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November 22, 2017 | Grand View Research, Inc.Estimated reading time: 2 minutes
The global bluetooth smart and smart ready market is expected to reach $39.3 billion by 2025, according to a new report by Grand View Research, Inc. The increasing use of smart gadgets and latest technological advancements in Bluetooth (BT) technology are expected to fuel the growth of this market globally. Moreover, a significant increase in the number of players investing in this market is projected to increase competitive rivalry.
The increasing demand for smart wireless sensors that are embedded in most of the consumer wearable products and electronic gadgets is expected to drive the global Bluetooth Smart and Smart Ready market. The suitability of Bluetooth Low Energy (BLE) technology for small wireless battery-operated devices that need high endurance is expected to drive the market.
The growing adoption of Internet of Things (IoT), particularly in the retail and industrial sectors, is expected to boost the demand for Bluetooth Smart and Smart Ready devices over the forecast period. Increased demand for PC peripherals, smart TV consoles, smartphones, and tablets has also contributed to the growth of the consumer electronics market. This, in turn, is expected to boost the demand for the BT technology. Moreover, the rapidly growing smartphone market has been a key driver for the proliferation of the BT standard.
The Bluetooth Smart technology is evolving as a leading connectivity protocol for fitness and medical devices globally; it has become a de facto standard for smartwatches, fitness devices, and medical devices produced by companies such as Polar Electro; Nike, Inc.; Adidas AG; Samsung Electronics Co., Ltd.; Pebble; Sony Corporation; iHealth Labs Inc., and Qualcomm Technologies Inc.
Furthermore, compatibility with several platforms and the wide acceptance of the BT technology has opened new growth avenues for the Bluetooth beacons market. These beacons are widely deployed in the retail sector to facilitate indoor navigation, contactless payments, and also enable in-store analytics and proximity marketing.
Further key findings from the report suggest:
- The retail & location-based services and wearables segments are expected to witness robust growth
- The automotive & transportation segment is expected to account for approximately 12% of the total revenue share by 2025; the growing demand for connected car technology and increased on-board connectivity is projected to drive this segment
- In 2016, the North American region accounted for the largest market revenue share due to the high penetration of the IoT technology and an increase in the number of interconnected products via internet
- The key players in the industry include Texas Instruments Incorporated; Qualcomm Technologies, Inc.; Nordic Semiconductor ASA; Murata Manufacturing Co., Ltd.; Microchip Technology Inc.; Marvell Technology Group Ltd.; Dialog Semiconductor; Cypress Semiconductor Corporation; CEVA, Inc.; and Broadcom.
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