Bluetooth Smart & Smart Ready Market - Forecast(2024 - 2030)

Bluetooth Smart & Smart Ready Market Overview

The global Bluetooth Smart & Smart Ready Market is estimated to surpass $17.2 billion mark by 2027 growing at an estimated CAGR of more than 19.4% during the forecast period 2022 to 2027. Bluetooth Smart and Smart Ready or Bluetooth Low Energy Market has been lately introduced as an integral part of Bluetooth V4.0. Asset tracking and Proximity Marketing are exclusive applications of Bluetooth Smart and Smart Ready that were made feasible by the low energy consumption of BLE modules and chipsets using adaptive frequency hopping. Asset Tracking refers to the location-based tracking of personal equipment by attaching smart tags to them connected to a personal area network. The smart tags in the current asset tracking market are based on BLE protocol or other wireless communication technology that has the ability to locate the misplaced personal equipment and its utilization. Classic Bluetooth devices are that can only communicate with a dual device. Bluetooth Low Energy (BLE) has been lately introduced as an integral part of Bluetooth v4.0. Based on actual smartphone usage data for the USA and Canada, only 73% of iPhones and 58% of Android smartphones currently are using Bluetooth 5.x standard, with the remainder, largely using Bluetooth 4.x variants. The specialty of BLE protocol lies in its consumption of a minimal amount of power from the device or system on chip in which it is integrated.

Report Coverage

The report: “Bluetooth Smart & Smart Ready Market– Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the Bluetooth Smart & Smart Ready Market Report.

Key Takeaways

• A significant share of the market currently lies in the automotive aftermarket but with Bluetooth Smart and Smart Ready receiving a wide support facilitated by its features, the original equipment manufacturers (OEM’s) in the automotive industry are integrating the audio and multimedia systems in the automobiles. This is expected to surge Bluetooth Smart & Smart Ready market in the OEM automobile domain.
• The dual-mode shares the protocol stacks of both Bluetooth Classic and Bluetooth Smart and Smart Ready, thus making it the most sought-out option for replacing the conventional Bluetooth Classic chips or modules. 
• Low energy consumption, low latency, quick connection set-up speed and robust network connection has made Bluetooth Smart and Smart Ready the obvious choice for supporting the wearable electronic devices wireless connectivity infrastructure.
• Once the Bluetooth Smart and Smart Ready-based product or module is fabricated, they are sent further for certification process followed by distribution across the regional or global customer base.

Bluetooth Smart & Smart Ready Market Segment Analysis - By Product Type

Chipsets account for a significant share of the market at 64.2% in 2021. Bluetooth Smart and Smart Ready hardware is offered via two solutions: chipsets or modules. Bluetooth Smart and Smart Ready chipsets are integrated circuits that incorporate a microprocessor along with protocol stacks while Bluetooth Smart and Smart Ready module is an assembled circuit consisting of Bluetooth Smart and Smart Ready chipset and radio module along with other electronic components. The manufacturer can offer both the hardware solutions depending upon the production volume. Generally, if the production volume ranges less than 100,000 units; modules are preferred while for production volumes above 100,000 units; Bluetooth Smart and Smart Ready chipsets are manufactured. The module integrates RF, a baseband controller, and a command API processor, making it as a complete Bluetooth Smart and Smart Ready solution which suitable for various applications. But with every emerging solution using Bluetooth Smart and Smart Ready technology, there is also a necessity for installing applications (apps) pertaining to each solution, thus creating a huge scope for the growth of market.

Bluetooth Smart & Smart Ready Market Segment Analysis - By Application

The automotive industry is an eminent end-user for Bluetooth Smart & Smart Ready market deploying the technology predominantly in its wireless multimedia receivers and audio systems. The automotive sector is projected to grow at a high CAGR of 21.4% through 2022-2027. A significant share of the market currently lies in the automotive aftermarket but with Bluetooth Smart and Smart Ready receiving a wide support facilitated by its features, the original equipment manufacturers (OEM’s) in the automotive industry are integrating the audio and multimedia systems in the automobiles, expected to surge Bluetooth Smart & Smart Ready market in the OEM automobile domain. The Industrial Automation is also a notable sector for wireless connectivity market. In the current scenario ZigBee and Wi-Fi are the most dominant wireless protocols embedded inside industrial automation devices followed by Bluetooth. The sensors and industrial hubs are common devices that are being integrated with wireless radio modules in the industrial automation.

