Li-Fi Market Overview
Global Li-Fi Market is expected to grow at approximately USD 51 Billion by 2023, Li-Fi Market is growing at 70% of CAGR between 2019 and 2023, Li-Fi market has been segmented on the basis of component, application and end user
Rising demand for better connectivity, bandwidth, security, and faster data transmission is boosting the development and adoption of Li-Fi technology. The market report made by Market Research Future (MRFR) provides detailed analysis on the advancements to be seen in the Li-Fi technology, and market conditions governing the same.
Major companies such as General Electric and Philips have started investing in Li-Fi technology due to its enormous estimated market growth. The market is expected to grow at a 70% CAGR during the forecast period. This tremendous growth in the Li-Fi technology market is a result of the Li-Fi signal’s ability to provide a connection at a speed that is 100 times faster than a Wi-Fi connection, at 224 gigabytes per second. Furthermore, the inexpensive nature of LED lights and lightbulbs has encouraged many companies such as LightBee and Velmenni to drive faster growth in the market. These companies shall do so through innovative solutions implying automotive control access and Car2Car communications.
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Li-Fi Market Key Players:
The noteworthy players in the emerging Light Fidelity market are General Electric (U.S.), Koninklijke Philips N.V. (the Netherlands), Oledcomm (France), PureLiFi Limited (U.K.), Panasonic Corporation (Japan), Acuity Brands, Inc. (U.S.), LightPointe Communications, Inc. (U.S.), Velmenni (Tartu), LightBee Corporation (U.S.), FSONA Networks (U.K.) and others.
Li-Fi Market Industry Updates:
5th Feb, 2019- PureLifi Limited has announced its latest development in the Light Fidelity sector has announced to have cranked up the speed of data transmission to 1 Gb/s with about a 20x boost. Additionally, PureLiFi also announced its first Gigabyte LiFi demonstration at the Mobile World Congress, the largest conference in the world for the mobile industry.
Li-Fi Market Segmental Analysis
The market report on Li-Fi Market has been segmented and analyzed on the basis of components, application, region, and end user. The component segment is further split into LED, optical sensing, microcontroller and photo detector. The application segment is further divided into smart phones, standalone trackers and advanced trackers. By vertical, the end user segment is additionally divided into aerospace and defense, healthcare, education, transportation, automotive, consumer electronics, retail, and government.
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Li-Fi Market Detailed Regional Analysis
The market report for Li-Fi market is analyzed for the regions of North America, Asia Pacific, Europe, and Rest of the World. The market for Li-Fi technology in the region of Asia Pacific is estimated to grow at the fastest rate during the forecast period. The region of North America is predicted to account for the largest share of Li-Fi technology market. North America’s major growth for the Li-Fi market can be attributed to an upward graph in the demand of energy efficient devices as well as a rise in demand for higher speed data communication.
Moreover, the region of North America is expected to drive major growth due to a well-established infrastructure. Such conditions make the implementation of the Li-Fi technology much smoother and faster. This attribute fuels the market growth as well as prompts technological experimentation and advancements.
Li-Fi Market Competitive Analysis
The emergence of Li-Fi technology has propelled many advances and advantages into motion. The light fidelity market is being prompted for major growth due to the prevalent benefit of light emitting diode. Furthermore, the data transmission changes cannot be seen by a naked human eye due to its tremendous speed. The Li-Fi technology, being similar to a Wi-Fi network operates at a speed of 224 gigabytes, i.e. 100 times the speed of a Wi-Fi network. This intense speed allows seamless transmission of various types of data including audio, video, and broadband at a speed of 1 Gb/s; as compared to 150 mb/s speed of a Wi-Fi signal. Moreover, ability for optimal application of the economies of scale has shown an increase in the use of LED lighting system in Li-Fi, promising influential rise in the use of the same in the future.
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