According to the new market research report "Bluetooth Smart and Smart Ready Market by Technology (Bluetooth Smart, Smart Ready, and Bluetooth 5.0), Application (Automotive, Consumer Electronics, Wearable Electronics, Healthcare, Building & Retail), and Geography - Global Forecast to 2023", the Bluetooth Smart and Smart Ready market, in terms of value, is expected to be worth USD 5.34 Billion by 2023, growing at a CAGR of 2.23% between 2017 and 2023. Factors driving the growth of this market include rising demand for Bluetooth Smart and Smart Ready in consumer electronics such as smartphones and PC peripherals, growing IoT applications, and cost-efficient devices that consume low power.
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Consumer electronics was the largest application segment in terms of volume in 2016
Consumer electronics is the biggest market for the Bluetooth technology with a multitude of Bluetooth Smart Ready devices. Different technologies, such as ZigBee, Wi-Fi, NFC, ANT+, and Bluetooth, are used by consumers to connect their devices, such as smartphones, tablets, and desktops. Among these technologies, BLE is the most widely used technology that consumers use every day as it is simple and secure, and has low power consumption. Thus, the demand to maintain high efficiency of the electronic devices is expected to fuel the growth of the Bluetooth Smart and Smart Ready market.
The market for Bluetooth 5.0 expected to grow at highest CAGR during forecast period
Bluetooth 5 will enhance IoT application with extra features that better enable industrial automation and smart home coverage by improvements in range and download speeds, resulting in more responsiveness and high performance of devices. With focus on IoT, the features include four times extra range, twice the speed, and eight times more broadcast messaging capacity. Bluetooth 5.0 will also drive the market for beacons in the retail sector as it helps retailers of apparels and supermarkets to achieve targeted advertising.
The market in APAC expected to grow at highest CAGR during forecast period
North America is expected to hold the largest share of the Bluetooth Smart and Smart Ready market by 2023, and it holds a tremendous potential for the market in the coming future owing to its large number of smartphone, tablet, and desktop users. This also indicates that APAC consists of maximum number of apps and users. The market for smartphones and its appcessories is expected to continue to grow in APAC; thus, the market for the BLE technology also continues to expand. APAC consists of some of the leading markets such as China, Japan, and India.
Major players in this market include Qualcomm Inc. (US), Broadcom Corporation (Singapore), Cypress Semiconductor Corporation (US), Dialog Semiconductor PLC (UK), Marvell Technology Group, Ltd. (Bermuda), Mediatek, Inc. (Taiwan), Nordic Semiconductor ASA (Norway), Bluegiga Technologies (Finland), Texas Instruments Incorporated (US), Fanstel Corporation (US), Toshiba Corporation (Japan), Murata Manufacturing Co., Ltd. (Japan), Renesas Electronics Corporation (Japan), Microchip Technology Inc. (US), and CEVA, Inc. (US).
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