Bluetooth Smart Devices Market - Strategy, Growth Opportunities, Latest Trends

Posted by Savni on February 18th, 2020

The global market for Bluetooth Smart and Smart Ready system can touch a whopping valuation of USD 5.07 Billion by 2023, believes Market Research Future (MRFR). MRFR also estimates that the market’s growth rate during the forecast period (2017-2023) can be 3.1%.

Market Boosters and Top Barriers

Bluetooth Smart is a relatively new concept in the mobile connectivity ecosystem. The main concept of this technology is its ability to connect devices that work on Bluetooth. Apart from this, high power efficiency is one of the biggest reasons behind the widespread adoption of Bluetooth Smart technology, compared to traditional Bluetooth technology. At present, wireless sensors are part of many of the electronic devices as well as customer wearable devices, which make extensive use of the Bluetooth technology. Thus, the growth of the smart wireless sensors market can result in the expansion of the Bluetooth Smart and Smart Ready market in the following years.

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The Bluetooth Low Energy (BLE) technology has emerged as a scalable low-power wireless networking technology. The emergence of this technology in the market is anticipated to unlock a host of lucrative opportunities in lighting, home automation, beacons, building automation, retail, as well as location-based applications.

There has been a massive surge in the number of accessories and gadgets that support Bluetooth and Bluetooth Smart Ready products, which has led to the formation of a connected infrastructure of almost every electronic gadget. In the near future, the wearable products market can note strong growth, which is bound to give a significant boost to the Bluetooth Smart Ready system market.

Market Segmentation

The Bluetooth Smart and Smart Ready market have been segmented depending on devices, technology and end-users.

The devices that use Bluetooth smart and smart ready technology are smartphones, tablets, desktops, wearable devices, and others.

Technology-based market segments covered in the report include Bluetooth 5.0, Bluetooth Smart, Bluetooth smart ready, and others.

The end-user-based sub-segments are healthcare, transportation, government and defense, industrial, education, consumer electronics, automotive, building and retail and others. Out of these, the automotive, as well as consumer electronics sector together, form the biggest market for Bluetooth smart technology. In the automotive industry, the technology helps the new use cases within the car by bringing down the weight, enhancing the fuel economy, and reducing the manufacturing costs. Other sectors such as commercial and retail sectors have thought up the future plans for Bluetooth smart and smart ready technology, ranging from in-store analytics to proximity marketing, contactless payments and indoor navigation.

Regional Insight

The regional analysis of the Bluetooth Smart Devices Market includes Asia Pacific (APAC), Europe, North America, and Rest of the World (RoW).

North America is one of the strongest markets for Bluetooth Smart and Smart Ready across the globe. The explosion in tablet sales combined with the steady growth in laptop sales has sparked the demand for more Bluetooth smart technology devices in the region. The region also holds immense potential on account of the large number of users of smartphones, tablets, and desktop.

APAC is a promising market for Bluetooth smart and smart ready, with countries like Japan, South Korea and China at the forefront of the said growth. The regional market holds massive potential for the growth of Bluetooth Smart and Smart Ready, given the rising penetration of tablets, smartphones, and other personal computing products.

Prominent Companies

Prominent companies making their mark in the market for Bluetooth Smart and Smart Ready system include Toshiba Corporation (Japan), Nordic Semiconductor ASA (Norway), Texas Instruments Incorporated (US), Fanstel Corporation (US), Microchip Technology Inc. (US), CEVA, Inc. (US), Renesas Electronics Corporation (Japan), Broadcom Corporation (Singapore), Murata Manufacturing (Japan), Bluegiga Technologies (Finland), Dialog Semiconductor PLC (UK), Cypress Semiconductor Corporation (US), Mediatek, Inc. (Taiwan), Marvell Technology Group, Ltd. (Bermuda), Qualcomm Incorporated (US), to mention a few.

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