New York, June 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Bluetooth 5.0 Global Market Report 2023" - https://www.reportlinker.com/p06466565/?utm_source=GNW
and Laird Connectivity.
The global Bluetooth 5.0 market is expected to grow from $3.96 billion in 2022 to $4.42 billion in 2023 at a compound annual growth rate (CAGR) of 11.86%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The Bluetooth 5.0 market is expected to reach $7.00 billion in 2027 at a CAGR of 12.15%.
The Bluetooth 5.0 market includes revenues earned by entities by providing Bluetooth products and services. Bluetooth solution consists of antenna/rf components, Bluetooth hardware and firmware, Bluetooth software protocol stack, and the application. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Bluetooth 5.0 is one of the newest versions of the short-range wireless standard. When compared to its previous versions several enhancements like longer range, faster data transfer speeds, and better power efficiency increase the bandwidth to allow for distribution to two wireless devices at once.
North America was the largest region in the Bluetooth 5.0 market in 2022. North America is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of the Bluetooth 5.0 include hardware, solutions, software development kit, protocol stacks, and services. Hardware refers to the exterior and internal devices and equipment that enable it to perform its main functions. They are used in various applications including audio streaming, data transfer, location services, and device networks for use in end-users including consumer electronics, automotive, healthcare, industrial automation, and other end-users.
The increasing demand for audio devices is expected to propel the growth of the Bluetooth 5.0 market going forward. An audio device means a device that can receive and process an audio signal. Audio listening devices allow users to listen to various media, including cassettes, compact discs, and audio files. The demand and desire for mobility and flexibility continue to increase in Bluetooth audio streaming. Bluetooth technology is also helping create new products, from broadcast audio to enhanced hearing assistance. For instance, on May 2022, according to Trinity Audio, an Israel-based media company, in terms of online audio listening, there is a significant rise in listeners year over year. Data showed that 73% or an estimated 209 million people of the U.S. 12+ population are listening to online audio every month, up from 68% in 2021 or about 16 million more listeners. Therefore, the increase in demand for audio devices is driving the growth of the Bluetooth 5.0 market going forward.
Technological advancements are a key trend gaining popularity in the Bluetooth 5.0 market. Major companies operating in the Bluetooth 5.0 market are developing innovative technologies to sustain their position in the market. For instance, in 2021, Cassia Networks launched the X2000 Bluetooth gateway, which provides secure, long-range, multiple-device connectivity for enterprise-grade IoT. This indoor/outdoor gateway provides seamless Bluetooth locations and coverage for Industry 4.0 and provides long-range connectivity up to 1km with Bluetooth 5 in open space.
In April 2022, Silicon Laboratories Inc., a US-based provider of silicon, software and solutions acquired Redpine Signals Inc., for an undisclosed amount. With the acquisition, Redpine Signals’ assets would accelerate Silicon Labs’ roadmap for Wi-Fi 6 technology and also adds Bluetooth Classic IP for audio applications. Redpine Signals Inc., is a US-based semiconductor and system solutions company that is focused on the innovative development of ultra-low power and high-performance wireless and MCU products.
The countries covered in the Bluetooth 5.0 market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The Bluetooth 5.0 market research report is one of a series of new reports that provides Bluetooth 5.0 optical components market statistics, including Bluetooth 5.0 optical components industry global market size, regional shares, competitors with a Bluetooth 5.0 optical components market share, detailed Bluetooth 5.0 optical components market segments, market trends, and opportunities, and any further data you may need to thrive in the Bluetooth 5.0 optical components industry. This Bluetooth 5.0 optical components market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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