In today's world filled with smart gadgets like watches, phones, and TVs, we've entered an era of smart wearables thanks to advancements in digital innovation. These are devices that people wear, and they play a crucial role in monitoring health, especially during times of crises like the global pandemic. Smartwatches and fitness trackers, which are examples of Internet of Things (IoT) technology, have become really popular in the electronics market, even surpassing the fame of smartphones.
Wearables, like smartwatches and fitness trackers, are more than just accessories; they serve practical purposes in our daily lives. They help us with basic tasks like checking messages and keeping track of physical activity. The ongoing pandemic has led to an increased use of smart wearables for monitoring and analyzing health data. This has caused a significant growth in the wearable industry, responding to the rising demand for health assessments whenever needed.
A crucial part of this development is the role of the Internet of Things (IoT) in healthcare wearables. The Internet of Health Things (IoHT) refers to the connection of medical devices and applications with information technology in the healthcare sector. Devices like FitBits, Garmin Forerunners, and Apple Watches are examples of these smart wearables that can measure various health metrics such as heart rate, step count, sleep patterns, respiration rate, blood pressure, and more.
What's interesting is that these devices, initially designed for convenience, have gained a substantial following. They have become essential tools for people who want to keep a close eye on their health. As wearables continue to evolve, they provide individuals with new and unique ways to manage their well-being. The convenience of having health-related information at your fingertips has contributed to the popularity of these devices.
In conclusion, the rise of smart wearables is a response to the increasing need for health monitoring, especially during challenging times like a global pandemic. Devices like smartwatches and fitness trackers have become integral in providing individuals with a convenient and accessible way to monitor and manage their health. With the integration of IoT in healthcare wearables, the Internet of Health Things is transforming how we approach health monitoring, making it more personalized and accessible for everyone. As technology continues to advance, smart wearables are likely to play an even more significant role in promoting and maintaining good health.
Report Attribute/Metric | Details |
---|---|
Market Opportunities | Rise in the investment for the advancement of developed products |
Market Dynamics | Growing adoption of developed and modern technology |
The bluetooth IC market size was valued at USD 10.17 Billion in 2023. The bluetooth IC market industry is projected to grow from USD 11.62 Billion in 2024 to USD 29.63 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.41% during the forecast period (2024 - 2032). Rise in investment for the advancement of developed products and growing adoption of developed and modern technology are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for bluetooth IC is driven by the growing investment in IoT devices. The growing investments in sensing technology for automating industrial activities have led to the enhanced revenue growth of the loT connectivity industry. The market is undergoing a constant expansion due to the growing demand for audio devices, smart city projects, automotive entertainment and diagnostic devices, automation, and wearable electronics integrated with Bluetooth capabilities. Increased the demand for hands-free medical technology in hospitals and in-home use. Wearable health monitors, including blood glucose and blood pressure monitors, have become more common in enhancing home care. More hospitals have adopted IoT connectivity to track resources and make remote appointments. These trends will continue to expand as the pandemic subsides, making healthcare more accessible.
Additionally, customers' increased use of smart wearable electronic devices is a key driving factor in the market's growth. Increasing financial investments in IoT-based device technology, increased demand for smart wireless sensors, increased demand for better wireless connectivity in wireless devices, miniaturization of ICs, demand for high-performance Bluetooth ICs in audio products such as speakers and headphones, and increased demand for Bluetooth ICs in applications such as smart homes, automotive, and industrial, consumer electronics and more are expected to propel the growth of the bluetooth IC market revenue.
The rising trend of earphones, wireless headphones, and speakers' connectivity creates a huge demand for bluetooth chips. As per the report published by Bluetooth SIG, the firm that authenticates Bluetooth devices, more than 50% of headphones in the market are wireless, and around 90% of speakers on the market will be wireless by 2023. Several companies are introducing advanced Bluetooth 5.0-based devices in the market. For instance, in June 2022, Hammer, a manufacturer of consumer audio products and fitness bands, introduced the Hammer KO Unisex Bluetooth 5.0 Sports Truly Wireless Earbuds with touch control in India. It includes touch sensors that detect touch. The Hammer KO Unisex Bluetooth 5.0 Sports Truly Wireless Earbuds feature touch control and a secure fit. It supports Bluetooth V5.0, which offers twice the transmission speed and twice the stability with no signal loss or music dropouts.
