Bluetooth Low Energy (BLE), formerly known as Bluetooth Smart aims to revolutionize the way users experience the IoT by providing powerful wireless network capabilities while being highly power-efficient. The Bluetooth Smart & smart ready market is set to witness modest growth over the forecast period due to the technology evolving as a scalable, power-efficient wireless networking solution that has highly advantageous opportunities for growth in smart homes, building automation, retail, and location-based applications.
Market Research Future (MRFR) has recently released a market report that delves into the various market segments that make up the market to accurately identify trends, opportunities, challenges, and restraints as well as provide unique insights. MRFR has predicted a moderate CAGR of 3.1% during the forecast period of 2017 – 2023, and an estimated market value of USD 5.07 billion by 2023.
Rapid growth and demand for wireless sensors in various technologies is a driving factor of growth for the market. BLE is predicted to enhance IoT applications due to the increased speed with which the technology can transfer data. Some challenges that may restrict limit market growth include concerns regarding privacy and security. However, the ongoing development of the Bluetooth Smart and Smart Ready technology is expected to address these challenges.
The global Bluetooth Smart & Smart Ready market has been analyzed by segments. Segmentation has been done by devices, technology, end-user, and region.
Based on devices, the market has been segmented into smartphones, tablets, desktops, wearable devices and others.
Based on technology, the market has been segmented into Bluetooth 5.0, Bluetooth Smart, Bluetooth Smart Ready, and others.
Based on end user, the market has been segmented into healthcare, transportation, government & defense, education, consumer electronics, automotive, building & retail and others.
Based on region, the market has been segmented into North America, Europe, Asia Pacific (APAC) and the Rest of the World (RoW).
Analysis of Bluetooth Smart and Smart Ready Market has been segmented into North America, Europe, Asia Pacific (APAC) and the Rest of The World (ROW).
North America holds the lead in the Bluetooth Smart and smart ready market. This is due to the presence of major market players, swiftly developing IoT technology and a growing requirement for power efficient wireless connectivity. The increasing adoption of IoT technology and the number of products that offer capabilities for wireless network connectivity is expected to propel market growth during the forecast period.
The Asia Pacific has been projected to be the fastest growing regional market segment. The increase in demand and usage of personal electronic devices such as laptops and tablets, along with the penetration of smartphones in emerging economies of this region has created huge potential for the Bluetooth smart and smart ready market. Japan and China are some countries with a strong presence of manufacturers of these devices making the region prominent. Countries such as India and South Korea are expected to fuel market growth due to the rising demand for devices with wireless connectivity features.
Prominent players that contribute to the competitive landscape of the global Bluetooth smart and smart ready market include, Nordic Semiconductor ASA, Broadcom Corporation, Toshiba Corporation, Murata Manufacturing, Fanstel Corporation, Texas Instruments Incorporated, CEVA Inc., Renesas Electronics Corporation, Microchip Technology Inc., Qualcomm Incorporated, Cypress Semiconductor Corporation, Mediatek Inc., Bluegiga Technologies, Dialog Semiconductor PLC, and Marvell Technology Group Ltd.
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