Bluetooth Integrated Circuit (IC) Market Analysis APAC, North America, Europe, Middle East and Africa, South America - China, US, Japan, South Korea, UK - Size and Forecast 2024-2028

Bluetooth Integrated Circuit (IC) Market Size 2024-2028

The bluetooth integrated circuit (IC) market size is forecast to increase by USD 23.9 billion at a CAGR of 10.87% between 2023 and 2028.

• The market is experiencing significant growth due to the increasing number of smart devices and applications. The proliferation of Internet of Things (IoT) devices and wearable technology is driving the demand for Bluetooth ICs. Advancements in audio devices, such as true wireless stereo (TWS) earbuds and soundbars, are also fueling market growth. Moreover, the impact of the technology chasm is propelling the adoption of Bluetooth ICs in various industries, including automotive, healthcare, and industrial automation. These trends are expected to continue, as Bluetooth technology becomes increasingly integrated into various applications and industries. However, challenges such as interference issues, power consumption, and security concerns may hinder market growth.
• Nevertheless, ongoing research and development efforts are addressing these challenges, ensuring continued growth and innovation In the Bluetooth IC market.

What will be the Size of the Bluetooth Integrated Circuit (IC) Market During the Forecast Period?

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• The market is witnessing significant investment due to the increasing demand for modern technology in various industries and consumer electronic devices. The Bluetooth IC, operating In the short wavelength radio frequency range, is a crucial component in IoT devices, sensing technology, industrial activities, audio devices, smart city projects, automotive entertainment, and diagnostic devices. Producers of wireless equipment are developing advanced Bluetooth ICs to support Bluetooth version 5 and wireless network nodes, transmitters, and connections in various applications.
• The integration of Bluetooth technology in microcontroller code for smartwatches, laptops, and other consumer electronic devices is driving the market growth. The demand for Bluetooth sensors in industrial automation and healthcare sectors is also boosting the market. Overall, the Bluetooth IC market is expected to grow steadily due to its widespread use in various applications and the continuous advancements in technology.

How is this Bluetooth Integrated Circuit (IC) Industry segmented and which is the largest segment?

The bluetooth integrated circuit (IC) industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Class Type
  • Class II
  • Class I
  • Class III
• Application
  • Beacons
  • Audio devices
  • Smart homes
  • Automotive
  • Others
• Geography
  • APAC
    • China
    • Japan
    • South Korea
  • North America
    • US
  • Europe
    • UK
  • Middle East and Africa
  • South America

By Class Type Insights

• The class ii segment is estimated to witness significant growth during the forecast period.

Modern technology continues to revolutionize various industries, with Bluetooth Integrated Circuits (ICs) playing a pivotal role in enabling wireless connectivity for an array of devices. The Bluetooth IC market has witnessed significant investment and innovation, leading to the development of advanced products. IoT devices, sensing technology, industrial activities, and healthcare are some sectors benefiting from Bluetooth capabilities. In the realm of audio devices, Bluetooth technology has revolutionized automotive entertainment, headphones, and speakers. Smart city projects, automation, and wearable electronics are also leveraging Bluetooth low energy for energy-efficient wireless connectivity. In healthcare, Bluetooth ICs are integral to medical technology, enabling remote appointments, wireless sensors, and wearable health monitors such as blood glucose monitors and blood pressure monitors.

The pandemic has further accelerated the adoption of Bluetooth technology in healthcare, with remote patient monitoring gaining prominence. Financial investments in Bluetooth SIG, the organization that oversees Bluetooth technology, continue to fuel innovation, with the latest Bluetooth 5 offering enhanced capabilities. Bluetooth ICs are also finding applications in smart homes, beacons, health & fitness, and remote controls, making our lives more convenient and connected.

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The class II segment was valued at USD 8.90 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

• APAC is estimated to contribute 35% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market is experiencing significant growth due to the increasing demand for inexpensive, low-power wireless technologies. Producers of wireless equipment are integrating Bluetooth technology into various devices, including wireless network nodes, transmitters, and smart wearables. The latest Bluetooth version 5 offers enhanced connection capabilities, making it an attractive choice for businesses seeking to expand their wireless offerings.

International trade and consumer behavior are driving business revenues in this sector, with semiconductor companies investing heavily in capital and strategic decisions to meet market demands. The future uncertainty of the industry, however, lies in the rapid advancements in wireless technology and the potential impact on consumer preferences and business models. The system-on-a-chip layout of Bluetooth ICs is a key factor In their widespread adoption, enabling efficient and cost-effective production.

Market Dynamics

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise In the adoption of Bluetooth Integrated Circuit (IC) Industry?

Increasing number of smart devices and applications is the key driver of the market.

