Li-Fi Market to grow at 80.8% CAGR from 2016 to 2023

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Li-Fi Market to grow at 80.8 CAGR from 2016 to
2023 Global Market Insights Inc.
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Industry Overview

• Li-Fi Market size is anticipated to reach USD
  75.5 billion by 2023 driven by increased
  efficiency.
• Li-Fi or Light-Fidelity market will exhibit
  massive growth over the coming six years, driven
  by its increasing demand across electromagnetic
  sensitive areas such as hospitals, nuclear power
  plants, and aircraft cabin. Light fidelity
  (Li-Fi) industry has gained high popularity in
  the global business space over the recent years,
  driven by its growing preference over traditional
  technologies on account of its favorable features
  such as energy efficiency, directional lighting,
  high-speed data transfer, and intrinsic security.
  The additional advantages of Li-Fi such as no
  bandwidth limitations, RF spectrum bandwidth
  crunch will provide an upper hand to this
  technology over the traditional channels such as
  Wi-Fi.
• Light fidelity (Li-Fi) market finds widespread
  applications across location-based services,
  indoor networking, defense security,
  intrinsically safe environments, automotive,
  underwater communication, aerospace, and
  healthcare. Location-based services are predicted
  to grow noticeably at a CAGR of 79.5 over the
  period of 2016 to 2023. The growth can be
  attributed to escalating technological
  innovations and enhancement in the location and
  indoor positioning system.

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• The healthcare sector is expected to surpass a
  revenue of USD 2.6 billion by 2023. The growth of
  Li-Fi market across the medical sector is
  primarily driven by its capability to transfer
  data at a very high speed. In addition,
  considering the health concerns, Li-Fi is
  preferred over Wi-Fi for the interdepartmental
  medical facilities such as sharing the patients
  data with the other department.
• Considering the components, light fidelity
  (Li-Fi) market is mainly divided into LED,
  Microcontroller, Photodetector. LED or light
  emitting diode industry share is anticipated to
  grow at a rate of 79 from 2016 to 2023. Shifting
  trends toward the energy-efficient product will
  boost the demand for LED. Photodetector covered
  30 of the overall Light-fidelity (Li-Fi) market
  share in 2015 and will exhibit attractive growth
  rate in the years ahead.
• Geographically, Asia Pacific light fidelity
  (Li-Fi) industry worth USD 185 million in 2015,
  is slated to exhibit substantial growth rate over
  the coming six years. The growth can be
  attributed to the increasing need for internet
  connectivity in developing countries. Significant
  R D activities across the European region will
  boost Europe Li-Fi market share in the coming
  timeframe.

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• U.S. light fidelity market collected a revenue of
  about USD 190 million in 2015 and is projected to
  register a growth rate of 78 over the period of
  2016 to 2023. The growing demand for wireless
  communication across this region will augment the
  industry growth.
• The key players will adopt strategies such as
  mergers acquisitions, strategic collaborations,
  and heavy RD investments to enhance their
  product portfolios. The notable participants in
  Light Fidelity (Li-Fi) market are GE, Oledcomm,
  PureLifi, Lucibel, Distech Control, Acuity
  Brands, Philips, and LVX.

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U.S. Li-Fi market size, by component, 2013-2023
(USD Million)

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