Bluetooth 5.0 Market is projected to grow from USD 4.1 billion in 2022 to USD 7.0 billion by 2027, at a CAGR of 11.0% from 2022 to 2027, according to a new report by MarketsandMarkets™. The enterprises are adopting Bluetooth 5.0 technology as it is twice as fast, four times the range and can transfer eight times as much data as Bluetooth 4.2 Low Energy.
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262 — Tables
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The hardware segment is expected to lead the Bluetooth 5.0 market in 2022.
Bluetooth 5.0 hardware consists of SoC components; RF components; development boards; and sensors and controls. An increase in demand for reliable, secure, and high-speed wireless connectivity technology has led to more opportunities in the Bluetooth 5.0 technology solutions, resulting in the development of use cases of a wide range.
Device Networks segment is expected to grow with the fastest growth rate during the forecast period.
Bluetooth device network solutions at home or in commercial space allow connecting tens, hundreds, or thousands of devices within a network. Bluetooth technology is also being used in smart homes for Bluetooth networked lighting control frequencies.
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Retail and Logistics likely to emerge as the fastest-growing segment during the forecast period.
Technologies significantly boost retailers and landlords, particularly shopping centers, and retail parks, by facilitating targeted advertising and marketing. Shipping providers are also turning to Bluetooth technologies to ensure that a source of data is available for integrating seamlessly within a company’s existing applications.
Asia Pacific segment is expected to grow with the fastest growth rate during the forecast period.
Asia Pacific is the fastest-growing economic region and the world’s largest continental economy by GDP Nominal and PPP. 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 leading to the growth in the region.
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Market Players
The major vendors covered in the 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).
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The global industry 5.0 market to gather a hefty amount of revenue by observing a remarkable CAGR over the forecast period, i.e., 2022-2030, owing to the emergence of advanced technologies namely, industrial internet of things and artificial intelligence, for data collection and analysis.
Apart from this, environmental benefits offered by the implementation of industry 5.0, and spiraling use of industrial robots in various verticals are another significant factors expected to raise the slope of market growth in the forthcoming years.
The International Federation of Robotics reported, in 2018, 422,271 industrial robots were installed worldwide, witnessing a growth by 6 percent since the last year.
This can be credited to the surging use of cobots for simple and intuitive interaction with humans.
Additionally, by vertical, the manufacturing segment is projected to grab the largest share ascribing to the largescale deployment of SCARA robots for assembly operations in the industry, and growing volumes of data of field devices.Regionally, the global industry 5.0 market is segmented into North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa.
In addition, in APAC, India’s market is predicted to hold a notable share in the coming years in view of the escalating government initiatives regarding digitization.
