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Bluetooth 5.0 Market 2024 - Growth Analysis, Opportunities, Business Insights, Key Trends, and Forecast until 2033
Bluetooth 5.0 Market
The bluetooth 5.0 market size is expected to see rapid growth in the next few years. It will grow to $7.89 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The growth in the forecast period can be attributed to rapid growth in iot devices, expansion in smart home applications, emergence of location-based services, continued integration in audio devices, growing adoption in automotive connectivity. Major trends in the forecast period include increased range and throughput, enhanced data broadcasting, improved coexistence with other wireless technologies, mesh networking capabilities, low energy consumption, audio quality enhancements.
Market Overview -
Bluetooth 5.0 is one of the newest versions of the short-range wireless standard. When compared to its previous versions several enhancements like longer range, faster data transfer speeds, and better power efficiency increase the bandwidth to allow for distribution to two wireless devices at once.
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Surging Demand For Audio Devices Boosts Bluetooth 5.0 Market
The increasing demand for audio devices is expected to propel the growth of the Bluetooth 5.0 market going forward. An audio device is a device that can receive and process an audio signal. Audio listening devices allow users to listen to various media, including cassettes, compact discs, and audio files. The demand and desire for mobility and flexibility continue to increase in Bluetooth audio streaming. Bluetooth technology is also helping create new products, from broadcast audio to enhanced hearing assistance. For instance, in May 2022, according to Trinity Audio, an Israel-based media company, in terms of online audio listening, there was a significant rise in listeners year over year. Data showed that 73% or an estimated 209 million people of the U.S. 12+ population are listening to online audio every month, up from 68% in 2021 or about 16 million more listeners. Therefore, the increase in demand for audio devices is driving the growth of the Bluetooth 5.0 market going forward.
Competitive Landscape -
Major companies operating in the bluetooth 5.0 market report are Qualcomm Technologies Inc., Nordic Semiconductor ASA, MediaTek Inc., Broadcom Inc., Silicon Laboratories Inc., Realtek Semiconductor Corp., Microchip Technology Inc., NXP Semiconductors, Texas Instruments Inc., Renesas Electronics Corporation, Goodix Technology Inc., Telit Cinterion, Inventek Systems, Ceva Inc., Laird Connectivity LLC, Apple Inc., Samsung Electronics Co. Ltd., Sony Corporation, Huawei Technologies Co. Ltd., Microsoft Corporation, Google LLC, Intel Corporation, Cypress Semiconductor Corporation, STMicroelectronics N.V., Marvell Technology Group Ltd., Sierra Wireless Inc., Murata Manufacturing Co. Ltd., Dialog Semiconductor plc, Taiyo Yuden Co. Ltd., ON Semiconductor Corporation
Tech Advancement In Bluetooth 5.0 Market
Technological advancements are a key trend gaining popularity in the Bluetooth 5.0 market. Major companies operating in the Bluetooth 5.0 market are developing innovative technologies to sustain their position in the market. For instance, in 2021, Cassia Networks launched the X2000 Bluetooth gateway, which provides secure, long-range, multiple-device connectivity for enterprise-grade IoT. This indoor/outdoor gateway provides seamless Bluetooth locations and coverage for Industry 4.0 and provides long-range connectivity up to 1km with Bluetooth 5 in open space.
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Key Segments -
The bluetooth 5.0 market covered in this report is segmented -
1) By Component: Hardware, Solutions, Software Development Kit, Protocol Stacks, Services
2) By Application: Audio Streaming, Data Transfer, Location Services, Device Networks
3) By End-User: Consumer Electronics, Automotive, Healthcare, Industrial Automation, Other End Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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