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Bluetooth 5.0 Global Market Report 2024 Market Size, Analysis, Overview, Outlook Report 2024-2033
Bluetooth 5.0 Global Market Report
According to The Business Research Company's, The bluetooth 5.0 market size has grown rapidly in recent years. It will grow from $4.42 billion in 2023 to $4.96 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to increased data transfer speed, extended range, enhanced data broadcasting, higher throughput for audio streaming, low energy consumption.
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.
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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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
Bluetooth 5.0 Market 2024 Key Insights:
• The bluetooth 5.0 market size will grow to $7.89 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%.
• Surging Demand For Audio Devices Boosts Bluetooth 5.0 Market
• Tech Advancement In Bluetooth 5.0 Market
• North America was the largest region in the Bluetooth 5.0 market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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