According to the report that was published by Allied Market research, the global market for Bluetooth 5.0 is expected to reach $11.7 Bn by the year 2031.
To put that into perspective, the market had an account of $4.2 billion in 2021. And that brings a CAGR of 10.9 percent from 2022 to 2031.
Along with that, you have a rise in growing dependency on dual audio streaming and investments in sensing technology.
On the other hand, the unavailability of proper data pack transmitting and the reduction in the battery life of digital devices will hamper the market growth.
But the good news is that the rise of the adoption of quality Bluetooth technology services, along with the development of wireless technology, is going to bring more opportunities in the future.
When considering the growth of the Bluetooth 5.0 market, you also need to also keep the Covid 19 scenario in mind.
The pandemic significantly affected the market. Some factors include a lack of skilled workforce, prolonged lockdowns in Asian and European countries, and delays or cancellations of production.
On the contrary, there is now an increased demand for online network audio connectivity. The same thing is applicable to the audio and visual streaming department.
By offering the one that had the largest share in 2021 was the hardware segment. That is nearly two-fifths of the entire Bluetooth 5.0 market. But, in comparison, the services segment is expected to get the highest CAGR of 11.3 percent throughout the forecast period.
The services of Bluetooth 5.0 supervise constructive, effective, secure, trustworthy, and reliable systems. They also reduce manual and hardware data collection costs. For that reason, these services aid the operation efficiency of different end-users.
Other than that, the audio streaming segment is expected to showcase a CAGR of 12.4 percent by 2031. However, in 2021, the data transfer segment held the highest market share, accounting for two-fifths of the global market share.
Wondering who are the major market players? The list includes Broadcom Inc., Microchip Technology Inc., Infineon Technologies AG, NXP semiconductors, Realtek Semiconductor Inc., and Qualcomm Technologies Inc.
Now, when it comes to regions, Asia-Pacific held the highest share of the Bluetooth 5.0 market in 2021. That accounts for about two-fifths of the entire market. And this region is expected to get the highest CAGR of 11.8 percent during the forecast period.
India and China are emerging markets as enterprises in the regions are quickly advancing technologies. And as you know, quick advancements always translate to faster market growth.
Slava is a man of mystery and no-one seems to know exactly where he is at any point in time. When he isn't enjoying writing about all things audio and technical he can be found researching his next project of interest. The man never rests.