U.S. Li-Fi market exceeded USD 150 million in 2015. Europe will witness high adoption rate with considerable technology innovations. (Light Fidelity) Li-Fi market players include Purelifi Ltd, Philips, Oledcomm, ByteLight, Visilink, GE, LVX, Velmenni, etc. Increasing number of participants provide technological differentiation and innovations. The Li-Fi industry consists of considerable number of raw material suppliers such as microcontroller, LEDs, and photodetectors for manufacturing Li-Fi enabled components. Players focus on building partnerships and collaborations for industry expansion.
Geographically, Asia Pacific Li-Fi market worth USD 185 million in 2015, is slated to exhibit substantial growth rate over the coming six years. The growth can be attributed to the increasing need for internet connectivity in developing countries. Significant R & D activities across the European region will boost Europe Li-Fi (Light Fidelity) market share in the coming timeframe.
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Li-Fi Market in LED segment is expected to exceed USD 30 billion by 2023 owing to government support for energy conservation. Location based services is expected to grow at over 75% CAGR during the forecast timeframe. This service enhances shopping experience by giving accurate information about the location and current offers on products available in the store which in turn helps the owners to manage the inventory.
Li-Fi market finds widespread applications across location-based services, indoor networking, defense & security, intrinsically safe environments, automotive, underwater communication, aerospace, and healthcare. Location-based services are predicted to grow noticeably at a CAGR of 79.5% over the period of 2016 to 2023. The growth can be attributed to escalating technological innovations and enhancement in the location and indoor positioning system.
Increasing data production and usage will lead the usage of RF based networks and wireless optical network. Flourishing demand from medical centres, educational institutes and hospitals is witnessed. Healthcare sector is estimated to reach over USD 2.5 billion by 2023 owing to reduction of electromagnetic radiations and patient data sharing inter-department at high speed rates. High adoption rate for wireless communication will support the Li-Fi market growth.
The healthcare sector is expected to surpass a revenue of USD 2.6 billion by 2023. The growth of Li-Fi industry across the medical sector is primarily driven by its capability to transfer data at a very high speed. In addition, considering the health concerns, Li-Fi is preferred over Wi-Fi for the interdepartmental medical facilities such as sharing the patient’s data with the other department.
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As per the report by Global Market Insights Inc., “Li-Fi market is anticipated to register a CAGR of 80.8% over the period of 2016-2023.” Growing awareness among the people about the hazardous effect of radio waves on human health will favorably drive light fidelity (Li-Fi) industry size significantly.
Glimpse of Table of Content (ToC)
Chapter 3 Li-Fi Industry Insights
3.1 Industry segmentation
3.2 Industry size and forecast, 2013 – 2023
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.4 Technological evolution
3.5 Industry impact forces
3.5.1 Growth drivers
126.96.36.199 Massive bandwidth spectrum
188.8.131.52 High degree of security
184.108.40.206 Network availability
220.127.116.11 Increased efficiency
3.5.2 Industry pitfalls & challenges
18.104.22.168 Limited network coverage or short range
22.214.171.124 High electricity consumption
126.96.36.199 Lack of awareness
3.6 Growth potential analysis
3.7 Competitive landscape, 2015
3.7.1 Strategy overview
3.8 Porter’s analysis
3.9 PESTEL analysis
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