Worldwide Bluetooth Smart Market - Forecast Till 2021

Albany, NY, Feb 24, 2017: Market research analysts at Beige Market Intelligence, forecast the Worldwide Bluetooth Smart market to grow at a CAGR of around 28% during the forecast period. The growth in connectivity technologies such as Bluetooth is primarily driven by an increasing consumer appetite for accessing content without any barriers. This demand for embedded connectivity technologies that can enable interaction between various consumer electronic devices is not only promoting sophistication in electronic and semiconductor manufacturing but also is enabling advancement of efficient technology standards. One such standard that has gained immense prominence is Bluetooth smart on account of it being more energy-efficient than competing interfaces and networking solutions such as Bluetooth, Ethernet and Wi-fi. With the need for constant interaction between devices becoming inevitable, easily-implementable connectivity technologies such as Bluetooth smart are becoming indispensable on account of the extensive ecosystem and ubiquity of Bluetooth technology standard.

Worldwide Bluetooth Smart market can be segmented based on the type of application as consumer electronics, home automation, healthcare, retail, wearables, automotive, industrial automation and others. The consumer electronic segment was valued at around US$485 million in 2015 and is expected to reach over US$2420 million by 2021. The healthcare Bluetooth smart market, which covers devices like hearing aids, blood pressure monitors, glucose monitors, smart drug delivery devices and thermometers etc., is expected to grow at a lower rate, as the market has already been growing for many years. Continuous glucose monitors are a significant segment in healthcare sector owing to the growing prevalence of diabetes in the emerging economies of Latin America and Asia Pacific. The Bluetooth smart market in retail especially for beacons is still in the early stages of development owing to factors like tepid consumer interest and lower adoption leading to experimental retail implementations, even though Apple launched iBeacons two years ago. The retail segment of Worldwide Bluetooth smart market is expected to reach over US$80 million by 2021.

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Bluetooth Smart Drivers, Restrains and Trends

This market research report provides market overview of the factors driving and restraining the growth of the market. The report also outlines the key trends emerging in the market that will contribute to the growth of Worldwide Bluetooth Smart market during the forecast period. The factors driving the growth of the market include Industrial Internet of Things (IoT) Revolution. Industrial IoT is one of the largest end-market potential for Bluetooth Smart. The market is expected to extend from personal area networks (PAN) to wider area networks (WAN). The rising adoption of Industrial IoT is expected to boost the market for networking technologies, especially wireless networks. These networks not only provide mobility to the equipment but also offer greater scalability and ease of integration to the network. The manufacturing sector is witnessing a transformation through the implementation of the smart factory concept and factory automation technologies. Government initiatives such as Industrie 4.0 in Germany and Plan Industriel in France are expected to drive the IIoT solutions in Europe. Moreover, increasing adoption of Bluetooth Smart in healthcare applications is expected to fuel the growth of the market during the forecast period.

Some of the major restraints confronting the growth of the Bluetooth Smart market include lack of interoperability and a standard communication protocol. As more Bluetooth smart devices get deployed and connected, there will be multiple connection standards emerging in the environment. Some of the communication protocols are Wi-Fi, Zigbee, cellular apart from Bluetooth smart. These competing standards will inhibit the rapid growth and proliferation of Bluetooth smart devices sales unless a common standard is established or the interoperability issues are resolved. Moreover, data privacy and security concerns is also expected to inhibit the growth of the market during the forecast period.

One of the major trends witnessed by the Bluetooth Smart market include growth in wearable technology market. The biggest thing in wearables market is Bluetooth smart Technology. The fast-growing wearables market has huge potential that also encompasses smart glasses, headsets, activity monitors, child and pet monitoring, head- and hand-mounted terminals, medical aids, and cameras etc.to smart clothing and ingestible. And the majority of these products primarily rely on the connectivity of Bluetooth technology. Even companies like Apple is centering its wearables strategy on Bluetooth and Wi-Fi.

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Bluetooth Smart Key Vendors
The report Bluetooth Smart market also provides the competitive landscape of the key players. The report covers the players operating in the entire value chain of the market. The major players identified within the report are Nordic Semiconductor, Texas Instruments, Cambridge Silicon Radio (CSR plc.), Dialog Semiconductor, Broadcom and Silicon Labs. The report also covers the other prominent vendors in the market such as Bluegiga Technologies, Cypress Semiconductors, Marvell technology Group, MediaTek, NXP Semiconductors, BlueRadios, LAPIS Semiconductor, Microchip Technology, Toshiba, Apple, STMicroelectronics, and Murata Manufacturing.

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