Latest market study on “Li-Fi Enabled Communication System Market to 2027 by Component (LED, Photo Detector, Micro Controller, and Others) and End User (Smart Home, Smart City, Automotive, Education, Retail, Healthcare, Government Transportation, and Others) and Geography– Global Analysis and Forecast”, the Li-Fi Enabled Communication System market is estimated to reach US$ 167,496.4 Mn by 2027 from US$ 1,229.0 Mn in 2018. The report includes key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
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With the technological advancements in the digital world and the existing wireless communication infrastructures proving to be incapable of handling the predicted surge in the number of connected devices as well as the data traffic over the network, the search for new emerging communication system with better data traffic handling capabilities has been on. A huge demand for a more robust and reliable communication network infrastructure capable of handling huge influx of data over the network has been witnessed.
In accordance, the various telecommunication bodies have been developing newer communication system. Social media has become an integral part of individual’s lifestyle in recent times and thus the use of internet has also rapidly increased. The bolstering demand of IoT connectivity, security, mobile data traffic, and expansion of mobile apps lead to the integration of cloud architecture with the mobile networks to enhance the flexible delivery of services with high speed.
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The global market for Li-Fi enabled communication system is anticipated to exhibit very high growth in near future. Some of the major driving factors contributing to the market growth includes cyber security concerns with Wi-Fi shifting demands towards a more secured communication system, and rising needs of data offloading over the existing communications infrastructure with rapidly growing data. Also, growing demands for cost and energy efficient wireless communication system is expected to significantly drive the Li-Fi enabled communication system market. Despite a few factors restraining the market growth, the splurge in the number of devices on the network as a result of advent of IoT and also the accompanying influx of huge amounts of data post the advent of Big Data especially in developing economies of APAC is projected to generate huge demand opportunities for Li-Fi enable communication technology implementations during the forecast period.
The key companies operating in the field of Li-Fi enabled communication system market that are profiled in the report include Acuity Brands, Inc., Fraunhofer HHI, Global LiFi Tech, Infinity Technology Services Limited, Lucibel SA, NextLiFi, Oledcomm, PureLiFi, Signify N.V., and VLNComm among others. Several other players are also functioning in the market worldwide, contributing significant revenue shares year on year.
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