The global light fidelity (Li-Fi)/ visible light communication (VLC) market is anticipated to grow at a CAGR of more than 85% during the forecast period. The major factor for the growth of the market is the increasing concern regarding cyber security. Rising cyber-attacks have been witnessed across the globe, which is resulting in an increasing need for cybersecurity, which thereby is accelerating the demand for Li-Fi technology.
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Li-Fi technology makes the use of visible light to facilitate bidirectional and high-speed communication that is provided in a closed environment such as hospitals, planes, airports, malls, offices, and many others owing to which it eliminates the risk of data being hacked. The technology uses visible light communication or VLC technology which is prominently used in many lightning facilities such as LED bulbs. There has been a growing need for lower power consumption technologies that are sustainable and do not harm the environment. With the increasing need for high-speed data across the globe, this factor will fuel the demand for Li-Fi technology.
Unlike Wi-Fi which makes the use of radio waves. Li-Fi uses light waves to provide an internet connection for the user, and as light waves travel faster than radio waves, the speed of Li-Fi is many times faster than Wi-Fi. Several advancements in automobile systems have enabled the use of Li-Fi for various applications such as to maintain the distance between the two vehicles. With the increasing number of retail shops and malls, many retailers are using Li-Fi to keep the account of buying pattern of the consumer so that they can provide a tailored service to that customer.
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Market Coverage
- Segment Covered-
o By Component
o By Industry Vertical
- Regions Covered
- North America
- Europe
- Asia-Pacific
- Rest of the Word
- Competitive Landscape – Panasonic Corp., Qualcomm Inc., PureLifi Ltd., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Light Fidelity (Li-Fi)/ Visible Light Communication (VLC) Market
o By Component
- LED
- Photodetector
- Microcontroller (MCU)
o By Industry Vertical
- Retail
- Consumer Electronics
- Defense and Security
- Automotive & Transportation
- Aerospace and Defense
- Healthcare
- Others
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