SAN FRANCISCO, June 6, 2016 /PRNewswire/ -- The global VLC/Light Fidelity (Li-Fi) market is expected to reach USD 101.30 billion by 2024, according to a new report by Grand View Research, Inc. Increasing concern over cyber security is anticipated to drive demand over the forecast period.
Growing need of green technology solutions with low power consumption is encouraging the development of advanced communication systems. VLC is a disruptive technology and is therefore expected to grab a substantial portion of the Wi-Fi industry in the near future. However, the adoption is at the nascent stage and is currently being used for niche applications, due to which, an extensive R&D investment would help market players to obtain a competitive advantage.
High illumination, longer life and low power consumption of has led the implementation of LED as a component in LiFi systems. Government promotions for smart LED bulbs in developed countries such as the U.S., and the UK are expected to provide a massive infrastructure base to the VLC system providers.
Increasing applications of indoor location-based services embedded with light fixtures in retail shops and hotels is projected to be one of the factors driving revenue growth. Several companies such as GE Lightings, ByteLight Inc. including Koninklijk Philips N.V. are deploying VLC installations in supermarkets which in turn is aiding retailers to tie customers' shopping history by tracking their location details. This is helping the retailers to deliver on-site information tailored to a customer needs.
Advancements in the automotive industry are projected to enhance the safety of commuters. This is being executed through the vehicle to vehicle (V2V) and vehicle to the roadside (V2R) communication by installing LEDs in headlight and tail light of the vehicle. However, high installation and repair cost are projected to obstruct the large-scale implementation of these systems, especially in the emerging economies.
Access full research report at: http://www.grandviewresearch.com/industry-analysis/visible-light-communication-market
Grand View Research has segmented the VLC/Li-Fi market on the basis of component, application and region:
- Visible Light Communication Component Outlook (Revenue, USD Million, 2013 - 2024)
- Visible Light Communication Application Outlook (Revenue, USD Million, 2013 - 2024)
- Automotive & Transportation
- Consumer Electronics
- Defense & Security and Aviation
- Visible Light Communication Regional Outlook (Revenue, USD Million, 2013 - 2024)
- North America
- Asia Pacific
- Latin America
- North America
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.
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SOURCE Grand View Research, Inc.