Increasing adoption of smart wearables. The utilization of digital gadgets worn by patients to monitor their health has become increasingly prevalent, particularly during a crisis, including the pandemic. Wearable gadgets, including smartwatches and fitness trackers, are the most obvious utilization of loT technology. In the consumer electronics market, wearables have surpassed smartphones in popularity. These devices deliver amazing ways to complete basic chores, including checking messages and measuring physical activity. The pandemic has increased the usage of smart wearables for tracking and examining health data. The wearable industry has grown dramatically in response to the growing requirement for health evaluations at any given time. IoT is rising, powering wearables in health care. The Internet of Health Things guides the interconnection of medical tools and applications with healthcare communication technology.
The bluetooth IC market segmentation, based on type, includes bluetooth, bluetooth low energy, bluetooth classic, and others. The bluetooth segment dominated the market, accounting for 35% of market revenue (3.56 Billion). Bluetooth provides simultaneous audio, high data throughput capabilities, and connectivity to 802.15.4 and multiple BLE devices. However, bluetooth low energy is the fastest-growing category as they need less energy, making them more comfortable and energy effective.
Figure 1: Bluetooth IC Market by Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Bluetooth IC market segmentation, based on application, includes smart homes, beacons, audio devices, human interface devices (HID), health & fitness, remote controls, automotive, industrial, and others. The audio devices category generated the most income (70.4%). The demand for smart, high-performance wireless sensors in Bluetooth ICs for better wireless connectivity in wireless audio devices such as speakers and headsets increases. However, industrial is the fastest-growing category due to the increasing number of applications, product innovation, and interest in wireless operating devices.
By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American bluetooth IC market will dominate due to the increasing development of lots and growing utilization of wearable devices in countries across the region. Moreover, the US bluetooth IC market held the largest market share, and the Canada bluetooth IC market was the fastest-growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: BLUETOOTH IC MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe bluetooth IC market accounts for the second-largest market share due to the rising utilization of hands-free headsets, connected watches, and various wireless devices in countries across the region. Smart home technology, wearable technology, and other smart devices are being utilized more frequently across the region. Further, the German bluetooth IC market held the largest market share, and the UK bluetooth IC market was the fastest-growing market in the European region.
The Asia-Pacific bluetooth IC Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the growing development of consumer electronics and automotive industries in countries across the region. Moreover, China bluetooth IC market held the largest market share, and the India bluetooth IC market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the bluetooth IC market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the bluetooth IC industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the bluetooth IC industry to benefit clients and increase the market sector. Major players in the Bluetooth IC market, including STMicroelectronics (Netherlands), Toshiba Corporation (Japan), Qualcomm Incorporated (US), Texas Instruments Incorporated (US), and Nordic Semiconductor (Norway) and others, are attempting to expand market demand by investing in research and development operations.
Nordic Semiconductor ASA is a provider of semiconductor devices. The company offers designing, marketing, and delivering integrated circuits (ICs), mobile apps, integrated solutions, and related intellectual property. The company's products include low-energy components, bluetooth mesh, ANT, 2.4 GHz proprietary and others. Its products find application in manufacturing personal computer (PC) accessories, gaming controllers, sports and health monitors, education, industrial products, and other applications. In February 2019, Nordic Semiconductor introduced the nRF52811 System-on-Chip (SoC). This fully featured connectivity solution supports Bluetooth 5.1 direction finding and various popular low-power wireless protocols for applications such as gateways for smart homes and industrial products. The SoC enhanced Nordic's well-known nRF52 Series platform by launching a device that manages to combine the low cost of Nordic's entry-level nRF52810 SoC with the multiprotocol support of Nordic's mid-range nRF52832 and advances nRF52840 SoCs.
