Dublin, Nov. 10, 2022 (GLOBE NEWSWIRE) -- The "Global Bluetooth 5.0 Market by Component (Hardware, Software, Services), Application (Audio Streaming, Data Transfer, Location Services), End-user (Automotive, Wearables, Consumer Electronics, Retail, Logistics) and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global Bluetooth 5.0 market is expected to grow from USD 4.1 billion in 2022 to USD 7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 11.0%
Increasing recognition and acceptance of digital keys have increased the demand for more smartphone access and control capabilities and Bluetooth technology plays a crucial role in automotive access control driving the Bluetooth 5.0 market growth.
Services component is estimated to account for a higher CAGR during the forecast period
The Bluetooth 5.0 market has been classified based on professional and managed services. Professional services have been further segmented into training and consulting services, deployment and integration services, and support and maintenance services. The demand for services is directly associated with the adoption level of Bluetooth 5.0 technology.
The adoption of Bluetooth 5.0 is increasing as it makes a big portion of the contribution to IoT and wireless connectivity technology that is secure, reliable, and trustworthy. The rapid change in connectivity technology leads to increased training, service, and support demand.
Audio Streaming application is expected account for the largest market share during 2022
In terms of audio streaming, Bluetooth 5 is much more robust than its predecessors, such as Bluetooth 4.2. Bluetooth 5.0 is considered as a reliable technology as it enables transmitting eight times more data, at twice the speed, across four times the range. Also, to move data efficiently, Bluetooth functions in Classic and Low Energy modes.
BLE reduces the energy usage of peripheral devices, such as beacons, wearable sensors, and low-power IoT devices. The enlarged bandwidth of Bluetooth 5.0 permits broadcasting of two devices at once. This means the user can stream a second audio program, transmit audio to multiple rooms, create a stereo effect, or share audio between two sets of headphones.
Among regions, APAC to hold a higher CAGR during the forecast period
The growth of the Bluetooth 5.0 market in Asia-Pacific is highly driven by the rapid digitalization of enterprises across the region. The region comprises emerging economies, such as India, Japan, China, South Korea, and Australia. 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.
Also, there is usage of IoT in the region, and with that comes data privacy issues for countries. Countries in the region have laid down comprehensive policy frameworks for data protection, with Japan and Korea having some of the most advanced frameworks in the world. The regions analyzed for the Bluetooth 5.0 market in this region are China, Japan, India, and rest of Asia-Pacific.
Premium Insights
- Address Point-to-Point Connectivity and Indoor Positioning and Location Services to Drive Market
- Hardware Segment Expected to Dominate Market by 2027
- Audio Streaming Segment Expected to Dominate Market in 2022
- Retail and Logistics Segment Expected to Dominate Market by 2027
- Hardware and Retail and Logistics Segments Expected to Account for Significant Market Share in 2022
Market Dynamics
Drivers
- Increasing Investments in IoT Devices
- Rising Demand for Connected Wearables
- Increasing Acceptance of Digital Keys
Restraints
- Packet Interference
Opportunities
- High Adoption of Bluetooth Location Service Devices
- Rising Awareness About Bluetooth Beacon Technology
Challenges
- Security and Access Concerns
Case Study Analysis
- Case Study 1: Reducing Energy Costs with Smart Lighting
- Case Study 2: Using Bluetooth Mesh for Warehouses to Decrease Costs
- Case Study 3: Installing Bluetooth AR Navigation in Train Stations for Better Experience
- Case Study 4: Deploying Smart Alert Service for Alzheimer's Patients
- Case Study 5: Using IoT Glucometer for Better Patient Care
- Case Study 6: BLE Enabling Emergency Response for Cardiac Arrests
- Case Study 7: Using IoT for Enhanced Access
- Case Study 8: Developing Avia Bluetooth Smart Lock for High Security
Technology Analysis
- Introduction
- IoT
- Mesh Networking
- Beacon
Company Profiles
Major Players
- Qualcomm
- Nordic Semiconductor
- MediaTek
- STMicroelectronics
- NXP Semiconductors
- Microchip Technology
- ON Semiconductor
- Texas Instruments
- Synopsys
- Qorvo
- Infineon Technologies
- Silicon Labs
- Realtek
- Broadcom
- Renesas
- Goodix Technology
- Taiyo Yuden
Startup/SMEs
- Telit
- Espressif Systems
- Feasycom
- Atmosic Technologies
- Ceva
- Laird Connectivity
- Virscient
- Inventek Systems
- Insight SiP
For more information about this report visit https://www.researchandmarkets.com/r/9fv90t
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