Overview

The Li-Fi market will witness a healthy growth from 2017 to 2024, a research report suggests. Growing at a CAGR of 70%, the market is projected to reach US$51 billion by 2023. Adoption of LED lighting systems is expected to support the market growth along with smart lighting solutions for major sectors. As predicted by analysts, physical barriers will negatively affect the market’s performance from 2017 to 2024. During the forecast period, the market will be supported by increasing awareness levels and technological advancements. Poor Li-Fi penetration through walls on the other hand will challenge wireless communications sector based organizations functioning in the global Li-Fi market.

Analysts have split the market into component, end-users, and applications segments based on products and services. Wireless communications based companies have been profiled. The lack of demand from certain regional markets is set to affect the global market during the forecast period 2017 to 2024. The report also provides the market’s performance forecasts till 2024. Analysts have studied the strategy of wireless communications segment based organizations to help new entrants and established businesses. The wireless communications sector itself is supported by a rise in disposable income as well as the changing social behavior. During the forecast period 2017 to 2024, the Li-Fi market is set to witness a health growth across component, end-users, and applications segments as well as regional markets.

Market Segmentation

The wireless communications sector has seen growth across component, end-users, and applications segments owing to the increasing spending power of consumers and technological developments. To study the market, analysts have further segmented component, end-users, and applications into LED, microcontroller, optical sensing, and photo detectors on the basis of component. The market is further segmented into applications sub segment which is split into advance tracker, smartphone, and standalone tracker. Additionally, the Li-Fi market on the basis of end-users is segmented into aerospace & defense, automotive, consumer electronics, education, government, healthcare, retail, transportation, and others.

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The segmental analysis presented in the report provides wireless communications field based organizations insights into key growth factors such as advancements in technology as well as challenges such as concerns regarding high costs the market will face from 2017 to 2024. The growing application areas and the increasing demand from various industry verticals are some of the key factors having an influence on wireless communications industry based companies, suggest analysts as per the Li-Fi market report. But the report also identifies the lack of investments and the lack of investments in R&D as major threats companies in wireless communications will face till 2024.

Regional Overview

Wireless communications market based companies in the Li-Fi market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. Favorable government policies will be a key growth driver for regional markets. However, the growing penetration of alternatives in the market will turn out to be a threat. For the forecast period 2017 to 2024 each of these regional markets are studied in the report. Starting from North America, the regional market and wireless communications vertical based companies are spread across the United States, Canada, and Mexico.

The lack of awareness will turn out to be a major challenge from 2017 to 2024. Certain aspects of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany. The market in the region will be benefitted by favorable policies across regional markets as well as the presence of effective communication, suggests the report. Similarly, the wireless communications sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the Li-Fi market covers the Middle East and Africa. Forecast based on the report’s findings are presented for the forecast period till 2024.

Competitive Landscape

The global Li-Fi market research report brings a comprehensive study of component, end-users, and applications market segments, regional analysis, and wireless communications vertical based company details of key players. As the forecast period 2017 to 2024 will bring new opportunities for the market owing to the presence of untapped market opportunities and consumers aiming for more convenience, the market is set to grow at a compound annual growth rate of 70% and is predicted to reach a value of US$51 billion by 2024. With SWOT analysis of wireless communications sector based companies and Porter’s Five Force model analysis based findings, and understanding challenges such as an underdeveloped infrastructure and high initial investments, companies in the wireless communications sector can change the way business is done.

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