Qualcomm Inc designs and develops wireless telecommunication products and services. The firm offers integrated circuits and system software for mobile devices and other wireless products. Its product offerings such as consumer wireless devices, cellular modems, radio frequency transceivers, application processors, power management and wireless connectivity integrated circuits. The company's products find applications in mobile devices, laptops, tablets, cellular handsets, cameras, servers, wireless devices and network infrastructure equipment, routers, access points, wearable devices, voice and music devices, gateway equipment, consumer electronic devices, desktop computers, and IoT devices. In April 2022, Qualcomm acquired Arriver from SSW Partners to boost Qualcomm Technologies' ability to provide open, fully incorporated, and Advanced Driver Assistance System (ADAS) solutions to automakers and Tier-1 suppliers at scale.
STMicroelectronics (Netherlands)
Toshiba Corporation (Japan)
Qualcomm Incorporated (US)
Texas Instruments Incorporated (US)
Nordic Semiconductor (Norway)
Dialog Semiconductor (UK)
Cypress Semiconductor (US)
Silicon Laboratories, Inc. (US)
Microchip Technology Inc. (US)
NXP Semiconductors NV (Netherlands)
Realtek Semiconductor Corp. (Taiwan)
Asahi Kasei Microdevices Corporation (Japan)
Renesas Electronics (Japan)
Telink Semiconductor (China)
Murata Manufacturing Co., Ltd (Japan)
Amp'ed RF Wireless Technology (US)
MediaTek Inc. (Taiwan)
Maxim Integrated (US)
Cella Electronics Announces Industry-Leading Bluetooth 5.3 LE Audio SoC on April 12, 2024. It’s a new System-on-Chip (SoC) developed specifically for LE Audio applications on the market by Cella Electronics. With litt, and multi-stream audio, low latency, next-generation wireless earbuds and hearables are the perfect market for the SoC.
Qualcomm Unveils New Bluetooth Audio Development Kit for Faster Product Design on February 07, 2024. In addition to other things available at their disposal throughout the lifecycle of the ADK, Qualcomm provides developers who want to integrate Bluetooth audio solutions into their own products with the full set of necessary tools, hence speeding up the time-to-market for next-gen wireless headphones and speakers.
Dialog Semiconductor Teams Up with Nexperia To Boost Bluetooth Low Energy Solutions on March 21st 2024. This collaboration will combine Dialog’s experience in BLE technology with Nexperia’s power management offerings.
Renesas Electronics Corporation launched its SmartBond DA1470x Bluetooth low energy (LE) solution, which is a power management system for wireless devices, in June 2022. The application is suitable for use in smartwatches, home appliances, audio equipment, fitness trackers, medical equipment etc.
Semiconductor Components Industries, LLC unveiled NCV-RSL15; this is a microcontroller with Bluetooth Low Energy connectivity that ensures security and low power consumption when used in tire monitoring and vehicle access systems.
Nordic releases nRF5340 audio-making kit DK – a quick-start tool designed to enable the development of Bluetooth LE Audio products in May 2022. All things required within an LE development project are provided by this audio DK nRF5340.Nordic calls it a grand need and works very well with any other complex IoT projects, especially those compatible with LE Audio.
In March 2022, ROHM introduced D/A converter IC named BD34352EKV and the associated evaluation board known as BD34352EKV-EVK-001. Both of them play an important role as they provide high-quality sound for hi-fi audio devices.
June 2022: released its new Bluetooth Location Services solution, which employs special, low-power Bluetooth devices to simplify Angle of Arrival (AoA) and Angle of Departure (AoD) location services. This unique platform integrates hardware and software to deliver energy efficiency by combining Silicon Labs' BG22 SiP modules and SoCs, which can work for around 10 years on a coin cell battery, with progressive software that can track assets, enhance indoor navigation, and locate tags with sub-meter accuracy.
Bluetooth
Bluetooth Low Energy
Bluetooth Classic
Others
Smart Homes
Beacons
Audio Devices
Human Interface Devices (HID)
Health & Fitness
Remote Controls
Automotive
Industrial
Others
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
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