Li-Fi Market – Highlights
The global Li-Fi market is expected to grow at approx. USD 51 Billion by 2023, at 70% of CAGR between 2017 and 2023. Factors such as low power consumption and high durability is increasing the usage of LED lighting system in LI-FI.Li-Fi market is estimated to exhibit high growth potential during the forecast period owing to technological advancements and increasing demand for high speed data communication. The Li-Fi network comprises of LED lighting technology to transmit electronic data signals that enables users to access internet through ordinary lighting system in schools and colleges. The energy efficient LED and provision of secure wireless network is boosting the Li-Fi market. The growing internet usage through smartphones and other electronic gadgets is further fuelling the growth of LiFi market. Growing demand for innovations and increasing technological advancements are other factors responsible for fueling the growth of Li-Fi market.
North America region holds the largest market share of global Li-Fi market followed by Asia Pacific and Europe. The market in North America region is mainly dominated by the U.S. and Canada and is attributed to the increasing demand for energy efficient devices and increasing demand for high speed communication in the region. The region also has a well-established infrastructure which allows easy implementation of advanced technologies and provides better connectivity.
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Li-Fi Market Key Players:
The prominent players in Li-Fi 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 – Segmentation
The Li-Fi market can be segmented based on component, application, and end-user.
LED sub-segment to beat other components
Component-wise, the market is segmented into light emitting diode (LED), optical sensing, microcontroller, photo detector and others. Among these, led is estimated to be the largest market owing to its usage in combining illumination with the ability to modulate brightness that can be received and used as data.
The applications in the global market are smart phones, standalone tracker, advance tracker and others.
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Retail to emerge as top contender amongst end-users
By end-user, the market is segmented into aerospace, automotive, education, healthcare, retail, government and others. Among these, the retail segment will manage to grow at the highest rate during the assessment period. LiFi in a retail store enables all possible data transfer, be it from the store front end or in store customer interaction, and also in back office. The technology ensures speed, security, energy efficiency along with data density which is mandatory in the retail industry.
Li-Fi will soon be launched on nextLiFi’s retail brand LIFIC (Li-Fi Communications) as a brand marketing strategy. This will be a new form of digital signage that will be made available to brands and retailers streaming real-time advertising on a new secure wireless infrastructure. This infrastructure uses light interacting with handsets and IoT devices. In other words, it will provide retailers the ability to send promotions to consumer’s handsets by displaying daily specials and offers within a shopping complex.
Li-Fi Market – Industry News
Li-Fi will soon be launched on nextLiFi’s retail brand LIFIC (Li-Fi Communications) as a brand marketing strategy. This will be a new form of digital signage that will be made available to brands and retailers streaming real-time advertising on a new secure wireless infrastructure. This infrastructure uses light interacting with handsets and IoT devices. In other words, it will provide retailers the ability to send promotions to consumer’s handsets by displaying daily specials and offers within a shopping complex.
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Li-Fi Market – Regional Analysis
MRFR report has analyzed the global Li-Fi market in regions of Asia Pacific (APAC), North America, Europe and Rest of the World.
North America forecasted to be the leading region
The North America region has captured the maximum market share globally, reasons being the increasing demand for energy efficient devices coupled with growing demand for high speed data communication in various industries. The fact that Li-Fi can be used in homes, commercial building, aircraft, and streets has propelled the appeal of the market in the region.
Asia-Pacific is expected to expand at the fastest growth rate during the forecast period. The high growth in the region is on account of increasing demand for internet connectivity combined with poor radio communications infrastructure particularly in rural areas of countries such as India.
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