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: Fractovia.Org 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 of 2016-2023. 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