According to the latest report by IMARC Group, titled "Li-Fi Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global li-fi market reached a value of US$ 283 Million in 2021. Light fidelity (Li-Fi) refers to the wireless technology that is generally used for communication. It involves the utilization of ultraviolet rays (UV), visible lights and infrared spectrum for transmitting the data. Along with this, it transmits at multiple gigabits, which makes it more reliable and virtually interference-free than radio technology, such as a cellular network. It is the latest paradigm in wireless optical technology that aims to improve the internet connectivity in a localized environment while eliminating the utilization of optic cables for transferring of data. Since it does not require a router, it is inexpensive, quick and secured, thereby gaining widespread prominence across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Li-Fi Market Trends:
The global market is primarily driven by the growing need for high-speed internet connectivity among the masses. This is supported by rapid digitization, along with the increasing investments in the development of smart cities across emerging economies. Along with this, an enhanced focus on sustainable development among individuals is providing a boost to the demand for Li-Fi technology. The demand for Li-Fi is further impelled by continuous improvements in the information and communications technology (ICT) infrastructure worldwide. Since the networking technology facilitates improved data security in a closed and controlled environment, including airports and hospitals with minimal power consumption, it is creating a positive market outlook. Additionally, the rising funding by public and private agencies in order to upgrade the defense infrastructure is, in turn, contributing to the escalating demand for Li-Fi across the globe. Other factors, including rapid urbanization and extensive research and development (R&D) activities conducted by key players, are also favorably influencing the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 4,231 Million by 2027, exhibiting a CAGR of 51.26% during 2022-2027.
- On the basis of the component, the market has been segregated into LED lamps, optical sensor, microcontroller, software and others.
- Based on the application, the market has been segmented into indoor networking, location-based services (LBS), in-flight communication and entertainment, underwater communication and others.
- On the basis of the transmission type, the market has been classified into unidirectional and bidirectional.
- Based on the end-user, the market has been categorized into retail, consumer electronics, automotive and transportation, healthcare, defense and security, and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include FSOna Networks Corp, General Electric Co., LG Innotek, Lightpointe Communications, Lucibel, LVX System, Oledcomm, Philips, PureLi-Fi Ltd., Semicon Light Company, Sunpartner Technologies and Wipro LLC.
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