Bluetooth 5.0 Market

Global Bluetooth 5.0 Market Size (2024 to 2029)

The size of the global Bluetooth 5.0 market is estimated to be valued at USD 4.93 bn in 2024 and USD 8.30 Billion by 2029, growing at a fast CAGR of 13.34% during the forecast period.

Bluetooth 5.0 is the latest version that significantly emerged with new and upgraded features explicitly used for wireless connectivity among various devices and this new software upgrade specializes in improved security features, less battery consumption, faster Bluetooth pairing time and others.

Global Bluetooth 5.0 Market Drivers:

The market for Bluetooth 5.0 has emerging trends in earphones and headphone connectivity wirelessly. The rising trend of Bluetooth 5.0 in connectivity of Voice AI, such as Amazon Alexa, which is connected through Bluetooth and can control home devices using voice commands is contributing to the global market growth. The new Bluetooth 5.0 has an option that can cast the mobile phone screen to a television with the tip of a finger. This casting technology has recently emerged with many companies manufacturing devices with built-in Bluetooth that have captured the minds of consumers.  The Bluetooth beacon that emerged in the market has created a bridge and concealed the gap between the physical and digital worlds by eradicating communication barriers. The new and innovative technology of Bluetooth Beacon and Bluetooth Peripherals has surged the demand for the global Bluetooth 5.0 market.

The global Bluetooth 5.0 market is expected to deliver lucrative opportunities for the Bluetooth business market players to render partnerships, mergers, collaborations, and agreements during the forecasted period. Furthermore, there is a potential to make technological advancements and upgrades with new and innovative business ideas for a competitive edge in the market by tapping into a profitable outcome.

Global Bluetooth 5.0 Market Restraints:

The global Bluetooth 5.0 market withstands its presence in the market, facing unavoidable restraints that hamper the demand. For instance, data collisions are detected among wireless devices, which are intercepted to budge while transmitting data. In simple terms, the transmission of only a single piece of data is digestible. In contrast, the transfer of two or multiple data simultaneously collides with one another, creating an impact of data disappearance, potentially imposing a threat to Bluetooth 5.0. In addition, there is a potential threat regarding Bluetooth Packet Structure and its physical layer that is supposedly less secure and easy to hack by advertising packets and data channel packets. Hence, these restraints must be eradicated to decline the threats of the Global Bluetooth 5.0 Market.

Impact of COVID-19 on the global Bluetooth 5.0 market:

The COVID-19 pandemic has increased the market and demand for Bluetooth by enabling portable medical care for personnel to identify a potentially infected individual through Bluetooth technology and monitoring the vitals of a person through patient connectivity which is utilized for at-home treated patients. In addition, many governments have imposed laws to locate an infected individual by tracking their whereabouts using the new and innovative Bluetooth technology, which is made available in the app stores of smart mobiles. Hence, Bluetooth technology played a significant role in eradicating the global COVID-19 pandemic.

REPORT COVERAGE:

This research report on the global Bluetooth 5.0 market has been segmented and sub-segmented based on component, end-user, application and region.

Global Bluetooth 5.0 Market - By Component:

• Hardware
• Software
• Services
  • Professional Services 
    • Training and Consulting Services
    • Deployment and Integration Services
    • Support and Maintenance Services
  • Managed Services

The services segment is leading with the highest shares of the market. The Services segment is further classified based on Professional Services and Managed Services. The demand for the services segment has skyrocketed in the market, with many consumers embracing new and innovative technology. As a result, wireless technology is indebted by users worldwide, significantly multiplying their demand in the market. 

Furthermore, additional services provided for the wireless connectivity business have rapidly changed the demand for the support and maintenance services market. The growth of the services segment is attributed to the upgraded technology advancements for more reliable and protected connectivity. The demand for the Hardware segment is anticipated to incline in the Global Bluetooth 5.0 Market, projected during the forecast period relying on the requirement of hardware application for a Bluetooth adapter.

Global Bluetooth 5.0 Market - By Application:

• Audio Streaming
• Data Transfer
• Location Services

Based on Bluetooth 5.0 market segmentation, the Audio Streaming segment has the largest market revenue owing to the renowned technology of connecting various devices and tapping into audio files such as podcasts, songs, online lectures, etc., enhancing the application to withstand the audio streaming segment mainly in the market.

The Data Transfer Segment has been established to lead the market from tracking fitness to monitoring tools; consumers can use data transfer in millions of devices for its portability and innovation. The Location Services segment is also anticipated to grow in demand for safety reasons, ensuring keeping track of devices by enabling backdrop.

Global Bluetooth 5.0 Market - By End-User:

• Automotive
• Wearables
• Electronics
• Retail and Logistics

The Segmentation based on End-Used has a significant market share for the Retail and Logistics Segment as it is used as a marketing tool for the shoppers to automatically send their personalized interests to understand the consumer's taste and preferences tracked through registering the mobile to a wi-fi port. In addition, Bluetooth helps the logistics to retain data of a redundant customer to eliminate the use of internal data about the company. The Electronics and Automotive segments are anticipated to grow in Bluetooth 5.0 due to the increased technology and rise of electronic and automotive industries that have boosted the market.  

Global Bluetooth 5.0 Market - By Region:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

Based on region, the highest revenue is accounted for the North American Bluetooth 5.0 Market. The North American Region comprises the USA, Canada, and Mexico. The USA is known for being the most technologically progressive country with well-established economizing ratings. Therefore, it has contributed to investing more in advancing and bringing in technology by investing more in research & development for automotive, electronics, small-scale industries, etc. 

The Asia-Pacific Region is positioned second in leading the dominant shares of the market. Countries such as China, Japan, India, Singapore, South Korea, etc., have all indulged in adopting high-quality, technologically improved Bluetooth devices for increasing communication speed and enhancing distance for data transfers. 

The European region is anticipated to grow in the market during the forecast period of 2024 to 2029 as this region has few of the most technologically advanced smart cities enforced by government regulations. As a result, countries such as the UK, France, and Germany are leading the marking and raising the revenue for the Global Bluetooth 5.0 Market. 

KEY MARKET PARTICIPANTS: 

Some of the key market players are Broadcom, Silicon Labs, Qualcomm, Infineon Technologies, Telit, Espressif Systems, Insight SiP, Laird Connectivity, Taiyo Yuden, RealTek, ON Semiconductor, Nordic Semiconductor, Texas Instruments, Atmosic Technologies

RECENT HAPPENINGS IN THE MARKET:

• In October 2022, the companies Alps Alpine and Broadcom jointly developed a High-accuracy positioning system for Automotive Applications using Bluetooth Low Energy. These jointly developed companies enable keyless entry for automobiles, which is applicable to connecting the key to a smartphone. In addition, the two companies are accelerating the market by introducing new bluetooth technology.
• In January 2022, Atmosic announced USD 72 Million in funding led by Sutter Hill Ventures to launch a new Bluetooth 5.3 SoC Family with Energy Harvesting Technology to offer unparalleled energy efficiency and remove the cost and waste of replacing batteries in connected devices.
• In August 2022, a renowned company, ADIDAS, launched Solar Powered wireless Headphones from Adidas, which pack 45mm dynamic drivers that include a Bluetooth v5.2 for connectivity. This device is featured with IPX4, rated for sweat and water resistance.