Bluetooth IC Market is anticipated to reach USD 28.2 Billion By 2030 | Rising use of smart wearable electronic gadgets by consumers

Bluetooth IC Market Overview:

According to the analysis reports by MRFR, Bluetooth IC Market Research Report: By Application, Type, Region – Forecast till 2030, the global market for Bluetooth IC is anticipated to obtain an estimate of roughly USD 28.2 Billion by 2030. The study further foresees the market to prosper at a vigorous CAGR of over 14.30% during the evaluation timeframe from 2020 to 2030.

Market Scope: Bluetooth refers to a protocol allowing data to be transmitted wirelessly over a communication system without requiring wires. It is a safe wireless transmission protocol for short-cost, less-power, and short-range wireless connectivity among electronic devices. The tactic is one of the most widely utilized low-power wireless communication technologies available on the market. Consumers and developers of wireless devices broadly use it. Technology has grown substantially in the last two decades and is presently at Bluetooth 5 standard. Bluetooth is a standardized protocol in a communications system for wirelessly transferring data across a network of communication devices. Briefly, it is a security technique suitable for wireless communication among electrical devices over short distances with cheap cost and low power consumption. The technology is believed to be one of the most commonly adopted low-power wireless techno. In the market, it isemely favored by producers and consumers of wireless devices and equipment.

Report Scope:

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Competitive Analysis

The global market for Bluetooth ICs has leading players such as:

• NXP Semiconductors NV (Netherlands)
• STMicroelectronics (Netherlands)
• Microchip Technology Inc.  (US)
• Toshiba Corporation (Japan)
• Silicon Laboratories, Inc. (US)
• Qualcomm Incorporated (US)
• Cypress Semiconductor (US)
• Texas Instruments Incorporated (US)
• Dialog Semiconductor (UK)
• Nordic Semiconductor (Norway)

Market USP Covered

Market Drivers

The global market for Bluetooth ICs has grown immensely in recent times, given the aspects such as the rising use of smart wearable electronic gadgets by consumers, growing number of financial investments in Internet of Things-based digital systems, increasing supply for better internet communication in wireless devices, and increasing supply for smart wearable networks.

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Market Restraints

On the other hand, the potential of connection failure under certain circumstances may impede the market’s performance.

COVID-19 Impact

The present global health crisis in the form of COVID-19 has had a massive impact on the majority of the market activities worldwide. The Bluetooth IC market is also one of the industry sectors witnessing massive impact. On the other hand, with fast vaccination rates across the globe, the global market for Bluetooth ICS is anticipated to grow substantially over the coming years.

Segment Analysis

Based on the type, the Bluetooth 4.0 segment is anticipated to dominate the global market for Bluetooth ICs over the coming years. it provides some real benefits, making connecting and sharing data between the user’s mobile device and their PC simpler. Furthermore, the low power consumption, low latency communication, and fast device pairing are also likely to catalyze the growth of the segment over the coming years. on the other hand, Bluetooth 5.0, the latest Bluetooth version segment, is anticipated to exhibit the highest growth rate over the coming years.

Among all the application areas, the Beacon segment is anticipated to lead the global market for Bluetooth ICs over the assessment era. The segment’s growth is credited to the aspects such as the increased range & high speed of the Bluetooth 5. X version and communication with mobile devices over a short range.

Among all the end-use sectors, the Automotive segment is predicted to lead the global market for Bluetooth ICs over the coming years. the growth of the segment is credited to the factors like assistance to increase safety while also reducing congestion

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Regional Analysis

The global market for Bluetooth ICs is analyzed across five major regions: South America, the middle east & Africa, Asia-Pacific, Europe, and North America.

According to the analysis reports by MRFR, the Asia-Pacific region secured the top position across the global market for Bluetooth ICs in the year 2018. The regional market is also s anticipated to dominate the sector globally over the forecasted timeframe, given the requirement for downsizing integrated circuits (ICs). Furthermore, the leading players across the nations, such as Taiwan, India, and China, are another prime aspect causing an upsurge in the regional market’s growth. Moreover, the rising adoption of Bluetooth technology in several applications such as transportation, retail, and consumer electronics across the region is anticipated to influence the growth of the regional market over the forecasted era. In addition, governments and financial institutions are investing in IoT system development, which may influence the regional market’s growth over the review timeframe.

The North American regional market for Bluetooth ICs is anticipated to register the highest CAGR over the review timeframe. The main factor supporting this magnificent regional market performance is the widespread use of wireless devices across the region. Furthermore, the widespread deployment of building automation is also expected to influence the regional market’s growth over the coming years. Moreover, the growing use of wireless devices, coupled with the implementation of smart buildings, is also likely to boost the regional market’s growth over the assessment timeframe.

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