Li-Fi Market Outlook 2031
The global Li-Fi market size was valued at USD 829.79 Million in 2022 and is projected to reach USD 88.46 Billion by 2031 expand at a CAGR of 68% during the forecast period, 2023 - 2031. The growth of the market is attributed to rising industrial 4.0 applications.
Li-Fi systems, in compared to standard options such as Wi-Fi, offer a much larger bandwidth spectrum, high speed rates, improved data security, and lower network and radio interference. The COVID-19 pandemic has wreaked havoc on the day-to-day operations of a variety of businesses across the globe. However, it has increased the digitization, driving the demand for Li-Fi solutions.
From devices to networking protocols, liquid fidelity (Li-Fi) solutions can handle all of the major concerns about wireless systems and their security. Li-Fi provides an upgraded wireless infrastructure that allows for high peak data rates while still assuring energy efficiency.
Li-Fi Market Trends, Drivers, Restraints, and Opportunities
- Rising frequency of cybercrimes around the world and the growing requirement for solutions to secure data transfer are driving the market growth.
- Hyper-urbanization and the growing construction of smart cities around the world are the key drivers of the market growth.
- Wide spread adoption of cloud computing, big data tools, and multi-tier data center architectures across industries are estimated to propel the growth of the market.
- The COVID-19 outbreak hampered the construction industry owing to supply chain disruption. However, the relaxation in restrictions owing to acceleration in vaccination drive is anticipated to help the market recover soon.
- Radiations caused by Li - Fi is estimated to hinder the market growth.
- Growing development of smart devices is anticipated to create immense opportunities for the market players.
Scope of the Li-Fi Market Report
The report on the global Li-Fi market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Li-Fi Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Product Types (Indoor and Outdoor)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Lucibal SA; Oledcomm SAS; LVX System; PureLIFI Ltd; and Signify Holding BV
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Li-Fi Market Segment Insights:
Indoor segment is anticipated to expand at a high CAGR
On the basis of product types, the market is segregated into indoor and outdoor. The indoor segment is anticipated to account for a major market share during the forecast period. Increasing demand for comfort and user experience among residents in smart buildings is driving the growth of the market segment.
Li-Fi provide location-based services such as intelligent auto parking, health monitoring, logistics, and shopping assistance. Additionally, it assists with indoor shopping. The core concept behind Li-Fi is to use visible light from an LED light bulb to send high-speed data to a photodetector linked to a smartphone or tablet.
Growing use of LED bulbs in buildings for lighting is anticipated to open up a plethora of possibilities for Li-Fi-based applications. Li-Fi is particularly cost-effective to use in smart buildings as it combines the functions of high-speed wireless data transfer and interior lighting infrastructure.
North America is projected to hold a major market share
In terms of regions, the global Li Fi market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Growing demand for indoor location-based services embedded in light fixtures in retail stores and hotels in countries are driving the growth of the market in region Several businesses are installing VLC in supermarkets, which helps retailers embed customer's shopping history.
To combat the problem of subsea connectivity, the US Navy is developing cutting-edge communication equipment based on Li-Fi. Li-Fi emissions are being evaluated as a preferred choice for usage in petrochemical facilities or on aircrafts. On the other hand, the market in Asia Pacific is expected to expand at a robust rate owing to increasing smart construction activities in countries such as India and China.
Segments
The global Li Fi market is segmented on the basis of
Product Types
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
The major players in the Li Fi market include Lucibal SA, Oledcomm SAS, LVX System, PureLIFI Ltd, and Signify Holding BV. Companies are engaging in mergers, acquisitions and partnerships to expand their market share. In January 2020, Getac Technology incorporated pureLIFI-powered Li-Fi technology into rugged mobiles. Getac's Li-Fi Solutions is anticipated help the defense, public safety, automotive, energy, and manufacturing industries.
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