The global market for li-fi has been examined in a recent market research report by Transparency Market Research. The report, titled “Li-Fi Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024,” gives the reader detailed insights into the key segments of the market and the major factor factors expected to have a major influence on the overall development of the market over the forecast period. The report presents a thorough overview of the market, examining the market’s growth prospects against numerous criteria and the major drivers, challenges, and trends.
Li-Fi refers to the use of the visible light portion of electromagnetic light for the transmission of high speed and bidirectional wireless communication in a manner similar to established forms of wireless data transfer mechanisms such as Wi-Fi. However, in contrast to Wi-Fi, which use radio frequency signals for transferring data, Li-Fi modulates the intensity of the electromagnetic spectrum for transmitting data.
The global li-fi market is projected to witness growth at a robust pace from 2016 through 2023, primarily owing to the vast benefits of the networking technology in terms of massive bandwidth, high degree of security, and energy efficiency. Moreover, the subsequent rise in the world’s internet video traffic is also serving as a major contributor to the increased demand for effective wireless networks.
The global Li-Fi market is benefitting from the rising demand for this optical wireless communication mechanism in application areas such as hospitals, schools, and medical centers. Since Li-Fi works around the visible light spectrum and not radio waves, it is considered to have less negative impact on the human health. However, the market is expected to be negatively impacted to a certain extent owing to the lack of awareness regarding the benefits of Li-Fi.
Asia Pacific is expected to emerge as the most lucrative regional market for Li-Fi over the report’s forecast period. The market is projected to be fueled in the region owing to the rising demand for high-speed internet connectivity. The U.S. is also expected to generate excellent growth opportunities for the global Li-Fi market. The high demand for effective wireless communication along with the increased research activities aimed at making Li-Fi more effective are expected to aid the growth of the Li-Fi market in the U.S. over the forecast period.
Some of the major vendors operating in the global Li-Fi market are companies such as Oledcomm, Philips, PureLifi, LVX, and GE. The majority of these companies are focusing in mergers, acquisition, and strategic collaborations with a view of gaining a competitive edge. In a recent example, GE collaborated with Qualcomm to merge its expertise of lighting with Qualcomm’s big data expertise.