The global bluetooth 5.0 market size is expected to reach USD 9.58 billion by 2030 according to a new study by Polaris Market Research. The report “Bluetooth 5.0 Market Share, Size, Trends, Industry Analysis Report, By Component; By Application (Audio Streaming, Data Transfer, Location Services, Device Networks); By End-Use; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The primary factors propelling the market expansion are rising IoT device investment, expanding demand for linked wearables, and increased adoption of digital keys. Additionally, due to the increasing need for audio devices, vehicle entertainment and diagnostic equipment, innovative city initiatives, automation, and wearable gadgets with Bluetooth capabilities, the market is steadily growing.
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Industries and mass human settlements, such as apartments and houses, are guarded by IoT devices. Consequently, Bluetooth technology paves the way for precise connections between all applications and gadgets.
Many sectors, including asset management firms and location monitoring services, use Bluetooth-equipped gadgets. IoT endpoint devices prefer Bluetooth technology due to its superior speed, great range, robust security, and wider connection. Bluetooth devices are expected to help the industry develop even though Wi-Fi devices are more prevalent in smart home appliances and gadgets.
Agreements, collaborations, and partnerships are expected to offer a lucrative opportunity for the market players.
The COVID-19 pandemic has fueled the adoption of the Internet of Medical Things (IoMT), increasing demand for hands-free medical technology in hospitals and at home. Due to portable health monitors, such as blood glucose and blood pressure monitors, several hospitals are adopting IoT connectivity to track resources and schedule appointments remotely, augmenting the market’s growth.
Bluetooth 5.0 Market Report Highlights
- The hardware segment is expected to account for a considerable market share due to rising opportunities that have increased demand for fast, secure, and reliable wireless communication technology and given rise to several new use cases.
- The device networks segment is expected to account for the most prominent market share as the launch of Bluetooth mesh has accelerated the growth of device network solutions.
- The retail & logistics segment accounts for the significant market revenue by enabling targeted advertising and marketing technologies that considerably benefit retailers and landlords, particularly malls and retail parks.
- North America dominated the regional market due to rapid adoption of advanced technologies, including IoT, wearables, autos, smart cities, and innovative businesses.
- Major players operating in global market include Atmosic Technologies, Broadcom, Ceva, Espressif Systems, Feasycom, Goodix Technology, Infineon Technologies, Insight SiP, Inventek Systems, Laird Connectivity, MediaTek, Microchip Technology, Nordic Semiconductor, NXP Semiconductors, ON Semiconductor, and Qorvo.
Polaris Market Research has segmented the Bluetooth 5.0 market report based on component, application, end-use, and region:
Bluetooth 5.0, Component Outlook (Revenue – USD Billion, 2018 – 2030)
- RF Components
- Development Boards
- Sensor & Controls
- Software Development Kit
- Protocol Stacks
- Professional Services
- Training & Consulting
- Development & Integration
- Support & Maintenance
- Managed Services
- Professional Services
Bluetooth 5.0, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Audio Streaming
- Data Transfer
- Location Services
- Device Networks
Bluetooth 5.0, End-Use Outlook (Revenue – USD Billion, 2018 – 2030)
- Consumer Electronics
- Retail & Logistics
- Smart Home/Building
- Industrial Measurements and Diagnostics
- Other (AR/VR and Gaming)
Bluetooth 5.0, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa