New York, US, March 08, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Li-Fi market Research Report: By Type, Application, Vertical, and Region - Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 116.96 billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 31.60% during the assessment timeframe.
Li-Fi Market Analysis:
Visible light is used to transport data using the wireless communication technique known as Li-Fi (Light Fidelity). It works by adjusting an LED light source's output intensity and using that light to transfer data. In order for the technology to function, electrical signals must be transformed into light signals, which are then sent through the air and detected by a photodetector.
As comparison to conventional Wi-Fi, Li-Fi has a number of benefits, such as greater bandwidth, improved security, and enhanced dependability in areas with high levels of radio frequency interference. Li-Fi is also good for human health because it employs visible light, which is harmless for the body. Li-Fi is being developed for a variety of uses, such as interior navigation, lighting management, and internet access. The market for Li-Fi is expanding as a result of the rising need for secure and dependable wireless technology as well as for high-speed data connectivity.
As smartphones take over as the major method of accessing the internet, there is an increasing need for high-speed and secure wireless data communication. More bandwidth and improved security are only two of the advantages Li-Fi technology has over conventional Wi-Fi technology, making it a desirable option for connecting smartphones to the internet wirelessly and fostering the expansion of the Li-Fi market.
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Li-Fi Market Key Player:
Key Companies in the Li-Fi market include
- Acuity Brand Lighting
- General Electric
- Koninklijke Philips
- Lightbee Corp
- LVX System Corp
- Pure Li-Fi
- Oledcomm
- Avago Technologies
- Panasonic
- Casio
Li-Fi Market Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 116.96 Billion |
| Growth Rate | CAGR of 31.60% from 2023 to 2030 |
| Li-Fi Market Size in 2022 | USD 12.78 Billion |
| Study Period | 2023-2030 |
| Key Market Opportunities | Smart lighting solutions are being embraced by major sectors for saving on energy expenses |
| Key Market Drivers | Adoption of LED lights and their associated ecosystem by customers |
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Li-Fi wireless technology uses light to locate objects and interact with other devices. It transmits data faster than Wi-Fi and employs LED lamps as the source.
The increasing need for fast networks and energy-saving technologies is one of the main factors influencing the use of Li-Fi technology during the course of the projection period. An increase in advancements are being seen in the market under investigation, expanding the
A rise in smart and connected gadgets has also generated a lot of data, pushing the limits of what current Wi-Fi, 5G, and other networking technologies can handle. Li-Fi technology can thereby overcome these issues by providing high-speed connectivity, increased capacity, and improved security.
Big data and other technologies, such as improved AI, ML, AR/VR, and IoT, can also be made possible by Li-Fi. Li-Fi is a revolutionary technology that will have an impact on many industries. The technology can enable Industry 4.0 applications and the soon-to-arrive light-as-a-service in the lighting industry, unleashing the IoT's potential (LaaS).
Due to the limited range and connectivity of Li-Fi, as well as the requirement for greater technical understanding, adoption may be hindered. Furthermore, since the technology is still in its early stages, device makers must include Li-Fi receivers in their products, which forces users to attach dongles to their gadgets.
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Li-Fi Market Segmentation:
The Li-Fi market is segmented on the basis of type, application, vertical, and region.
Li-Fi Lamp, LifiDongal, Access Point, and Li-Fi Kit are among the market segments based on Type. In 2022, the LifiDongal sector will occupy the majority of the market share and contribute to Li-Fi revenue. LiFi dongles are compact gadgets that connect wirelessly to a computer or mobile device. They are a well-liked option for giving wireless internet access in locations where Wi-Fi is unavailable or unreliable since they transfer data using Li-Fi technology.
Smartphones, Standalone, and Advance Tracker are included in the market segmentation based on Application. The market was dominated by the Advance Tracker category. Advanced trackers are gadgets that use Li-Fi technology to follow people and objects' movements in real time. The technology makes it possible to trace the movement of people and things in an affordable and secure manner, making it useful for a variety of uses like inventory management, location tracking, and industrial automation.
The market is divided into segments based on vertical, including education, retail, healthcare, aviation, exhibitions, and others. During the forecast period, 2023-2030, it is expected that the Aviation segment would grow more quickly than any other. For usage in aircraft, Li-Fi technology has a number of benefits over conventional Wi-Fi technology, including greater bandwidth, enhanced dependability, and enhanced security.
Li-Fi Market Regional Overview:
The analysis offers market insights for each region separately, including North America, Europe, Asia-Pacific, and the Rest of the World. The largest market share is predicted to be in North America. The region's developed infrastructure and emerging technologies are expected to offer an alluring potential for the advancement of the Li-Fi industry. In contrast, due to the development of activities in the naval sector, it is projected that the US military will display a greater need for Li-Fi.
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The market for smartphones and other electronic gadgets in the Asia-Pacific region has grown recently. The Li-Fi Industry is also growing as a result of the potential advantages of Li-Fi technology, such as enhanced connection and rising demand for navy and other applications. On the other hand, the Asia-Pacific region's declining cost of smartphones and IoT devices with fast data transfer speeds is seen as the primary driving force behind the Li-Fi market.
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