The next version of Bluetooth, 5.0, will quadruple the range and double the speed between devices and will be out later this year or early 2017, the Bluetooth Special Interest Group (SIG) announced on Thursday.

The company said that the Bluetooth 5.0 will also increase broadcast messaging capacity, promising an 8x improvement in transmitting data, which will boost the next generation of wireless services such as Bluetooth beacons.

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The SIG also expressed its excitement over the range of possibilities that the new Bluetooth version will present not only to consumers but also to developers and hardware manufacturers.

"Increasing operation range will enable connections to IoT devices that extend far beyond the walls of a typical home, while increasing speed supports faster data transfers and software updates for devices," SIG Executive Director Mark Powell said in a press release.

"With the ability to broadcast a much richer set of information, Bluetooth 5 will make beacons, location awareness, and other connectionless services an even more relevant part of an effortless and seamless IoT experience," he added.

The improved data transmission will facilitate wireless data transfers and fix the common issues faced by consumers these days while trying to set up Bluetooth-enabled devices such as speakers, smartwatches and keyboards using the Bluetooth pairing process.

According to the group, there are currently 8.2 million products that are using the wireless standard and is estimated to be installed in on-third of all IoT devices within the next four years.

Bluetooth 5.0 promises to be miles ahead of the 4.1 version, which was introduced in December 2013.

TagsBluetooth 5.0, bluetooth, Special Interest Group, Bluetooth 5, Bluetooth 5.0 version