The Bluetooth 5.0 market size is expected to grow from USD 4.1 billion in 2022 to USD 7.0 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 11.0% during the forecast period. The increasing investments in sensing technology for automating industrial activities have led to the increased revenue growth of the IoT connectivity industry driving the growth of the Bluetooth 5.0 market.
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The hardware segment is expected to lead the Bluetooth 5.0 market in 2022.
Bluetooth 5.0 hardware consists of SoC components; RF components; development boards; and sensors and controls. An increase in demand for reliable, secure, and high-speed wireless connectivity technology has led to more opportunities in the Bluetooth 5.0 technology solutions, resulting in the development of use cases of a wide range
Device Networks segment is expected to grow with the fastest growth rate during the forecast period.
Bluetooth device network solutions at home or in commercial space allow connecting tens, hundreds, or thousands of devices within a network. Bluetooth technology is also being used in smart homes for Bluetooth networked lighting control frequencies.
Retail and Logistics likely to emerge as the fastest-growing segment during the forecast period
Technologies significantly boost retailers and landlords, particularly shopping centers, and retail parks, by facilitating targeted advertising and marketing. Shipping providers are also turning to Bluetooth technologies to ensure that a source of data is available for integrating seamlessly within a company’s existing applications.
Asia Pacific segment is expected to grow with the fastest growth rate during the forecast period.
Asia Pacific is the fastest-growing economic region and the world’s largest continental economy by GDP Nominal and PPP. There is increasing use of wearable devices, smart home devices, and other smart devices across the country. People are also opting for smart agriculture and smart healthcare devices leading to the growth in the region.
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Unique Features in the Bluetooth 5.0 Market
When it comes to data transfer speeds, Bluetooth 5.0 is far faster than its predecessors. It can theoretically transfer data at up to 2 Mbps, which is twice the speed of Bluetooth 4.2. With faster data interchange between devices made possible by this improved speed, apps that demand quick data transmission—like file transfers and music streaming—perform better.
The longer range of Bluetooth 5.0 is one of its best qualities. When in line-of-sight situations, it can go up to 240 meters (800 feet)—four times further than Bluetooth 4.2. Because of its longer range, which improves connectivity, it may be used in larger locations, such smart homes, warehouses, and outdoor settings.
Bluetooth 5.0 introduces a significant improvement in broadcasting capacity, with the ability to support eight times the broadcasting message capacity of previous versions. This allows for the transmission of more data in broadcast mode, making it ideal for applications like beacon technology, where devices need to broadcast large amounts of information to multiple receivers.
A unique feature of Bluetooth 5.0 is its ability to support dual audio, allowing two devices to connect and stream audio simultaneously. This means users can pair two sets of headphones or speakers to a single device, enabling shared listening experiences. This feature is particularly beneficial for personal entertainment and collaborative environments.
Bluetooth 5.0 is designed with energy efficiency in mind. It offers improved power consumption, making it ideal for battery-powered devices such as wearables, IoT sensors, and mobile accessories. The low energy feature ensures longer battery life and reduces the need for frequent recharging, which is crucial for maintaining the usability and reliability of portable devices.
Major Highlights of the Bluetooth 5.0 Market
Bluetooth 5.0’s improved capabilities have led to its widespread acceptance in a variety of industries. Because of Bluetooth 5.0’s enhanced performance and dependability, industries like consumer electronics, automotive, healthcare, and industrial automation are utilizing it. Since Bluetooth is being widely used, it is stimulating innovation and the creation of new applications, which makes Bluetooth 5.0 essential to the advancement of linked devices.
The Bluetooth 5.0 technology is a major factor in the Internet of Things (IoT) market’s growth. It is perfect for Internet of Things applications like wearables, smart homes, and industrial sensors because of its increased broadcasting capabilities, longer range, and reduced energy usage. The growth of IoT ecosystems is supported by the effective connection of a large number of devices, which improves functionality and connectivity.
Bluetooth 5.0 is transforming the user experience in consumer electronics. With faster data transfer speeds, dual audio support, and improved audio quality, devices such as smartphones, headphones, and speakers offer superior performance and functionality. Consumers benefit from seamless, high-quality wireless audio and quicker, more reliable connections, contributing to the overall popularity of Bluetooth 5.0-enabled devices.
One of the major highlights of Bluetooth 5.0 is its impact on wireless audio technology. The improved data transfer rate and support for advanced audio codecs enable high-resolution audio streaming, enhancing the listening experience. Features like dual audio allow users to share audio with multiple devices simultaneously, driving the adoption of Bluetooth 5.0 in the audio market.
Bluetooth 5.0 is becoming increasingly important in the automotive industry. It enables enhanced connectivity for in-car entertainment systems, hands-free calling, and advanced driver-assistance systems (ADAS). The extended range and improved interference management ensure stable connections, even in challenging environments, enhancing the functionality and safety of connected vehicles.
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Top Companies in the Bluetooth 5.0 Market
The major vendors covered in the Bluetooth 5.0 market include 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). These players have adopted various growth strategies, such as partnerships, business expansions, agreements, and collaborations, new product launches to expand their presence in the Bluetooth 5.0 market.
MediaTek is a global fabless semiconductor company. The company is a market leader in developing innovative SoC for mobile devices, connectivity and IoT products, and home entertainment. Its strength is in various key technology areas, consisting of highly power-efficient mobile technologies and advanced multimedia solutions across a broad range of products, such as smartphones, tablets, digital televisions, OTT boxes, wearables, and automotive solutions. The company develops chips equipped with high performance, high speed, low latency, and low power consumption to provide chipset solutions across platforms, including smart home, connectivity, IoT, ASIC, and smart mobile devices. In May 2022, MediaTek introduced its first 5G chipset in the form of Dimensity 1050. It has also introduced Dimensity 930 and Helio G99 chipsets. It supports connectivity between mmWave and sub-6GHz 5G, besides Bluetooth 5 and Wi-Fi 6E.
STMicroelectronics is a global independent semiconductor company. It designs, develops, manufactures, and markets a broad range of products used in various applications for markets, such as automotive, industrial, personal electronics and communications equipment, computers, and peripherals. For the automotive and industrial markets, the company addresses a broad customer base, especially in the industrial sector, with a broad and deep product portfolio. In personal electronics and communications equipment, computers, and peripherals, the company has a selective approach in terms of customers and technologies, and products. It leverages its broad portfolio to address high‐volume applications. The company markets thousands of products sold to over 200,000 customers. It has a broad portfolio with committed Automotive ICs, Discrete and Power Transistors, Analog, Industrial and Power Conversion ICs, GP, Connected MCU, MPU, Secure MCU & EEPROMs, MEMS, and Optical Sensing solutions, and ASICs based on ST proprietary technologies. STMicroelectronics offers Bluetooth Low Energy solutions that are simple to use with systems-on-chip (SoC), baluns, and STM32 microcontrollers
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