Overview:

The global report on the Li-Fi market shows a prospect of reaching a USD 51 billion market valuation by 2023 while recording an impressive 70% CAGR during the forecast period of 2018 to 2023. Li-Fi is an emerging technology that uses light signals to create connections or transmit signals. Its feature of providing almost 100 times faster connectivity than Wi-Fi is expected to impact the market significantly. At the same time, countries are investing funds to develop better research and development scope and create a market for this new technology. Its inclusion in gadgets, healthcare, aerospace, defense, and other sectors may also trigger remarkable growth.

Competitive Landscape:

Koninklijke Philips N.V. (the Netherlands), General Electric (U.S.), PureLiFi Limited (U.K), Oledcomm (France), Acuity Brands, Inc. (U.S.), Panasonic Corporation (Japan), Velmenni (Tartu), LightBee Corporation (U.S.), LightPointe Communications, Inc. (U.S.), FSONA Networks (U.K), and others are some of the major Li-Fi market players who introduce new tactics all the time to ensure better prospects for the global market. They have introduced some substantial changes in the last few years in terms of marketing strategies and MRFR analysts have recorded the process to understand how well trends are impacting the market to bolster changes for the upcoming days. 

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Segmentation:

MRFR analysts have analyzed the global Li-Fi market on the basis of component, application, and end user. These segments and the fetched data from the study are expected to boost the strategy-devising methods. 

By component, the global market report on the Li-Fi market has been segmented into LED, optical sensing, photodetector, microcontroller, and others. 

By application, the global discussion on the Li-Fi market includes details from segments like smartphones, advance trackers, standalone trackers, and others.

By end user, the Li-Fi market is getting backed by an analysis of segments like aerospace defense, healthcare, education, transportation, consumer electronics, automotive, government, retail, and others. 

Regional Analysis:

North America and Europe have the infrastructural benefit and investment capacity to bolster their respective regional markets' growth. However, emerging nations are expected to push the Asia Pacific market with substantial momentum.

Industry News:

In August 2020, Oppo is all set to emerge as the first smartphone maker to propose a Li-Fi compatible consumer device. In other words, it will send light signals instead of radio waves. Oppo is expected to launch their new device in September 2020. The company is not going to discard the Wi-F10i technology at present, however, they will present an alternative to get the attention of the people. The technology is rare but it has been tested in various companies, shops, hospitals, and aircraft. The intention is to reach a transfer speed that would be at least 100 times faster than the Wi-Fi technology.

In August 2020, Signify and EDZCOM, the Nordic leader in the field of Edge Connectivity, are expected to join forces to launch Trulifi by Signify, which is a two-way wireless network connectivity that uses infrared and visible light for various industrial applications. The method is extremely secured and reliable, secure two-way wireless communication that would happen at a speed that is higher than most of the conventional wireless technologies. It provides immunity against interference. Both the companies are planning to ensure a path for better adoption of the system. 

During the COVID-19 crisis, several markets got hit by the disruption in production and support systems. However, with the countries relaxing the norms, the market has started to launch innovations and announce partnerships that can boost the market growth.

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