DUBLIN, May 17, 2019 /PRNewswire/ -- The "Li-Fi Enabled Communication System Market to 2027 - Global Analysis and Forecasts by Component and End User" report has been added to ResearchAndMarkets.com's offering.
The Global Li-Fi enabled communication system market accounted to US$ 1,229.0 Mn in 2018 and is expected to grow at a CAGR of 73.7% during the forecast period 2019 - 2027 to account to US$ 167,496.4 Mn by 2027.
The global Li-Fi enabled communication system market is classified on basis of different end users as smart home, smart city, automotive, education, retail, healthcare, government, transportation and others. The developed and developing countries are witnessing a rise in numbers of smart homes and smart cities, which is benefiting the Li-Fi technology developers. Smart cities could definitely benefit from Li-Fi enabled street lights to provide internet access to mobile phones.
The on-going trend of sophistication of modern automotive with various advanced technologies, is poised to drive the Li-Fi enabled communication devices through automotive industry. Further, the constant appetite for adoption of advanced technologies among the North American end user industry is expected to drive the Li-Fi enabled communication system market in the coming years.
North America is the leading region in the global market followed by Europe in the Li-Fi enabled communication system market. The availability of efficient infrastructure in the developed nations has enabled the manufacturing companies to explore the limits of science, technology, and commerce. Across North America, technological advancements have led to a highly competitive market. The factors such as a surge in demand for smartphones, industrial automation, internet of things (IoT), increase in a number of smart cities, and smart homes automation systems are boosting the growth of Li-Fi enabled communication system market in this region.
The global Li-Fi enabled communication system market has been segmented on the basis of type and end-user industry. The market for Li-Fi enabled communication system globally has been segmented on the basis of component into LED, photo detectors, microcontrollers, and others. Additionally, the global Li-Fi enabled communication system market is classified on basis of different end users as smart home, smart city, automotive, education, retail, healthcare, government, transportation and others. The rising penetration of smartphones in the developing economies of Asia coupled with the rapidly developing internet infrastructures in these regions are proving to be the major drivers for the growth in the adoption of Li-Fi technology.
Key Industry Dynamics
Key Market Drivers
- Growing Demands For Cost and Energy Efficient Wireless Communication System
- Cyber Security Concerns With Wi-Fi Shifting Demands Towards a More Secured Communication System
- Rising Needs of Data Offloading Over the Existing Communications Infrastructure With Rapidly Growing Data
Key Market Restraints
- Shorter Ranges For Communication Coupled With Higher Installation Costs
- No Standardization For the Device Manufacturers
Key Market Opportunities
- Emergence of a Large Number of Use Cases and Application Areas
- Deployments As a Complementary Technology With Wifi
- Acuity Brands, Inc.
- Fraunhofer HHI
- Global LiFi Tech
- Infinity Technology Services Limited
- Lucibel SA
- Signify N.V.
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