Visible Light Communication (VLC) Market Is Expected To Reach USD 101.30 Billion By 2024

Global Visible Light Communication (VLC)/Light Fidelity (Li-Fi) Market is expected to reach USD 101.30 billion by 2024. Li-Fi (Light Fidelity) is a modern wireless communication technology that implies 5G visible light communication systems using light-emitting diodes. It is related to visible light communication (VLC) and uses light as a carrier signal. The visible light communication (VLC) market is estimated to grow at a significant CAGR over the forecast period as the scope and its applications are rising enormously across the globe.

The factors that are playing a major role in the growth of the light fidelity (Li-Fi) market are rising demand from several end-users, highly enhanced technology in comparison to Wi-Fi technology, and increasing concern regarding cyber security. However, the lack of infrastructure for wireless technology in the developing countries may restrain overall market growth in the years to come. The Li-Fi market is segmented based on component, end-user, and region.

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Microcontrollers (MCU), LED, photodetectors, and the other components could be explored in visible light communication (VLC)/light fidelity (Li-Fi) in the forecast period. The LED sector accounted for the significant market share of visible light communication (VLC)/light fidelity (Li-Fi) and is estimated to continue its dominance in the years to come. Also, the photodetectors sector is estimated to grow at the fastest pace in the years to come.

The market may be categorized based on end-users like healthcare, retail, aerospace & aviation, electronics, automotive & transport, mining & chemical, defense and security, and others could be explored in the forecast period. Retail sector accounted for the significant market share of visible light communication (Li-Fi) industry and is estimated to continue with its dominance in the years to come. Also, automotive and transport sector is estimated to grow at the fastest pace in the years to come.

Globally, North America accounted for the substantial market share of visible light communication (VLC)/light fidelity (Li-Fi) and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the presence of key manufacturers in this region, rising military expenditure, huge investments in telecom infrastructure, and increasing government funding. The United States is a major consumer of visible light communication (VLC)/light fidelity (Li-Fi) in this region.

Europe and the Asia Pacific are also estimated to have a positive influence on future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The aspects that could be ascribed to the growth comprise developing infrastructure, growing urbanization, growth in R&D, and rising computer-aided design (CAD) companies.

The developing countries like India and China are the major consumers of visible light communication (VLC)/light fidelity (Li-Fi) in this region. The key players of visible light communication (Li-Fi) market are ByteLight, Inc., PureLifi Ltd., Lightbee Corp., Velmenni, Ibsentelecom Ltd., and Oledcomm. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.

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Market Segment:

Visible Light Communication Component Outlook (Revenue, USD Million, 2013 – 2024)
• LED
• Photodetector
• Microcontroller

Visible Light Communication Application Outlook (Revenue, USD Million, 2013 – 2024)
• Retail
• Automotive & Transportation
• Consumer Electronics
• Healthcare
• Defense & Security and Aviation

Visible Light Communication Regional Outlook (Revenue, USD Million, 2013 – 2024)
• North America
• U.S.
• Canada
• Europe
• Germany
• UK
• Asia Pacific
• China
• India
• Japan
• Latin America
• Brazil
• Mexico
• MEA

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