The Bluetooth Smart & Smart Ready market was valued at USD 4.55 Billion in 2016 and is expected to reach USD 5.34 Billion by 2023, at a CAGR of 2.23% during the forecast period.
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Factors driving the growth of Bluetooth Smart & Smart Ready 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 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.
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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.
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.
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),.
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