With the advent of Li-Fi technology, human brain has given rise to a new phenomenon in the form of Li-Fi or Light Fidelity. Li-Fi, a wireless communication technology, which is expected to enhance the overall experience of the user by its user-friendly interface. With the constantly evolving technologies such as, 5G wireless broadband, and Internet of Things (IoT), among others, Li-Fi technology is bound to expand to many more fields of applications such as healthcare, aviation, retail and education, among others and transform all the major industry verticals present in the world today.
The Li-Fi technology market is expected to grow at a significant rate during the forecast period. This growth can be attributed to the increasing demand of advanced data transmission technology. Furthermore, the rising demand for higher bandwidth and advantages associated with Li-Fi technology and tremendous development in the Research & Development (R&D) for Li-Fi technology to overcome the technical challenges are expected to drive the global market for Li-Fi technology during the forecast period.
The demand for Li-Fi technology varies according to various geographical regions. The Li-Fi technology market holds a prominent share in various countries of North America, Asia-Pacific (APAC), Europe, and Rest-of-the-World (RoW). Geographically, Europe led the global Li-Fi technology market in 2017 in terms of value. Additionally, APAC region is expected to witness the highest growth during the forecast period (2018-2028) Increase in usage of wireless data in smartphones and other devices such as laptops, and tablets, among others due to growing population and rapid urbanization in the region is expected to drive the market for Li-Fi during the forecast period. In addition, increase in demand for high speed, bidirectional, and fully secured wireless communication is estimated to boost the market for Li-Fi in the region.
The global Li-Fi market has witnessed several strategic and technological developments in the past few years, undertaken by the different market players to attain their respective market shares in this emerging domain. Some of the strategies covered in this section are product launches, partnerships and collaborations, and mergers and acquisitions. The preferred strategy for the companies has been partnerships and collaborations in order to strengthen their position in the global Li-Fi market.
The key market players in the global Li-Fi market are pureLiFi, Signify Holding, OLEDCOMM, Acuity Brands, Inc., FIREFLY WIRELESS NETWORKS, LLC, Panasonic Corporation, Samsung Electronics Co., Ltd., Qualcomm Incorporated, and others.
The report is a compilation of different segments of global Li-Fi technology market including market breakdown by component type, region, and application. The report further takes into consideration the market dynamics and the competitive landscape. The report also discusses in detail about the key participants involved in the industry. The report answers the following questions about the global Li-Fi technology market:
Key questions answered in the report
- What will be the global Li-Fi market value by 2028 along with the estimated CAGR?
- What are the driving factors for the global Li-Fi Technology market through 2017 to 2028?
- Which factors are impending the growth of the global Li-Fi Technology market?
- What are the recent trends and developments in the global Li-Fi Technology market?
- Which Li-Fi component type will lead the global Li-Fi technology market by 2028?
- What is the revenue generated by Li-Fi technology across different application verticals during the forecast period (2018-2028)?
- Which application will dominate the global Li-Fi technology market by 2028?
- Which region will lead the global Li-Fi technology market by 2028?