Li-Fi Market is expected to be worth USD 15 billion in 2023

Market Highlights:

Visible Light Communication is a type of data communication is utilized by using light emitting diode (LED) technology. Light Emission Diodes characteristics of high speed flickering, and facilitate data communication and lighting. The Global Visible Light Communication market is driven by factors such as accessibility to high bandwidth, location-based services (LBS), target-based advertising, and increase in R&D investments. The technology used is cost-effective, which are ideally used for various applications. Many companies have adopted VLC due to its cost-effective tool for various applications, and offers various advantages over conventional technologies. For instance: opto-couplers and image sensors are used for high speed data communication and lighting. Moreover, high bandwidth is used for achieving high data transmission rate.

The visible light communication market for the visible light LEDs component is also expected to exhibit the momentum by the end of 2022. Industries apart from automotive such as transportation & defense, have started using visible light communication for high speed data communication and for getting high bandwidth. Due to dramatic improvement LED technology VLC has started conquering the market, which are used for numerous applications and are deployed in many electronic devices such as TV, mobile phones, computer monitors, cameras, advertising boards and the vast market of illumination.

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Major Key Players

General Electric Co. (U.S.),
ByteLight, Inc. (U.S.),
Panasonic Corp. (Japan),
pureLiFi Ltd. (U.K.),
LightPointe Communications, Inc. (U.S.),
Plaintree Systems Inc. (Canada),
Fsona Systems Corporation (U.K.),
Trimble Hungary Kft. (Hungary),
Outstanding Technology Corp. (Japan),
IBSENtelecom (Norway)

The global visible light communication (Li-Fi) market is expected to reach approximately USD 15 billion by the end of 2023 with 56% CAGR during forecast period 2017-2023

Regional Analysis-
Regionally, North-America accounted for the largest market share from countries such U.S. among others. The reason is attributed to the increasing investments for these technological solutions, adoption of these thermal management solutions by various domains and low operational cost.

U.S. Li-Fi market share is projected to grow significant pace from 2016 to 2023. The European industry is an early adopter, characterized by considerable research and product development initiatives. High demand for wireless communications across sectors where Wi-Fi cannot be employed will drive growth over the forecast timeframe.

North America dominated the market in 2015 by accounting for around 40% of the total market revenue and it is expected to maintain its dominance throughout the forecast period. This is accredited due to the presence of various research and development facilities in the region and investment for implementation of this technology by the major companies in the region. Whereas, APAC is expected to grow with a highest CAGR during the end of the forecasted period.

Intended Audience
• Device manufacturers
• Network Operators
• Distributors
• Suppliers
• Research firms
• Software Developers
• Commercial Banks
• Vendors
• Semiconductor Manufacturers
• End-user sectors
• Technology Investors

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Segments
For the purpose of this study, Market Research Future has segmented the visible light communication (Li-Fi) market of into component, application and region.
Applications-
• LED
• Optical Sensing
• Micro controller
• Photo detector
• Others
Component-
• LED
• Optical Sensing
• Micro controller
• Photo detector
• Others
End-Users
• Automotive
• Indoor Networking
• Aerospace & Defense
• Healthcare
• Underwater communication
• Retail
• Consumer Electronics
• Transportation
• Others
Region
• North-America
• Europe
• Asia-Pacific
• RoW

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This release was published on openPR.