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Global Bluetooth 5.0 Markets, 2022-2027: Increasing Investments in IoT Devices, Rising Demand for Connected Wearables, & Increasing Acceptance of Digital KeysDUBLIN, Nov. 22, 2022 /PRNewswire/ -- The "Global Bluetooth 5.0 Market by Component (Hardware, Software, Services), Application (Audio Streaming, Data Transfer, Location Services), End-user (Automotive, Wearables, Consumer Electronics, Retail, Logistics) and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering. The global Bluetooth 5.0 market is expected to grow from USD 4.1 billion in 2022 to USD 7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 11.0% Increasing recognition and acceptance of digital keys have increased the demand for more smartphone access and control capabilities and Bluetooth technology plays a crucial role in automotive access control driving the Bluetooth 5.0 market growth. Services component is estimated to account for a higher CAGR during the forecast period The Bluetooth 5.0 market has been classified based on professional and managed services. Professional services have been further segmented into training and consulting services, deployment and integration services, and support and maintenance services. The demand for services is directly associated with the adoption level of Bluetooth 5.0 technology. The adoption of Bluetooth 5.0 is increasing as it makes a big portion of the contribution to IoT and wireless connectivity technology that is secure, reliable, and trustworthy. The rapid change in connectivity technology leads to increased training, service, and support demand. Audio Streaming application is expected account for the largest market share during 2022 In terms of audio streaming, Bluetooth 5 is much more robust than its predecessors, such as Bluetooth 4.2. Bluetooth 5.0 is considered as a reliable technology as it enables transmitting eight times more data, at twice the speed, across four times the range. Also, to move data efficiently, Bluetooth functions in Classic and Low Energy modes. BLE reduces the energy usage of peripheral devices, such as beacons, wearable sensors, and low-power IoT devices. The enlarge bandwidth of Bluetooth 5.0 permits broadcasting of two devices at once. This means the user can stream a second audio program, transmit audio to multiple rooms, create a stereo effect, or share audio between two sets of headphones. Among regions, APAC to hold a higher CAGR during the forecast period The growth of the Bluetooth 5.0 market in Asia-Pacific is highly driven by the rapid digitalization of enterprises across the region. The region comprises emerging economies, such as India, Japan, China, South Korea, and Australia. There is increasing use of wearable devices, smart home devices, and other smart devices across the country. People are also opting for smart agriculture and smart healthcare devices. Also, there is usage of IoT in the region, and with that comes data privacy issues for countries. Countries in the region have laid down comprehensive policy frameworks for data protection, with Japan and Korea having some of the most advanced frameworks in the world. The regions analyzed for the Bluetooth 5.0 market in this region are China, Japan, India, and rest of Asia-Pacific. Premium Insights
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