The light fidelity market is likely to strengthen its boundaries at a strong CAGR of 50.09% during the forecast period. The market is anticipated to hold a revenue of USD 485.13 million in 2023, while it is anticipated to cross a value of USD 28.13 billion by 2033.
The increase in conferences and seminar programs with corporate structures are flourishing the market demand. Restoring the office systems, including meetings and team building exercises, also consumes much of the light fidelity market. Advanced optical networking technology is expanding digitization in many sectors like healthcare and hospitals. It is widely used for transmitting data from one end to another.
Healthcare technology uses the li-fi in receiving and screening electronically approved prescriptions. It also eases the sharing process of patient records. Besides the healthcare sector, the increasing popularity and viewership of live streaming also fuel the demand for light-fidelity solutions. For example, a Go-Global report states that 82% of internet consumers prefer watching live videos to reading blog posts. Therefore, li-fi technology is used during live streaming as it transmits video data faster.
Light fidelity market analysis explains that the technology has become popular due to the faster transmission and flexibility on different bandwidths. Product launches, theme parties, and wedding ceremonies use li-fi technology for better connectivity.
The NIG brand award ceremonies with connected music, visual effects, and other props are integrated in a live-stream manner that consumes the light-fidelity solutions. The new integrated traffic solutions with li-fi traffic solutions analyze weather updates. The fuelling demand for the market also flourished through small-scale military applications. The localized advertising with broadcast channels is fuelling the demand for light fidelity.
| Attributes | Details |
|---|---|
| Market CAGR (2023 to 2033) | 50.09% |
| Market Size (2023) | USD 485.13 million |
| Market Size (2033) | USD 28.13 billion |
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The market recorded a valuation of USD 63.65 million in 2018 and increased to USD 323 million in 2022.
The century has witnessed a long range of technological advancements. With the advent of wireless technology and its integration with different appliances, light fidelity is also gaining traction in many sectors. Li-fi technology helps in transmitting data at a faster speed with the integration of different types of settings.
The vendors provide customized options such as healthcare li-fi, broadcasting li-fi, and secure network alternatives. Another factor that fuels the demand for li-fi technology is its usage in enterprises with infrared systems, as it uses the visible light spectrum. Its increased usage in military applications in proximity is changing defense communication practices while strengthening the overall security of any nation. Furthermore, its application in providing easy-to-control access to the guest network is one of the leading reasons why corporate enterprises switch to li-fi technology. Smart technology, IoT integrates with Li-Fi connectivity to perform different tasks under proximity.
Li-fi connectivity is adding value to the dynamic tech trends. The IoT-integrated lights that also transmit data are a popular concept among millennials. The healthcare operations such as surgeries are pre-performed on AI-based tools where light fidelity technology is used to transmit data in an encased circle of practitioners.
The light-fidelity communication setup also enables high peak data rates. This helps military operations in transferring crucial information and developments to the databases. This speed is attained as it travels at the speed of light, avoiding the radio frequency spectrum crunch. Through these properties, the light fidelity also provides better connectivity with high-security propositions to prevent cyber-attacks.
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Some key restraints for the light fidelity market are a high lack of awareness. Huge access to sizable enterprises, and an alien concept to previous wi-fi consumers. The lack of research and development programs to find suitable li-fi technology for different operations is also limiting the demand for light-fidelity systems. Though COVID-19 has impacted the li-fi market positively as it has found its application in the healthcare sector, enabling easy transactions.
Expanding Corporate Structure along with the Wide Range of Applications fuels the Regional Growth
North America dominates the light fidelity market regarding market share, holding a 32% share in 2022. The growth is attributed to the higher bandwidths, such as 4G and 5G, pushing the region's vendors to produce application-specific solutions.
The different offline-online, IoT-based applications in a corporate setting is transforming the communication technology in the region. Furthermore, healthcare communication technology is also likely to be transformed by the end of the forecast period.
China being the Technological Hub coupled with the 5G Network coming into Existence is making China one of the Top Market Leaders
China is another lucrative light fidelity market in the Asia Pacific region. Apart from the higher population and better internet connectivity, medium and large-scale businesses are adopting these communication network systems. Furthermore, the increased expenditure on military and healthcare communication technology is anticipated to fuel the demand for light-fidelity systems. Even companies have launched li-fi technology for small business solutions, acting as faster and cheaper communication solutions.
Higher Government Projects, Dynamic Communication Technology, and Higher Research fuel the Regional Growth
The United Kingdom is another significant market for light-fidelity solutions. Government institutions are installing cheaper and more effective communication technology. Apart from government projects, the military uses an optical wireless communication system, garnering market growth. The IoT-enabled devices and their consumer base in the region also flourish in demand for light fidelity.
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| Category | By End Use |
|---|---|
| Leading Segment | Healthcare |
| Market Share % (2022) | 21.0% |
| Category | By Component |
|---|---|
| Leading Segment | LED Segment |
| Market Share % (2022) | 38.0% |
Based on the end use, the healthcare segment held the leading share of 21.0% in 2022. The growth is attributed to the higher penetration of digital and wireless communication technology in medical applications. Furthermore, higher risks associated with patient data and other medical records can be saved with an enclosed communication system like a li-fi transmission.
Other than this, remote monitoring, robotic implants, and surgeries are being followed by virtual reality tests that consume a big chunk of the market.
Based on components, the LED segment held a share of 38.0% in 2022. The higher hold is attributed to LED li-fi delivering light and information. This makes it very useful for medical applications. The advent of smart technologies like IoT and AI has transformed li-fi technology. Through its integration, the li-fi provides illumination and data simultaneously.
The key players focus on producing application-specific technology with the integration of IoT. The competitors also tie hands with technological giants to spread awareness around the benefits of light fidelity and its numerous applications. Other than this, enabling IoT, reducing data prices, and higher transmission rates are some factors that key players work on. Companies also merge, collaborate, and acquire in order to expand their sales and distributional channels.
Market Developments
The market is expected to witness USD 485.13 million in 2023.
The market is estimated to be valued at USD 1.6 billion in 2026.
The market is expected to witness a 50.09% CAGR by 2033.
LEDs are expected to lead the market in the near future.
North America is expected to dominate the market.
1. Executive Summary | Light Fidelity Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Component 5.1. LED 5.2. Photodetector 5.3. Microcontrollers 5.4. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-use 6.1. Automotive 6.2. Healthcare 6.3. Aerospace & Defence 6.4. Government 6.5. Transportation 6.6. Education 6.7. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. South Asia 7.5. East Asia 7.6. Oceania 7.7. MEA 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. PureLiFi 17.2. Oledcomm 17.3. Signify Holding 17.4. VLNComm 17.5. Velmenni 17.6. Wipro Lighting 17.7. LiFiComm 17.8. Lucibel 17.9. Zero1 17.10. Panasonic Corporation 18. Assumptions & Acronyms Used 19. Research Methodology
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Light Fidelity Market
