Li-Fi Global Market – Overview
The global Li-Fi market is showing immense growth; mainly due to increasing adoption of bring your own device and carry your own device. Also, growing popularity of mobile applications is another factor driving the market growth. Technological advancements have played a major role in the development of Li-Fi market. Steep increase in the adoption of digital media across various industry verticals is primarily responsible for driving the market. Rise in number of connected devices is further fuelling the growth of the market. Also, proliferation of internet and growing demand for high speed data communication is another major factor responsible for driving the market growth.
General Electric, Koninklijke Philips N.V., Oledcomm, PureLiFi Limited, Panasonic Corporation, Acuity Brands, Inc., and LightPointe Communications, Inc. are the prime investors in the Li-Fi market. Growing urbanization and increasing popularity of connected things among end users is another major factor driving the growth of Li-Fi market. Growing demand for high speed data transmission is one major factor responsible for boosting the growth of Li-Fi market.
Major Key Players
General Electric (U.S.), Koninklijke Philips N.V. (the Netherlands), Oledcomm (France), PureLiFi Limited (U.K), Panasonic Corporation (Japan), Acuity Brands, Inc. (U.S.), LightPointe Communications, Inc. (U.S.), Velmenni (Tartu), LightBee Corporation (U.S.), and FSONA Networks (U.K) among others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Li-Fi Market.
According to a recent study report published by Market Research Future, the global market of Li-Fi is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023).
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March 2018 – Acuity Brands has signed up two new IT partners to its Atrius IoT platform. Both these alliances are aimed at indoor positioning, one of them is focused on retail stores, whereas the other is focused on healthcare settings.
March 2018 – Delhi-based Velmenni Research is working on Li-Fi technology which is known to provide high-speed internet through LED lights. The technology is currently in its nascent stage across the world which makes use of visible light instead of radio frequencies.
The global Li-Fi market is expected to grow at approx. USD 51 Billion by 2023, at 70% of CAGR between 2017 and 2023.
Li-Fi Global Market – Competitive Analysis
The market of Li-Fi appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
Li-Fi Global Market – Regional Analysis
North America is expected to witness a significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the Li-Fi market in North America owing to the presence of a large number of established key players such as General Electric, Acuity Brands, Inc., LightPointe Communications, Inc. and LightBee Corporation among others. Also, U.S. is leading the market in North America due to the technological advancements and increasing demand for high speed data communication in the region. Li-Fi market in Asia Pacific is expected to grow at a substantial CAGR during 2017 to 2023 owing to increased urbanization and growing popularity of connected things in China, Japan, and India in the region. Whereas, the Europe market for Li-Fi is expected to grow at a considerable CAGR (2017-2023).
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Li-Fi Global Market – Segmentation
The Li-Fi market can be classified into 4 key segments for the convenience of the report and enhanced understanding;
Segmentation by Component: LED, Optical Sensing, Microcontroller, Photo Detector and Others
Segmentation by Application: Smartphone, Standalone Tracker, Advance Tracker and Others
Segmentation by End User: Aerospace & Defense, Healthcare, Education, Transportation, Automotive, Consumer Electronics, Retail, Government and Others
Segmentation by Region: North America, Europe, Asia Pacific and Rest of the World.
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