
A new report by MarketsandMarkets (M&M) claims that the Bluetooth Smart and Smart Ready market will be worth $3.9 billion by 2020.
The Texas-based research company suggested the market, worth $2.3 billion in 2013, would grow at a compound rate of 9.2% over the next five years, driven by the increasing demand for smartphones, tablets and wearable devices.
The report also predicts that the Asia-Pacific region will show the fastest growth in the period.
Also known as Bluetooth 4.0, the most recent generation of the Bluetooth platform was designed to tackle its high energy consumption and its tendency to constantly pair and re-pair connected gadgets. Bluetooth Smart Ready serves primary devices such as smartphones and tablets, while Bluetooth Smart serves the peripheral gadgets they can connect to.
"The market associated with the Bluetooth Smart and Smart Ready is poised for tremendous growth," the report stated.
"Applications such as automotive infotainment, wearable electronics, and healthcare among others are expected to be the high growth sectors with regards to implementation of this technology.
"A whole new range of devices and compatible applications are set to come in the near future with this technology, which will not only make the lives of people easier, but also allow them to monitor things remotely."