NEW YORK, May 24, 2016 /PRNewswire/ --
Bluetooth Smart – Report Insights
In the era of wireless technology, Bluetooth is a standard for exchanging data over short range distances from fixed & mobile devices, and building personal area networks. Invented by Swedish digital communications firm Ericsson in 1994, the Bluetooth technology was initially developed as a wireless alternative to data cables. Bluetooth technology was designed as an open standard to allow connectivity and collaboration between industries and disparate products.
Worldwide Bluetooth Smart market research report covers the present scenario and the growth prospects of the Worldwide Bluetooth Smart Market for the period 2015-2021. The report provides in-depth analysis of market size and growth of Worldwide Bluetooth Smart market. This market research report includes a detailed market segmentation of the Worldwide Bluetooth Smart Market by
Type of Application
1. Consumer Electronics
2. Home Automation
7. Industrial Automation and Others
By Device Type
1. Bluetooth Smart
2. Bluetooth Smart Ready
1. North America
3. Latin America
Bluetooth Smart – Market Size and Dynamics
Market research analysts at Beige Market Intelligence, forecast the Worldwide Bluetooth Smart market to grow at a CAGR of around 28% during the forecast period. The growth in connectivity technologies such as Bluetooth is primarily driven by an increasing consumer appetite for accessing content without any barriers. This demand for embedded connectivity technologies that can enable interaction between various consumer electronic devices is not only promoting sophistication in electronic and semiconductor manufacturing but also is enabling advancement of efficient technology standards. One such standard that has gained immense prominence is Bluetooth smart on account of it being more energy-efficient than competing interfaces and networking solutions such as Bluetooth, Ethernet and Wi-fi. With the need for constant interaction between devices becoming inevitable, easily-implementable connectivity technologies such as Bluetooth smart are becoming indispensable on account of the extensive ecosystem and ubiquity of Bluetooth technology standard.
Worldwide Bluetooth Smart market can be segmented based on the type of application as consumer electronics, home automation, healthcare, retail, wearables, automotive, industrial automation and others. The consumer electronic segment was valued at around US$485 million in 2015 and is expected to reach over US$2420 million by 2021. The healthcare Bluetooth smart market, which covers devices like hearing aids, blood pressure monitors, glucose monitors, smart drug delivery devices and thermometers etc., is expected to grow at a lower rate, as the market has already been growing for many years. Continuous glucose monitors are a significant segment in healthcare sector owing to the growing prevalence of diabetes in the emerging economies of Latin America and Asia Pacific. The Bluetooth smart market in retail especially for beacons is still in the early stages of development owing to factors like tepid consumer interest and lower adoption leading to experimental retail implementations, even though Apple launched iBeacons two years ago. The retail segment of Worldwide Bluetooth smart market is expected to reach over US$80 million by 2021.
The report also provides the Porter's five forces analysis along with a description of each of the forces and its impact on the market.
Bluetooth Smart – Geographic Analysis
The APAC region is expected to exhibit the fastest growth, during the forecast period between 2016 and 2021 due to rapid penetration of BLE-enabled smartphones and personal computing products in the countries like China, Japan, India and South Korea. On account of stable and growth-focused regulatory regimes in key geographies of India, China, Japan, Singapore and South Korea, the region is undergoing a rapid infrastructural change, particularly in the realms of connectivity, manufacturing and security. Rapid expansion in mobile connectivity, federal spending on public security systems and the rise of cheaper electronic manufacturing hubs coupled with rapidly growing disposable incomes and a low consumer durable ownership rate mean huge growth opportunity for connectivity technologies such as Bluetooth smart. APAC is expected to remain the leading consumption market for Bluetooth smart modules with the region's share expected to rise up to 55.3% by 2021.
Further, North America is expected to gain prominence as the second largest consumption market with a share of over 21% by 2021 on account of a well-developed internet ecosystem coupled with a sharp rise in the launch of innovative technological offerings and device ownership turnover. The region is expected to grow at a significant growth rate of around 30% during the forecast period. The Increase in the number of shipments of Bluetooth Smart and Smart Ready-enabled devices in this region can be primarily attributed to Consumer Electronics, followed by Home automation and wearables in both fitness and healthcare.
The Bluetooth Smart market in EMEA is forecasted to grow at a CAGR of around 24% during the forecast period. Within Europe, significant adoption of Internet of Everything (IoE) in this region across business sectors like agriculture, healthcare, retail, transportation, manufacturing, sports & entertainment, education etc. is contributing primarily to the market growth. Consumer Healthcare segment showed fastest growth due to increased number of machine2machine (M2M) connections and is increasingly becoming digitized deploying sophisticated IT systems in hospitals. The increase in uptake of wireless technology in healthcare is due to low cost and power efficient without comprising on patient safety and service quality.
The Bluetooth Smart market witnessed relatively slower growth in MEA compared to Europe as many parts of the Middle East and Africa (MEA) suffered setbacks in the past year as escalating violence, political instability, civil unrest and medical crises afflicted the region.
Bluetooth Smart – Drivers, Restrains and Trends
This market research report provides market overview of the factors driving and restraining the growth of the market. The report also outlines the key trends emerging in the market that will contribute to the growth of Worldwide Bluetooth Smart market during the forecast period. The factors driving the growth of the market include Industrial Internet of Things (IoT) Revolution. Industrial IoT is one of the largest end-market potential for Bluetooth Smart. The market is expected to extend from personal area networks (PAN) to wider area networks (WAN). The rising adoption of Industrial IoT is expected to boost the market for networking technologies, especially wireless networks. These networks not only provide mobility to the equipment but also offer greater scalability and ease of integration to the network.
The manufacturing sector is witnessing a transformation through the implementation of the smart factory concept and factory automation technologies. Government initiatives such as Industrie 4.0 in Germany and Plan Industriel in France are expected to drive the IIoT solutions in Europe. Moreover, increasing adoption of Bluetooth Smart in healthcare applications is expected to fuel the growth of the market during the forecast period.
Some of the major restraints confronting the growth of the Bluetooth Smart market include lack of interoperability and a standard communication protocol. As more Bluetooth smart devices get deployed and connected, there will be multiple connection standards emerging in the environment. Some of the communication protocols are Wi-Fi, Zigbee, cellular apart from Bluetooth smart. These competing standards will inhibit the rapid growth and proliferation of Bluetooth smart devices sales unless a common standard is established or the interoperability issues are resolved. Moreover, data privacy and security concerns is also expected to inhibit the growth of the market during the forecast period.
One of the major trends witnessed by the Bluetooth Smart market include growth in wearable technology market. The biggest thing in wearables market is Bluetooth smart Technology. The fast-growing wearables market has huge potential that also encompasses smart glasses, headsets, activity monitors, child and pet monitoring, head- and hand-mounted terminals, medical aids, and cameras etc.to smart clothing and ingestible. And the majority of these products primarily rely on the connectivity of Bluetooth technology. Even companies like Apple is centering its wearables strategy on Bluetooth and Wi-Fi.
Bluetooth Smart – Key Vendors
The report Bluetooth Smart market also provides the competitive landscape of the key players. The report covers the players operating in the entire value chain of the market. The major players identified within the report are Nordic Semiconductor, Texas Instruments, Cambridge Silicon Radio (CSR plc.), Dialog Semiconductor, Broadcom and Silicon Labs. The report also covers the other prominent vendors in the market such as Bluegiga Technologies, Cypress Semiconductors, Marvell technology Group, MediaTek, NXP Semiconductors, BlueRadios, LAPIS Semiconductor, Microchip Technology, Toshiba, Apple, STMicroelectronics, and Murata Manufacturing.
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