The Bluetooth Smart and Smart Ready market was valued at USD 4.55 Billion in 2016 and is expected to reach USD 5.34 Billion by 2023, at a CAGR of 2.23% during the forecast period. Growth of this market is being fueled by technological advancements over the past few years.
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Bluetooth Smart and Smart Ready market on the basis of technology, application, and geography. The Bluetooth Smart and Smart Ready based on application is expected to be led by the consumer electronics segment during the forecast period. The rise in applications of smart wireless sensors that use Bluetooth technology is boosting the growth of the market for consumer electronics.
Smartphones, PC peripherals, and smart TV consoles are helping to elevate the overall consumer electronics segment. Smartphones have been the key driver for the Bluetooth technology as well as for the explosion of smart devices. It has been an enabler for all the under development, innovative consumer application projects. Also, high demand for tablets and smartphones is triggering the market for PC peripherals. These devices convert tablets and smartphones into full-featured PCs. Smart TV consoles are gaining traction with the increase in smart homes and connected homes.
APAC is expected to hold the largest share of the Bluetooth Smart and Smart Ready market by 2023, and it holds a tremendous potential for growth in the coming future owing to its huge potential for the application of IoT, and existence of excellent transportation facilities and big car manufacturers such as Toyota Motor Corporation (Japan) and Nissan Motor Company Ltd. (Japan).
The rising demand for Bluetooth Smart and Smart Ready in consumer electronics, growing application arena, and cost-efficient Bluetooth devices with low power consumption are the drivers for the Bluetooth Smart and Smart Ready market.
The key restraint for the market is the low data streaming capacity in Bluetooth Smart and Smart Ready. BLE has a very low data payload throughput of ~100 Kbps compared with 2 Mbps of the Classic Bluetooth technology. The BLE technology currently eliminates the need for excessive power draws, but for transferring big data packets, subsequent power consumption occurs. While doing high-bandwidth transfers, transceivers are also constantly powered up. Therefore, in applications where large data streaming is required, Classic Bluetooth is preferred over BLE. Thus, low data streaming capacity acts as a restraint for the BLE market.
Some of the major companies operating in the Bluetooth Smart and Smart Ready market are Qualcomm Inc. (US), Broadcom Corporation (Singapore), Cypress Semiconductor Corporation (US), Dialog Semiconductor PLC (UK), Marvell Technology Group, Ltd. (Bermuda), Mediatek, Inc. (Taiwan), Nordic Semiconductor ASA (Norway), Bluegiga Technologies (Finland), Texas Instruments Incorporated (US), Fanstel Corporation (US), Toshiba Corporation (Japan), Murata Manufacturing Co., Ltd. (Japan), Renesas Electronics Corporation (Japan), Microchip Technology Inc. (US), and CEVA, Inc. (US).