Li-Fi Market Overview
global Li-Fi market is slated to reach a market valuation of USD 51 Bn by the end of 2023 at a stellar CAGR of 70%.
Li-Fi an emerging wireless technology which holds the promise to alleviate the problems faced by 5G. Li-Fi uses light instead of radio frequency for data transmission, which makes it super-fast. It is the next generation of wireless technology, which is capable of transmitting at multiple gigabits, is more reliable and secure than Wi-Fi. Market Research Future (MRFR) has recently published a research report on the global Li-Fi market, covering essential accruals based on key trends and patterns that are likely to impact the market over the forecast period of 2017-2023. In its latest report, MRFR has predicted that the global Li-Fi market is slated to reach a market valuation of USD 51 Bn by the end of 2023 at a stellar CAGR of 70%.
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Towering demand for ultra-high-speed data transmission has given rise to the Li-Fi technology, which is supported by a global technology leader. Unlike radio frequency, which requires complex receivers, antennas, and radio circuits, Li-Fi is simpler and makes use of direct modulation methods such as remote-control units. Not only are they low cost but are also capable of achieving very large data rates. A number of other features make Li-Fi very attractive including security, low latency, and resistant to interference.
Technology giants such as General Electric and Philips have ventured into the Li-Fi space and are driving innovation and development in the field, which is helping the market expand unprecedentedly. Moreover, the crunch on the radio frequency spectrum is likely to be increased by the emergence of IoT and 5G, which would lay down favorable groundwork for the growth of the Li-Fi market.
The market might be faced by awareness issues on its growth trajectory over the forecast period; however, it is estimated that the market growth would remain unaffected by such low degree threats.
Li-Fi Market Competitive Landscape
Panasonic Corporation (Japan), Acuity Brands, Inc. (U.S.), Koninklijke Philips N.V. (the Netherlands), General Electric (U.S.), Oledcomm (France), LightPointe Communications, Inc. (U.S.), PureLiFi Limited (U.K), Velmenni (Tartu), LightBee Corporation (U.S.), and FSONA Networks (U.K) are the key players in the Li-Fi market.
Li-Fi Industry Updates
June 2019 – Oledcomm, a French based company offering a complete range of Li-Fi products will make available high-speed Li-Fi on Air France and KLM flights. Oledcomm has promised speeds of up to 100 mbps per seat, which is faster than even the fastest Wi-Fi available. Oledcomm’s LiFiMAX would enable passengers to play 4K video, video games, AR, as well as access the internet.
Li-Fi Market Segmentation
The global Li-Fi market has been segmented based on component, application, and end user.
By component, the Li-Fi market has been segmented into LED, optical sensing, microcontroller, photo detector, and others. The optical sensing segment is exhibiting rapid growth. Optical sensing technology transfer data at a faster rate as compared to other channels. Optical sensing technology facilitates frequency penetration through the wall, and these networks can be installed anywhere, which act as a prime advantage.
By application, the Li-Fi market has been segmented into smartphone, advance tracker, standalone tracker, and others.
By end user, the Li-Fi market has been segmented into healthcare, aerospace & defense, transportation, consumer electronics, retail, government, education, automotive, and others.
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Li-Fi Market Regional Analysis
By region, the Li-Fi market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
North America has attained the pole position in the global Li-Fi market. Augmented demand for high speed data communication along with the availability of robust telecom infrastructure across the region, which facilitates easy implementation of advanced technologies has favored the growth of the market. The region is an early adopter of the latest technologies, and it is increasingly being deployed in a number of use cases. Moreover, a large number of leading market players are based in North America, which acts as an incentive for the growth of the market. The US and Canada are the key contributors to the North America market.
The APAC Li-Fi market is anticipated to progress at a torrid pace. Towering demand for internet connectivity along with improving telecom infrastructure is key to the growth of the market. The APAC market is expected to capture the highest CAGR over the forecast period.
Europe is estimated to account for an advantageous share of the market with countries such as the UK, France, and Germany, leading growth within the market. large-scale deployment of Li-Fi in commercial buildings and streetlights is boosting the growth of the market.
The RoW is also anticipated to showcase moderate growth over the forecast period. The increasing need for energy efficient devices across the globe has propelled the market majorly. The market is expected to perform well in the Middle East & Africa region, where ICT has become a key area for development.