INDORE, India, November 7, 2016 /PRNewswire/ --
Li-Fi (Light Fidelity) market is growing with a CAGR of 103% owing to high degree of security such as Li Fi technology is almost impossible to hack. Security benefits of Li-Fi market is pushing its application in automotive, aerospace, healthcare, underwater communication and many others. The growing demand for the connected devices across the globe is also driving the growth of the market on the global front. In 2015, about 3.5 billion units of connected devices such as smart phones, tablets and others were sold across the globe. Due to such huge demand for connected devices, the data traffic is expanding significantly, global mobile data traffic is amounted to around 4 Exabyte per month. The location based services hold the largest market share of around 25% owing to enhance shopping experience of consumer by providing precise location information. North America holds the largest revenue share of about 35% in global Li-Fi market in 2015. The North American share is attributed by growing data traffic in the region. In 2015, the mobile data traffic in North America was around 558,000 terabytes which is expected to rise to 3,208,000 terabytes by 2020 in North America. Thus the growing data traffic is one of the main factors which is uplifting the global Li-Fi market.
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Safer and faster data transfer: The Trend Setter
The Li-Fi technology growing with lucrative growth rate in the forecasted period 2016-2022. The growth is mainly attributed by the growing demand for the faster data transmission due to growing demand for connected devices in the global market. It is projected that by the end of 2020 the number of connected device is expected to reach around 4 billion. The growing number of connected devices is increasing the data traffic in the global market. It is estimated that by the end of 2020, the mobile data traffic will increase 10 times by a CAGR of about 60%. The Li-Fi technology enables the transmission speed at 1-10 gbps whereas the other technology such as Wi-Fi provide transmission at 54-250 mbps which is much higher in Li-Fi technology. Apart from greater connectivity and high speed transmission the Li-Fi technology ranges in 10 meters, whereas the Wi Fi ranges 20-100 meters. Thus, the range of such technology is one of the major factors which may restrain the growth of the global Li-Fi (light fidelity) market.
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Technological Innovation: Growth Propeller
Various key players are investing in research and development to innovate new technology in the Li-Fi technology. All such key players such as LvxLive, PureLiFi and many others are taking various strategic initiatives which are increasing the technological development in the global Li-Fi market. In Sep 2016, PureLiFi in partnership with Lucibel jointly launched first industrialised Li-Fi luminaire which enables internet access through light. Moreover, LuxLive and Apple planning to include Li-Fi capability to iPhone in future. In 2015, the Solar Li-Fi is being introduced by the Professor Harald Haas which enables the greater energy saving to deliver that to wireless communication. Thus, the huge innovation in the Li-Fi technology is increasing the growth in the global market.
Spectrum Crunch: The Game Changer
According to Federal Communication Commission USA, radio frequency spectrum is gradually headed towards a spectrum crisis. The radio frequency spectrum size is inadequate as the number of connected devices such as smartphones, tables and other smart devices are rising day by day, due to upsurge in demand for connected devices across various application such as healthcare, automotive, location based services and so on. Thus, the increasing demand for the connected devices has increased the data deluge in the world. It is estimated that by the end of 2020, the mobile data traffic will increase 10 times at a CAGR of about 60%. Thus, the increasing data traffic is rising RF spectrum crunch, whereas, the Li-Fi uses visible light spectrum that is 10,000 times bigger than whole RF spectrum. In 2015, a US government auction has sold license for around 1610 bundles of spectrum of 1.8 GHz band surrounding for around $40 billion. Thus, the growing demand for bandwidth spectrum is influencing the Li-Fi market.
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Occams Business Research & Consulting has been in the business (Market Research) for the past three years. OBRC, based in India, is formed by two women analysts, Shyamal Moghe and Sathya Durga, who started the company after years of working as analysts and project managers for companies such as Frost & Sullivan, Smart Analyst etc. and have an excellent track record for the best customer satisfaction.
Shyamal Moghe (Shyamal Moghe)
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