The Bluetooth 5.0 Market size is expected to grow from USD 4.1 billion in 2022 to USD 7.0 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 11.0% during the forecast period. The increasing investments in sensing technology for automating industrial activities have led to the increased revenue growth of the IoT connectivity industry driving the growth of the Bluetooth 5.0 market.
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The hardware segment is expected to lead the Bluetooth 5.0 market in 2022.
Bluetooth 5.0 hardware consists of SoC components; RF components; development boards; and sensors and controls. An increase in demand for reliable, secure, and high-speed wireless connectivity technology has led to more opportunities in the Bluetooth 5.0 technology solutions, resulting in the development of use cases of a wide range.
Device Networks segment is expected to grow with the fastest growth rate during the forecast period.
Bluetooth device network solutions at home or in commercial space allow connecting tens, hundreds, or thousands of devices within a network. Bluetooth technology is also being used in smart homes for Bluetooth networked lighting control frequencies.
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The major vendors covered in the Bluetooth 5.0 market include Qualcomm (US), Nordic Semiconductor (Norway), ON Semiconductor (US), Broadcom (US), Silicon Labs (US), Realtek (Taiwan), Microchip Technology (US), NXP Semiconductors (Netherlands), Texas Instruments (US), MediaTek (Taiwan), Synopsys (US), STMicroelectronics (Switzerland), Qorvo (US), Renesas (Japan), Infineon Technologies (Germany), Goodix Technology (China), Telit (US), Espressif Systems (China), Taiyo Yuden (Japan), Feasycom (China), Atmosic Technologies (US), Ceva (France), Laird Connectivity (US), Inventek Systems (US), Insight SiP (France), and Virscient (New Zealand). These players have adopted various growth strategies, such as partnerships, business expansions, agreements, and collaborations, new product launches to expand their presence in the Bluetooth 5.0 market.
MediaTek is a global fabless semiconductor company. The company is a market leader in developing innovative SoC for mobile devices, connectivity and IoT products, and home entertainment. Its strength is in various key technology areas, consisting of highly power-efficient mobile technologies and advanced multimedia solutions across a broad range of products, such as smartphones, tablets, digital televisions, OTT boxes, wearables, and automotive solutions. The company develops chips equipped with high performance, high speed, low latency, and low power consumption to provide chipset solutions across platforms, including smart home, connectivity, IoT, ASIC, and smart mobile devices. In May 2022, MediaTek introduced its first 5G chipset in the form of Dimensity 1050. It has also introduced Dimensity 930 and Helio G99 chipsets. It supports connectivity between mmWave and sub-6GHz 5G, besides Bluetooth 5 and Wi-Fi 6E.
STMicroelectronics is a global independent semiconductor company. It designs, develops, manufactures, and markets a broad range of products used in various applications for markets, such as automotive, industrial, personal electronics and communications equipment, computers, and peripherals. For the automotive and industrial markets, the company addresses a broad customer base, especially in the industrial sector, with a broad and deep product portfolio. In personal electronics and communications equipment, computers, and peripherals, the company has a selective approach in terms of customers and technologies, and products. It leverages its broad portfolio to address high‐volume applications. The company markets thousands of products sold to over 200,000 customers. It has a broad portfolio with committed Automotive ICs, Discrete and Power Transistors, Analog, Industrial and Power Conversion ICs, GP, Connected MCU, MPU, Secure MCU & EEPROMs, MEMS, and Optical Sensing solutions, and ASICs based on ST proprietary technologies. STMicroelectronics offers Bluetooth Low Energy solutions that are simple to use with systems-on-chip (SoC), baluns, and STM32 microcontrollers
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