys (US), STMicroelectronics (Switzerland), Qorvo (US), Renesas (Japan), Infineon Technologies (Germany), Goodix Technology (China), Telit (US), Espressif Systems (China), Taiyo Yuden (Japan), Feasycom (China), Atmosic Technologies (US), Ceva (France), Laird Connectivity (US), Inventek Systems (US), Insight SiP (France), and Virscient (New Zealand).
Major Questions Answered In This Report:
- What is the growth rate of the Global Bluetooth 5.0 Market?
- What are the primary growth determinants of the market?
- Which are the major regions constituting the geographical landscape of the market?
- Which are the prominent companies operating in the market?
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Key Takeaways From The Report:
- The Global Bluetooth 5.0 Market is projected to expand at a CAGR of 11.0% over the forecast period.
- The rising investments in IoT devices is aiding market progression.
- The services segment is poised to expand significantly over the forecast period.
- North America has dominated the regional market sphere over the forecast period.
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