Global Market Insights forecast that the rising 3G and 4G demand, as well as the crucial RF spectrum, will boost the Li-Fi market to a 80.8% CAGR from 2016 to 2023.
Global Market Insights has released a Li-Fi market report indicating that the rising 3G and 4G demand, as well as the crucial RF spectrum, will boost the Li-Fi market to a 80.8% CAGR from 2016 to 2023, with particular growth expected in the healthcare segment. The growing LED infrastructure, lower prices, energy efficiency, and wide residential and commercial installation will pave the way for enhanced Li-Fi growth, as will IoT, Industry 4.0 and smart homes, stated the market research firm.
What will push the technology forward, however are the security benefits of Li-Fi compared to RF technology, as light does not pass through walls. So far, however, the technology has not yet caught hold.
Figure 1: Expected growth in Li-Fi components. (Source: Global Market Insights)
LED components revenue is expected to surpass $33 billion by 2023. They combine illumination and modulated brightness, which can be received and used as data. Asia Pacific will lead in the next several years given Internet connectivity demand and poor radio communications infrastructure in rural areas. In the U.S., the Li-Fi market share will grow with more than 77% CAGR over the forecast period. Large manufacturers will jump in, and there will be many collaborations and partnerships in this space.
The Global Market Insights report segments the Li-Fi industry on the basis of component, application, and region. Components include LEDs, photodetectors, and MCUs. Major applications include automotive, indoor networking, aerospace, healthcare, safe environments, location-based services, defence and underwater communications. The regions include North America, Europe, Asia Pacific, Latin America and MEA.