Bluetooth Smart & Smart Ready Market Segment Analysis - By Geography

The APAC region dominated the BLE market in terms of regional presence at 33.3% share in 2021. As the APAC region economy is rapidly inclining towards an interconnected world, wireless technology will play a prominent role in the future to enhance the connectivity between any desirable equipment. All this equipment will be embedded with wireless modules based on ultra-low power concept to sustain their operations for a longer period of time, thereby creating robust opportunities for BLE, an ultra-low power technology to boom across several end-user industries such as automotive, wireless audio and infotainment devices, wearable electronics, industrial and home automation and many others. China is the world’s second largest economy and Asia’s biggest market for BLE technology. It has made fast advances in areas such as education, infrastructure, high-tech manufacturing, academic publishing, patents and commercial applications and is now in some areas and by some measures a world leader.

Bluetooth Smart & Smart Ready Market Drivers

Burgeoning Bluetooth Smart and Smart Ready Maker Movement

The ratification of Bluetooth v4.0 specification followed by native support for technology by eminent mobile operating system vendors such as Android, iOS and Windows, has led a disruptive change in the Bluetooth Smart & Smart Ready market. The ability of Bluetooth Smart and Smart Ready protocol to establish a simple wireless connectivity to master devices such as tablets, smartphones and many other hub devices has enabled new innovations in several markets including smartphones appressoria, automotive, computer peripherals, wearable electronic gadgets and many others. At least 86% of all new vehicles in the U.S. offer Bluetooth as a standard feature, according to Automotive Lease Guide. Furthermore, it's an option on 96.6% of all new vehicles. The remarkable factor advancing Bluetooth Smart and Smart Ready into the mainstream is the surge in ‘crowd funding’ for companies with valuable ideas on how wireless connectivity can enhance the product. This has facilitated the ‘maker’ movement consisting of amateur engineers and keen hobbyists who are excited about evolving unique Bluetooth Smart and Smart Ready applications, thereby accelerating the overall market.

Adoption of IoT Solutions

Presently, growing demand for low maintenance, powered wireless sensing equipment coupled with the developments in Internet of Things are accounting for significant growth in the market. IoT defines a system in the physical world with the aid of embedded wireless sensors that can be connected to Internet via wired or wireless connection. These sensors have the ability to form wireless connections through several options such as RFID, NFC, Bluetooth, Bluetooth Smart and Smart Ready (BLE) or Zigbee. According to EnOcean GmbH, currently 14 billion wireless sensor networks (WSN’s) devices in low power mode across the globe has trashed about 400 TWh (terawatt-hour) of electricity. However, by 2020 with 50 million devices, the consumption will increase by factor 3.5 to over 1,400 TWh. Thus, Bluetooth Smart and Smart Ready (BLE) assisted by its low power consumption attribute has the highest probability for penetrating the market deep, thereby creating strong growth prospects for it in the near future particularly in remote healthcare and automotive markets.

Bluetooth Smart & Smart Ready Market Challenges

One-to-One Device Pairing

Unlike its predecessor Bluetooth Classic that has the ability to support multiple device connections, the Bluetooth Smart and Smart Ready is enhanced by its low power consumption feature and is optimized for one-to-one connections. The Bluetooth Classic is based on mesh network while Bluetooth Smart and Smart Ready has been designed to be mobile in mesh topology using quick connection and disconnection ability. Although a Bluetooth Smart and Smart Ready enabled hub/master device can remain connected to multiple Bluetooth Smart devices but vice-versa is not possible. Hence, this creates a limitation for user to transfer data form a single Bluetooth Smart enabled sensing device to multiple hub devices. This is a point of concern for professional sport persons who consistently need to scan several performance parameters on multiple monitoring devices.

Bluetooth Smart & Smart Ready Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the BLE Market. The top 10 Bluetooth Smart and Smart Ready companies include:

• Panasonic Corporation
• MediaTek Inc.
• Nordic Semiconductors
• Murata Manufacturing Co Ltd
• Cypress Semiconductor
• Broadcom Corp.
• Silicon Labs
• Texas Instruments
• Dialog Semiconductor
• Qualcomm

Recent Developments

• In March 2020, Murata launched Nordic-based BLE module, MBN52832. The BLE module is equipped with Nordic Semiconductor’s nRF52832 IC, a 32 MHz crystal for timing, and an on-board antenna.

• In June 2020, Panasonic launched new PAN 1760 series RF module for the advanced wireless connectivity in IoT, medical and industrial applications.

• In February 2022, Sonos has acquired Bluetooth audio startup T2 Software. The acquisition signals that Sonos is preparing to introduce new technologies and new products in the wireless audio space, potentially including its first pair of wireless headphones.

Relevant Report Titles:

Bluetooth Low Energy Market - Forecast(2021 - 2026)
Report Code: ESR 0043

Bluetooth Low Energy Modules Market - Forecast(2022 - 2027)
Report Code: ESR 0737

APAC Bluetooth Low Energy Market - Forecast(2022 - 2027)
Report Code: ESR 0531

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