Bluetooth 5.0 Market Size, Share to Reach USD 11.7 billion: Technological Advancements and Emerging Applications

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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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.

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.

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The outbreak of COVID-19 has significantly impacted the growth of the Bluetooth 5.0 market. The rise in demand for digital evidence across various sectors has significantly propelled the growth of the Bluetooth 5.0 market during the pandemic. However, the emergence of the third wave of COVID-19 across the China, and India. Russia and UK are anticipated to affect the growth of the Bluetooth 5.0 market in 2022. Moreover, the BFSI sector globally started to deploy Bluetooth 5.0 solutions and thus is expected to drive the growth of the Bluetooth 5.0 market analysis post-pandemic.

Region-wise, Asia-Pacific holds a significant share in the global Bluetooth 5.0 market, owing to the presence of prime players in this region. It is anticipated to have the greatest share of the global Bluetooth 5.0 market and consists of Japan, China, and India. The economies of Asia-Pacific nations are stable and well-established, enabling them to make significant investments in R&D operations and contribute to the creation of new technology. The area is well renowned for its rapid adoption of cutting-edge technologies, including IoT, wearables, autos, smart cities, smart businesses, smart agriculture, and linked and autonomous vehicles.

The key players profiled in the report include Broadcom Inc., Infineon Technologies AG, Microchip Technology Inc., Nordic Semiconductor, NXP Semiconductors, Qualcomm Technologies, Inc., Realtek Semiconductor Corp., Silicon Laboratories, Inc., STMicroelectronics and 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 FINDINGS OF THE STUDY

1. On the basis of offering, the hardware segment was the highest revenue contributor to the market, with $1,607.9 million in 2021. However, the services segment for Bluetooth 5.0 Market Forecastis estimated to reach $4,173.9 million by 2031, at a significant CAGR of 11.3% during the forecast period.

2. On the basis of organization size, the large enterprise's segment was the highest revenue contributor to the market, with $3,243.9 million in 2021. The SMEs segment is estimated to reach $3,133.4 million by 2031, at a significant CAGR of 13.0% during the forecast period.

3. On the basis of application, the data transfer segment exhibits dominating shares in this market. However, device networks are expected to grow with impressive CAGR for Bluetooth 5.0 Industry.

4. On the basis of region, Asia-Pacific is expected to prevail in its dominance during the forecast period along with regional Bluetooth 5.0 Market Share analysis of key key players.

5. The report provides a quantitative analysis of the global competitive landscape of Bluetooth 5.0 Industry.

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