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Li-Fi Market is projected to showcase significant growth from Healthcare sector

Author : Ronak Bora | Published Date : 2019-05-07 

Li-Fi Market in healthcare sector is anticipated to grow rapidly during the forecast timeline 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 Light fidelity market growth. 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. 

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Li-Fi market will exhibit massive growth over the coming six years, driven by its increasing demand across electromagnetic sensitive areas such as hospitals, nuclear power plants, and aircraft cabin. Light fidelity (Li-Fi) industry has gained high popularity in the global business space over the recent years, driven by its growing preference over traditional technologies on account of its favorable features such as energy efficiency, directional lighting, high-speed data transfer, and intrinsic security. The additional advantages of Li-Fi such as no bandwidth limitations, RF spectrum bandwidth crunch will provide an upper hand to this technology over the traditional channels such as Wi-Fi.

Li-Fi technology is conquering the information communication world due to rising demand for better communication services in terms of bandwidth, efficiency, affordability and security in the Li-Fi market. Li-Fi works by using the visible light emitted from the LEDs (Light Emitting Diodes) to transmit high speed data with lower interference and larger bandwidth.

Li-Fi market share in the intrinsically safe environment segment will grow at a CAGR over 88% during 2016-2023 primarily due to the health and environmental concerns which may be hampered by the Wi-Fi usage. Healthcare application segment is estimated to exceed USD 2.6 Billion by 2023. Factors like absence of radio waves which makes this technology environment and health friendly coupled with high speed data transmission enabling patient’s data to be shared across different departments at a very high speed will drive the segment growth.

Additionally, location based services segment, which contributed towards 40% of the global revenue in 2015 is expected to register a CAGR of 79.5% over the period of 2016-2023. A potential spectrum crisis has been put forward as a matter of concern by the US Federal Communications Commission. The reason for this was high data demand, which has made the Wi-Fi close to full capacity. Moreover, the Wi-Fi communication channel is more prone to hacking and works on radio waves which has been pointed out as a health and environmental concern. This has led to the focus been shifted towards a better communication channel known as Li-Fi. 

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LED technology is utilised due to benefits offered such as minimal maintenance, long life span and high efficiency for data transfer at high speeds. Countries have taken necessary initiatives for the adoption of LED technology to conserve energy. Government supports LED industry by providing OEMs with financial subsidies, incentives and resources for improving manufacturing processes which in turn will drive the Li-Fi market.

Technology involves visible light instead of radio waves to reduce the negative impact on population. Moreover, it provides various features such as massive bandwidth, availability, energy efficiency and security which offers solution to increased data rates and spectrum crisis which will enhance the Li-Fi market in giving stable internet services. 

Integration of technology with solar panels will create self-powered receivers opening the routes for backhaul, rural broadband, Internet of Things and low cost beacons in the Li-Fi market. In addition, intrinsically safe environments which cannot implement Wi-Fi will support the nascent technology.

Li-Fi market in LED industry 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.

According to a research conducted by Global Market Insights Inc., Li-Fi market revenue is expected to reach USD 75.5 Billion by 2023 at a CAGR of 80.8%. This growth will primarily be driven by high demand of 3G & 4G technology, strict security parameters, and hassle free and uncongested data transmission services.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a glo bal market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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