The global Bluetooth low energy market is expected to grow at a significant CAGR during the forecast period 2024-2031. The Bluetooth Low Energy was initially introduced by Nokia Corporation in 2011 and is also known as Bluetooth 4.0 as an enhanced version of predecessor Bluetooth. This is widely used for connecting various devices based on wireless technology for data transfer. The Bluetooth Low Energy (BLE) was different from Bluetooth only in terms of energy consumption as this BLE consume low energy power and is applicable to exchange the data in short range. The low power consumption, rising adoption of IoT are major factors incorporated to drive the market growth of the global Bluetooth low energy market with the significant value during the forecast period.
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The original equipment manufacturers (OEM), the rising deployment of audio and multimedia systems in automobiles which employed Bluetooth devices for the functioning and this subjected to accelerate the Bluetooth low energy market in automobile industries. The increasing application base of Bluetooth Low Energy devices in automatic number plate recognition and traffic monitoring will further be expected to propel the growth of this market globally. Additionally, the low latency, robust network connection, quick set-up speed are some features that support the Bluetooth low energy modules and are implemented to drive the market growth of the global Bluetooth low energy market.
Meanwhile, the global Bluetooth low energy market players adopt various strategies to explore the market and introduce major trends and revenues in the market by the end of the forecast period. Mergers and acquisition and technological advancement are the foremost strategies adopted by the market players to impact the market growth. The increasing advancement in the development of various technologies of Bluetooth devices will positively impact the growth of the market. Additionally, the vendors focus on mergers and acquisition strategy, for instance, Murata signed a collaboration with Nordic with the acquisition to launch a BLE module based on the Nordic formula and specially equipped with the Nordic semiconductors and on-board antenna to gain desired function and productivity. The market also focuses to overcome the challenges faced by Bluetooth low energy modules like the one-to-one pairing.
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Market Coverage
- Segment Covered-
o By Product Type
o By Mode
o By Application
- Competitive Landscape- Panasonic Corporation, Murata Manufacturing Co. Ltd. and Cypress Semiconductor.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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