VLC/Li-Fi Market Worth $101.30 Billion By 2024
The market for Visible Light Communication/Light Fidelity VLC/Li-Fi is expected to reach $101.30 billion by 2024, according to a new report by Grand View Research. Increasing concern over cyber security is anticipated to drive demand over the forecast period.
According to the report, the demand for low power consumption is encouraging the development of advanced communication systems. While VLC is a disruptive technology expected to grab a substantial portion of the Wi-Fi industry, the adoption is at an early stage and focused on niche application. Therefore 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 US, 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 including Koninklijk Philips 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.