Bluetooth LE is taking the lead in the IoT domain as it offers unprecedented flexibility in balancing power consumption, throughput, and range. Besides, it supports multiple network topologies, including point-to-point, broadcast, and mesh networking.
Bluetooth Classic is used to connect headsets, speakers and other audio devices to smartphones and tablets. BLE is used mainly to exchange data. Bluetooth Classic can also exchange data, but BLE is quickly replacing it because it's lower power, lower cost and faster to connect. Bluetooth Classic can be used to connect many devices, even if it's not as good as BLE.