Li-Fi Enabled Communication System Market to 2027 - Global Analysis and Forecasts by Component (LED, Photo Detector, Micro Controller, and Others) and End User (Smart Home, Smart City, Automotive, Education, Retail, Healthcare, Government, Transportation, and Others)
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.
The overall Li-Fi enabled communication system market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Li-Fi enabled communication system market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Li-Fi enabled communication system industry.
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