Bluetooth 5.0 Market Growing with a CAGR of 10.9%, Top Players, Size, Share, Market Worth, Trends by 2031

According to a new report published by Allied Market Research, titled, "Bluetooth 5.0 Market," The Bluetooth 5.0 Market Size was $4.2 billion in 2021, and is estimated to reach $11.7 billion by 2031, growing at a CAGR of 10.9% from 2022 to 2031.

Bluetooth 5.0 is the newest overarching innovation of Bluetooth, it is the wireless, close-range technology found in smartphones, smartwatches, tablets, wireless headphones and speakers, laptops, desktop computers, and more. Bluetooth enables devices to communicate wirelessly with one another without the need for an internet connection-as long as they are close to one another. Furthermore, it enables one to ping songs from a music source often a smartphone to a wireless speaker so one can listen to music anywhere, whether at home, at a park, or on the beach.

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Rise in demand for audio devices, investments in sensing technology, and growing dependency on dual audio streaming drive the growth of the global Bluetooth 5.0 market. On the contrary, reduction in battery life of portable, digital devices and the unavailability of proper data pack transmitting hamper the market growth. However, rise in adoption of quality Bluetooth technology services and development in wireless technology would open new opportunities in the future.

The basic characteristic of Bluetooth 5 is the low-energy version of Bluetooth comparable to or superior to its rivals for IoT applications. Mesh networking is the most widely applicable since it first elevates the standard beyond a short-range personal area network. However, its expanded range, enhanced beacon support, better data rate, longer message length, and several other improvements, together with its economic power usage, cheap installation cost, and extensive market penetration, guarantee that it will remain a highly competitive connectivity option for years to come.

Due to increasing industrial activity and increased reliance on Dual audio streaming, the market share for Bluetooth 5.0 is anticipated to grow considerably throughout the projected period. The market is also growing as a result of the rising demand for audio equipment, car entertainment, and diagnostic tools. The main factors limiting market growth, however, are the decreased battery life of various smart and portable devices and the lack of suitable data pack-sending options. On the other hand, the rapid uptake of high-quality Bluetooth services and wireless technologies is anticipated to fuel Bluetooth 5.0 market expansion.

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According to Bluetooth 5.0 market research, the data transfer segment was the highest revenue contributor to the market, with $1,510.9 million in 2021, and is estimated to reach $4,346.6 million by 2031, with a CAGR of 11.3%. The device networks segment is estimated to reach $2,679.0 million by 2031, at a significant CAGR of 9.7% during the forecast period. The data transfer and device networks segments collectively accounted for around 61.8% market share in 2021, with the former constituting around 36.2% share. The audio streaming and data transfer segments are expected to witness considerable CAGRs of 12.4% and 11.3%, respectively, during the forecast period.

By organization size, the SMEs segment would showcase the highest CAGR of 13.0% from 2022 to 2031. SMEs typically have constrained cash resources, internal IT skills, and resources. Every small and medium-sized firm (SME) is primarily concerned with making a profit and staying in operation for the long term. However, the large enterprises segment held the largest share in 2021, contributing to more than three-fourths of the global Bluetooth 5.0 market. These businesses are looking at novel approaches to successfully improve their processes. They make investments to deploy Bluetooth 5.0, which allows companies to wireless communicate, automate and navigate in short-range and long-ranges.

By offering, the hardware segment held the largest share in 2021, accounting for nearly two-fifths of the global Bluetooth 5.0 market. However, the services segment is expected to register the highest CAGR of 11.3% during the forecast period. Bluetooth 5.0 services supervise constructive effective secure, reliable, and trustworthy systems as well as, reducing hardware and manual data collection costs. Therefore, Bluetooth 5.0 services aid the operational efficiency of various end-users.

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Covid-19 scenario:

• The Covid-19 pandemic significantly affected the market, due to lack of skilled workforce, delay or cancelation of products, and prolonged lockdowns across the European and Asian countries.

• On the other hand, an increase in demand for online network connectivity and audio and visual streaming boosted the market growth.

Major market players:

• Broadcom Inc.
• Infineon Technologies AG
• Microchip Technology Inc.
• Nordic Semiconductor
• NXP Semiconductors
• Qualcomm Technologies, Inc.
• Realtek Semiconductor Corp.
• Silicon Laboratories, Inc.
• STMicroelectronics
• Texas Instruments Incorporated.

Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the Bluetooth 5.0 market.

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Key Questions Answered in the Intelligent Study

• What is the market size and growth rate of the global and regional market by various segments?
• What is the market size and growth rate of the market for selective countries?
• Which region or sub-segment is expected to drive the market in the forecast period?
• What Factors are estimated to drive and restrain the market growth?
• What are the key technological and market trends shaping the market?
• What are the key opportunities in the market?
• What are the key companies operating in the market?
• Which company accounted for the highest market share?

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