Bluetooth 5.0 Market is projected to grow from USD 4.1 billion in 2022 to USD 7.0 billion by 2027, at a CAGR of 11.0% from 2022 to 2027, according to a new report by MarketsandMarkets™. The enterprises are adopting Bluetooth 5.0 technology as it is twice as fast, four times the range and can transfer eight times as much data as Bluetooth 4.2 Low Energy.
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.
Retail and Logistics likely to emerge as the fastest-growing segment during the forecast period.
Technologies significantly boost retailers and landlords, particularly shopping centers, and retail parks, by facilitating targeted advertising and marketing. Shipping providers are also turning to Bluetooth technologies to ensure that a source of data is available for integrating seamlessly within a company’s existing applications.
Asia Pacific segment is expected to grow with the fastest growth rate during the forecast period.
Asia Pacific is the fastest-growing economic region and the world’s largest continental economy by GDP Nominal and PPP. 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 leading to the growth in the region.