Bluetooth Smart and Smart Ready Market and its Key Opportunities and Challenges

The global Bluetooth Smart and Smart Ready Market was valued at USD 4.55 billion in 2016 and is estimated to reach USD 5.34 billion by 2023, at a CAGR of 2.23% during the forecast period, as per a report by MarketsandMarkets.

How use of Bluetooth Smart and Smart Ready in state-of-the-art technologies present an opportunity?
IoT is driving investment in new technologies and manufacturing systems as companies are trying to capitalize on economic gain. Wearable electronics are gaining traction in sports and fitness sensor devices. These devices are used everywhere--joggers with polar heart rate sensors keep track of a target heart rate and cyclists with sensors on their bike wheels measure speed and pace.

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Even the executive wears his FitBit on his pocket so that his motion is monitored in real time. This explosion of connectivity forms a basis of IoT, and the Bluetooth technology makes it happen. Electronics such as smartphones, laptops, and tablets support wireless standard and connect to each other with the help of Bluetooth Smart Ready hub. Gradually, Bluetooth is being used to allow billions of various other products to connect and interact. The latest Bluetooth specification--ultralow-power consumption--presents an opportunity for companies to bring everyday products such as heart rate monitors, toothbrushes, and running shoes into the connected world. Bluetooth Smart devices are typically sensors transferring information to an application running on a device such as a smartphone, tablet, or a PC. Thus, all the emerging connecting technologies are expected to make use of Bluetooth Smart and Smart Ready owing to its exceptional features and competence.

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Why increasing security and surveillance concerns in the age of IoT poses a key challenge?
The BLE technology forms an essential part of the IoT ecosystem. IoT constitutes a network of interconnected devices, known as smart devices, which are all finally connected to the Internet. These connected devices exchange data with the help of Bluetooth Smart technology. BLE devices are designed to broadcast MAC, UUID, and service information at a predefined interval. Owing to continuous advertisements, hackers can easily track the device and decode the broadcasting information using a sniffer or smartphone. Beacons used in retail stores can prove to be good examples for depicting the privacy and security concerns related to BLE. BLE allows stores to broadcast marketing information to mobile devices.

While beacons are a convenient way of sending promotional information to consumers, they also allow retailers to gather consumer location information. For example, a BLE beacon-enabled shopping mall app can know which stores a shopper visited and how long the shopper stayed in each store. If the shopper's companion has also installed the same app, information about the companion can also be obtained. This can be useful information for the mall to better target its products to prospective customers, but it also raises privacy concerns.

Hence, security of data and other information stored on the devices connected in the IoT ecosystem is an area of concern as it involves ubiquitous data collection, unexpected use of consumer data, and heightened security risks.

Mr. Shelly Singh
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MarketsandMarkets(TM) provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide, including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets(TM) for their painpoints around revenues decisions.

This release was published on openPR.