Bluetooth IC Market to grow by USD 23.12 billion from 2022 to 2027, Growth Driven by Increasing number of smart devices and applications- Technavio

NEW YORK, Sept. 12, 2023 /PRNewswire/ -- The bluetooth IC market by class type (class I, class II, and class III), application (beacons, audio devices, smart homes, automotive, and others), and geography (APAC, North America, Europe, Middle East, and Africa, and South America) - Forecast and Analysis 2023-2027" report has been added to Technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the Bluetooth IC market from 2022 and 2027 is USD 23.12  billion, according to Technavio. The increasing number of smart devices and applications is a key factor driving market growth. Smart devices connect users to other devices through protocols such as Bluetooth, an interactive device. These devices connect people and technology and bridge the gap between the digital and physical worlds through the Internet of Things (IoT). In addition, smart devices offer a variety of benefits, including enhanced decision-making, easy emergency management, reduced costs, remote access, improved call quality, and more. Hence, these factors are expected to drive market growth during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

Bluetooth IC Market - Market Dynamics

Significant Challenge 

The impact of technology chasm is a significant challenge restricting market growth. 

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Bluetooth IC Market - Market Segmentation

The bluetooth IC market has been segmented by class type (class I, class II, and class III), application (beacons, audio devices, smart homes, automotive, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America). 

• The market share growth by the class I segment will be significant during the forecast period.  These devices have the highest output power, typically up to 100 mW (20 dBm). They have the longest range, allowing them to reach distances of up to 100 meters in plain sight. Class I Bluetooth devices offer a significantly extended range compared to Class II and III. In addition, Bluetooth Class I devices are commonly used in industrial and commercial environments where robust wireless communication capabilities are required. Their use is mainly for wireless sensors, asset monitoring systems, automation system applications as well as machine-to-machine communication. As the wireless audio device market grows, so does the demand for Bluetooth Type I solutions. Hence, these factors are expected to drive segment growth during the forecast period.

• APAC is estimated to contribute 42% to the growth of the global market during the forecast period. A major reason for the dominance of APAC is the presence of many consumers, electronic device manufacturers, and automotive OEMs.

 View the Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies in the Bluetooth IC Market:

Amped RF Wireless Technology, Analog Devices Inc., Asahi Kasei Corp., Infineon Technologies AG, MediaTek Inc., Microchip Technology Inc., Murata Manufacturing Co. Ltd., Nordic Semiconductor ASA, NXP Semiconductors NV, ON Semiconductor Corp., Panasonic Holdings Corp., Qorvo Inc., Qualcomm Inc., Realtek Semiconductor Corp., Renesas Electronics Corp., Silicon Laboratories Inc., STMicroelectronics NV, TELINK SEMICONDUCTOR CO. LTD., Texas Instruments Inc., and Toshiba Corp.

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Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Class Type

Market Segmentation by Applications

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio