Bluetooth 5.0 Market by Component (Hardware, Software, Services), Application (Audio Streaming, Data Transfer, Location Services), End User (Automotive, Wearables, Consumer Electronics, Retail and Logistics) and Region - Global Forecast to 2027

Bluetooth 5.0 Market by Component (Hardware, Software, Services), Application (Audio Streaming, Data Transfer, Location Services), End User (Automotive, Wearables, Consumer Electronics, Retail and Logistics) and Region - Global Forecast to 2027

The global Bluetooth 5.0 market size is expected to grow from USD 4.1 billion in 2022 to USD 7.0 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 11.0% during the forecast period. Increasing recognition and acceptance of digital keys have increased the demand for more smartphone access and control capabilities and Bluetooth technology plays a crucial role in automotive access control driving the Bluetooth 5.0 market growth.

Services component is estimated to account higher CAGR during the forecast period

The Bluetooth 5.0 market has been classified based on professional and managed services. Professional services have been further segmented into training and consulting services, deployment and integration services, and support and maintenance services. The demand for services is directly associated with the adoption level of Bluetooth 5.0 technology. The adoption of Bluetooth 5.0 is increasing as it makes a big portion of the contribution to IoT and wireless connectivity technology that is secure, reliable, and trustworthy. The rapid change in connectivity technology leads to increased training, service, and support demand.

Audio Streaming application is expected account for the largest market share during 2022

In terms of audio streaming, Bluetooth 5 is much more robust than its predecessors, such as Bluetooth 4.2. Bluetooth 5.0 is considered as a reliable technology as it enables transmitting eight times more data, at twice the speed, across four times the range. Also, to move data efficiently, Bluetooth functions in Classic and Low Energy modes. BLE reduces the energy usage of peripheral devices, such as beacons, wearable sensors, and low-power IoT devices. The enlarged bandwidth of Bluetooth 5.0 permits broadcasting of two devices at once. This means the user can stream a second audio program, transmit audio to multiple rooms, create a stereo effect, or share audio between two sets of headphones.

Among regions, APAC to hold higher CAGR during the forecast period

The growth of the Bluetooth 5.0 market in Asia Pacific is highly driven by the rapid digitalization of enterprises across the region. The region comprises emerging economies, such as India, Japan, China, South Korea, and Australia. There is increasing use of wearable devices, smart home devices, and other smart devices across the country. People are also opting for smart agriculture and smart healthcare devices. Also, there is usage of IoT in the region, and with that comes data privacy issues for countries. Countries in the region have laid down comprehensive policy frameworks for data protection, with Japan and Korea having some of the most advanced frameworks in the world. The regions analyzed for the Bluetooth 5.0 market in this region are China, Japan, India, and rest of Asia Pacific.

Breakdown of primaries

In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the Bluetooth 5.0 market.

By Company: Tier I: 62%, Tier II: 23%, and Tier III: 15%

By Designation: C-Level Executives: 38%, Directors: 30%, and others: 32%

By Region: North America: 40%, Europe: 15%, Asia Pacific: 35%, Middle East and Africa: 5%, Latin America: 5%

The report includes the study of key players offering Bluetooth 5.0 hardware, software, and services. It profiles major vendors in the global Bluetooth 5.0 market. The major vendors in the global Bluetooth 5.0 market include Qualcomm (US), Nordic Semiconductor (Norway), ON Semiconductor (US), Broadcom (US), Silicon Labs (US), Realtek (Taiwan), Microchip Technology (US), NXP Semiconductors (Netherlands), Texas Instruments (US), MediaTek (Taiwan), Synopsys (US), STMicroelectronics (Switzerland), Qorvo (US), Renesas (Japan), Infineon Technologies (Germany), Goodix Technology (China), Telit (US), Espressif Systems (China), Taiyo Yuden (Japan), Feasycom (China), Atmosic Technologies (US), Ceva (France), Laird Connectivity (US), Inventek Systems (US), Insight SiP (France), and Virscient (New Zealand).

Research Coverage

The market study covers the Bluetooth 5.0 market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as component, application, end user, and region. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report

The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall Bluetooth 5.0 market and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.