Li-Fi market size forecast to grow at 80.8% CAGR from 2016 to 2023 Li-Fi Market – Global Industry Analysis Report
Li-Fi Market – Global Industry Analysis Report, Share,
Size, Growth, Price Trends and Forecast, 2016 – 2023:
Li-Fi technology is conquering the information communication world due to rising demand for
better communication services in terms of bandwidth, efficiency, affordability and security. LiFi works by using the visible light emitted from the LEDs (Light Emitting Diodes) to transmit
high speed data with lower interference and larger bandwidth.
A potential spectrum crisis has been put forward as a matter of concern by the US Federal
Communications Commission. The reason for this was high data demand, which has made
the Wi-Fi close to full capacity. Moreover, the Wi-Fi communication channel is more prone to
hacking and works on radio waves which has been pointed out as a health and
environmental concern. This has led to the focus been shifted towards a better
communication channel known as Li-Fi.
According to a research conducted by Global Market Insights Inc., Li-Fi market revenue is
expected to reach USD 75.5 Billion by 2023 at a CAGR of 80.8%. This growth will primarily
be driven by high demand of 3G & 4G technology, strict security parameters, and hassle free
and uncongested data transmission services.
In the coming years, there shall be a noticeable growth in the Li-Fi market size owing to
factors like no bandwidth limitations, RF spectrum bandwidth crunch, and lesser energy
consumption. This will dominate the usage of older communication technologies such as
Bluetooth, Wi-Fi, and WiMax. However, lack of awareness, high installation cost, and limited
network coverage may hamper the industry growth.
Li-Fi market can be segmented on the basis of its applications which include Indoor
Networking, Aerospace, Healthcare, Automotive, Underwater Communication, Location
Based Services, Intrinsically Safe Environment, and Defense & Security.
Li-Fi industry share in the intrinsically safe environment segment will grow at a CAGR over
88% during 2016-2023 primarily due to the health and environmental concerns which may
be hampered by the Wi-Fi usage. Healthcare application segment is estimated to exceed
USD 2.6 Billion by 2023. Factors like absence of radio waves which makes this technology
environment and health friendly coupled with high speed data transmission enabling
patient’s data to be shared across different departments at a very high speed will drive the
segment growth. Additionally, location based services segment, which contributed towards
40% of the global revenue in 2015 is expected to register a CAGR of 79.5% over the period
Li-Fi components comprises of LED, Microcontroller, and Photodetector. LED market is
expected to cross USD 33 Billion by 2023 at a growth rate of 79 % over the period of 20161|Page