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Light Fidelity Market in Location based services to observe 75% CAGR up to 2023

Author : Ronak Bora | Published Date : 2019-03-22 

Light Fidelity 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 75% 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. 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.

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Light Fidelity 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 market 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.

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.

Considering the components, light fidelity market is mainly divided into LED, Microcontroller, Photodetector. LED or light emitting diode industry share is anticipated to grow at a rate of 79% from 2016 to 2023. Shifting trends toward the energy-efficient product will boost the demand for LED. Photodetector covered 30% of the overall Light-fidelity (Li-Fi) market share in 2015 and will exhibit attractive growth rate in the years ahead .

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Geographically, Asia Pacific light fidelity 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 market share in the coming timeframe.

U.S. light fidelity market exceeded USD 150 million in 2015. Europe will witness high adoption rate with considerable technology innovations. 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 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.

The key players in light fidelity market will adopt strategies such as mergers & acquisitions, strategic collaborations, and heavy R&D investments to enhance their product portfolios. The notable participants in Light Fidelity (Li-Fi) market are GE, Oledcomm, PureLifi, Lucibel, Distech Control, Acuity Brands, Philips, and LVX.

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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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