• The market has experienced significant growth due to the increasing use of modern technology in various sectors. Bluetooth ICs are essential components In the development of smart devices, including IoT devices, audio devices, wearable electronics, and industrial automation systems. These ICs enable wireless connectivity and miniaturization, making them indispensable in applications such as automotive entertainment, diagnostic devices, smart city projects, and healthcare. Bluetooth capabilities are increasingly being integrated into medical technology, including hospitals, home care, wearable health monitors, and remote appointments.
• The pandemic has further accelerated the adoption of Bluetooth technology for contact tracing and wireless sensors. Financial investments in this sector continue to grow, driven by the energy-efficient nature of Bluetooth Low Energy and the expanding applications of Bluetooth 5 and Bluetooth SIG. Bluetooth ICs are used in various devices, such as headphones, speakers, smart home technology, beacons, and remote controls, enhancing convenience, safety, and efficiency in industrial, wearable, and home applications.

What are the market trends shaping the Bluetooth Integrated Circuit (IC) Industry?

Advancements in audio devices are the upcoming market trends.

• The market experiences fluctuations due to various factors, including consumer trends, economic conditions, and industry-specific demands. Modern technology, such as the Internet of Things (IoT) and sensing technology, drives the demand for Bluetooth ICs in industrial activities, IoT devices, automotive entertainment, diagnostic devices, automation, wearable electronics, and medical technology. Bluetooth capabilities are essential for health & fitness devices, such as wearable health monitors, blood glucose monitors, and blood pressure monitors, enabling remote appointments and wireless connectivity.
• The pandemic has accelerated the adoption of wireless sensors and smart home technology, leading to increased demand for energy-effective Bluetooth low energy chips. Companies investing in research and development and creating innovative Bluetooth-enabled products, such as headphones, speakers, and Bluetooth beacons, can gain a competitive edge In the market. The miniaturization of ICs and the latest Bluetooth 5 technology offer opportunities for growth. The Bluetooth Special Interest Group (SIG) continues to drive innovation and standardization, ensuring interoperability and compatibility among various Bluetooth devices.

What challenges does the Bluetooth Integrated Circuit (IC) Industry face during its growth?

The impact of technology chasm is a key challenge affecting the industry growth.

• The market is experiencing significant growth due to the investment in modern technology and the development of advanced products. Bluetooth capabilities are increasingly being integrated into Internet of Things (IoT) devices, sensing technology, industrial activities, and various consumer electronics. In the realm of audio devices, Bluetooth technology is driving innovation in headphones and speakers. In the automotive sector, Bluetooth is being used for automotive entertainment and diagnostic devices, while automation and wearable electronics are leveraging Bluetooth low energy for energy-efficient wireless connectivity. Moreover, Bluetooth is playing a pivotal role in healthcare, particularly in smart city projects, hospitals, home care, and wearable health monitors such as blood glucose monitors and blood pressure monitors.
• The pandemic has accelerated the adoption of remote appointments and wireless sensors, further boosting the demand for Bluetooth ICs. Financial investments in Bluetooth SIG and the miniaturization of ICs are driving advancements in Bluetooth 5 and Bluetooth low energy, enabling new applications in smart homes, beacons, health & fitness, remote controls, and industrial wearable devices. The technology chasm between designing and manufacturing units In the Bluetooth IC industry is becoming increasingly apparent, necessitating closer collaboration between the two to ensure real-time error resolution and maintain the high standards of quality required in this dynamic market.

Exclusive Customer Landscape

The bluetooth integrated circuit (IC) market forecasting report includes the adoption lifecycle of the market, market growth and forecasting, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the bluetooth integrated circuit (IC) market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, bluetooth integrated circuit (IC) market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.

The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• 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 International N.V.
• TELINK SEMICONDUCTOR CO. LTD.
• Texas Instruments Inc.
• Toshiba Corp.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Research Analyst Overview

The market is witnessing significant investment due to the development of modern technology and the increasing demand for IoT devices. The market is driven by various applications, including sensing technology in industrial activities, automation in smart city projects, automotive entertainment, diagnostic devices, and wearable electronics. Bluetooth capabilities are essential for wireless connectivity In these devices, making Bluetooth ICs an indispensable component. The healthcare sector is a major contributor to the market's growth, with Bluetooth ICs used in medical technology, hospitals, home care, wearable health monitors, blood glucose monitors, blood pressure monitors, and remote appointments. The pandemic has further accelerated the adoption of Bluetooth ICs in healthcare, enabling remote patient monitoring and telemedicine.

Financial investments in Bluetooth technology continue to grow, with the miniaturization of ICs and the adoption of Bluetooth 5 and Bluetooth Sig. Bluetooth low energy and energy-effective Bluetooth chips are increasingly used in smart homes, beacons, health & fitness devices, headphones, speakers, and remote controls. The industrial sector also benefits from Bluetooth ICs in automation and wireless sensors. Overall, the Bluetooth IC market is poised for growth, with numerous opportunities in various industries.

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What are the Key Data Covered in this Bluetooth Integrated Circuit (IC) Market Research and Growth Report?

• CAGR of the Bluetooth Integrated Circuit (IC) industry during the forecast period
• Detailed information on factors that will drive the growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
• Accurate predictions about upcoming growth and trends and changes in consumer behaviour
• Growth of the market across APAC, North America, Europe, Middle East and Africa, and South America
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the bluetooth integrated circuit (IC) market growth of industry companies

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