Bluetooth 5.0 is regarded as the newly updated version of Bluetooth based wireless communication solution. It is predominantly used for wireless keyboards, mice, trackers, speakers, and wireless headphones, among others. This version is also utilized to establish efficient communication between IoT devices and a wide array of smart home solutions. It allows users to play audio on two connected devices simultaneously. Bluetooth 5.0 is further equipped with higher speed, range, and broadcasting capacity as compared to its older versions. Devices integrated with this Bluetooth version can communicate up to a distance of 800 feet and transfer data in a speed of 2 Mbps.
The global Bluetooth 5.0 market is presently valued at USD 4.1 billion. Driven by various factors, the industry is reckoned to reach a valuation of USD 9.45 billion by 2030, registering CAGR of 11% over the forecast duration of 2022-2030.The widespread technological advancements in the field, prompt internet proliferation worldwide, and growing disposable income levels of the masses are primarily augmenting the outlook of this industry sphere.
Also, escalating demand for smart devices, rising trends of remote work and virtual education, along with wide array of advantages offered by Bluetooth 5.0 integrated devices are adding traction to the development of this business vertical.
Global Bluetooth 5.0 Market- Key trends
Various advantages offered by Bluetooth 5.0 is bolstering market growth
The Bluetooth 5.0 version is equipped with various beneficial features to enhance the digital experience of users. It has the capacity to transfer data at a faster speed as compared to its older counterparts. Moreover, it enables users to play audio content to two connected devices at the same time. It further has the ability to establish a strong and clear communication network between IoT and other smart devices. These factors in turn are stimulating the overall dynamics of this business sphere.
Rising disposable income of individuals to accelerate industry development
Bluetooth 5.0 integrated smart devices are costly in nature as they are powered by high end technologies and undergo a complexed manufacturing process. With widespread economic developments across the globe, individuals are being bestowed with lucrative income opportunities. This in turn is increasing their spending power, thereby making them eligible to afford devices powered by Bluetooth 5.0. This in turn is positively influencing the progression of this market vertical.
Global Bluetooth 5.0 Market-Segmental assessment
By Component
• Hardware
• Software
• Services
The hardware segment is poised to amass notable gains over the stipulated timeframe owing to the ability of hardware components to offer high speed, reliable, and secure wireless connectivity.
By Application
• Audio Streaming
• Data Transfer
• Location Services
The data transfer segment is expected to generate significant returns by 2030 since Bluetooth 5.0 integrated devices can transfer data at a speed of 2 Mbps.
By End User
• Automotive
• Wearables
• Consumer Electronics
• Retail and Logistics
The retail and logistics segment is anticipated to grow considerably over the estimated timeline as Bluetooth 5.0 facilitates the seamless integration of data sources with the existing applications of the particular real and logistics based company.
Global Bluetooth 5.0 Market- Geographical Landscape
The primary regions constituting the geographical ambit of this business sphere are North America, Europe, Middle East & Africa, Latin America, and Asia Pacific. Among these, North America is projected to capture a substantial revenue share over the forecast period of 2022-2030. This is credited to the booming consumer electronics industry, widespread technologies advancements in the field, and growing per capita income of the masses.
Global Bluetooth 5.0 Market- Competitive Hierarchy
The prominent players characterizing the competitive terrain of this marketplace are Nordic Semiconductor (Norway), Qualcomm (US), ON Semiconductor (US), Silicon Labs (US), Realtek (Taiwan), Broadcom (US), NXP Semiconductors (Netherlands), Texas Instruments (US), Microchip Technology (US), MediaTek (Taiwan), Feasycom (China), Synopsys (US), STMicroelectronics (Switzerland), Renesas (Japan), Infineon Technologies (Germany), Goodix Technology (China), Telit (US), Espressif Systems (China), Ceva (France), Taiyo Yuden (Japan), Qorvo (US), Atmosic Technologies (US), Laird Connectivity (US), Inventek Systems (US), Insight SiP (France), and Virscient (New Zealand).
Report scope
Global Bluetooth 5.0 Market: Historical Years- 2018-2021
Global Bluetooth 5.0 Market: Forecast Years- 2022-2030
Global Bluetooth 5.0 Market 2022- USD 4.1 billion
Global Bluetooth 5.0 Market CAGR- 11%
Global Bluetooth 5.0 Market 2030- USD 9.45 billion
Key segments reported-
• By Component (Hardware, Software, and Services)
• By Application (Audio Streaming, Data Transfer, and Location Services)
• By End User (Automotive, Wearables, Consumer Electronics, Retail and Logistics)
Major regions and countries covered-
• North America (U.S., Canada, and Mexico)
• South America (Brazil, Argentina, and Colombia)
• Europe (Germany, U.K., France, Italy, Spain, and Russia)
• Middle East & Africa (UAE, Saudi Arabia, Egypt, and South Africa)
• Asia Pacific (China, Japan, India, Australia, South Korea, and ASEAN)
Top players profiled- Nordic Semiconductor (Norway), Qualcomm (US), ON Semiconductor (US), Silicon Labs (US), Realtek (Taiwan), Broadcom (US), NXP Semiconductors (Netherlands), Texas Instruments (US), Microchip Technology (US), MediaTek (Taiwan), Feasycom (China), Synopsys (US), STMicroelectronics (Switzerland), Renesas (Japan), Infineon Technologies (Germany), Goodix Technology (China), Telit (US), Espressif Systems (China), Ceva (France), Taiyo Yuden (Japan), Qorvo (US), Atmosic Technologies (US), Laird Connectivity (US), Inventek Systems (US), Insight SiP (France), and Virscient (New Zealand).
Key Questions Answered in the Report:
- What will be the development pace of market? What is the growth rate of the global market?
- Who are the key manufacturers in the market space? Who are the world’s leading manufacturers?
- What are sales, revenue, and price analysis of the top manufacturers of market?
- Who are the distributors, traders, and dealers of market? What are the key factors driving the Global market?
- What are the market opportunities and threats faced by the vendors in the industries?
- What are deals, incomes, and value examinations by types and applications of the market?
- What are the primary factors driving market?
- What are the market’s advantages, disadvantages, and risks, as well as an overview of the market?
- Who are the Top Manufacturers in the Market in Terms of Sales, Revenue, and Price Analysis?
- Analysis of Industry Revenue, Sales, and Pricing, what is the difference between Equipment by region, type, and application?
