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Li-Fi is a wireless networking technology that includes the infrared and visible range for high-speed data transmission. Li-Fi expands the visible light communication (VLC) principle to include stable, bi-directional, high-speed, and completely networked wireless communications. Li-Fi enables device accessibility and multi-user connectivity. Li-Fi provides a wideband spectrum and a more reliable internet connection that enables businesses to fulfill high data usage. Increasing adoption of connected devices in various industry verticals such as healthcare, manufacturing, retail, and others has led to an increased need for distributed networks. Li-Fi offers several technological advancements over traditional distributed networks that include high data transmission rates, improved data security, and others.
The increase in the demand for high-data transmission rates among businesses is one of the key driving factors for the market. The rising movement towards the deployment of Li-Fi technologies in applications such as healthcare and security offers a favorable industry outlook. Government authorities are urged to invest in R&D programs to promote business development. Due to government policies in the ICT market, such as the introduction of smart city developments, companies are required to spend and develop in Li-Fi. Additionally, the growing demand for networking is expected to create ample opportunities for key players in the Li-Fi market. However, lack of awareness about the technology is expected to hinder the market growth.
The epidemic of coronavirus (COVID-19) is triggering public fear and economic distress for customers, companies, and communities across the globe. The scenario is growing increasingly with extensive impacts. Semiconductor suppliers and wireless networking providers experience disruptions in their supply chains and limitations to trasportation. The global pandemic poses a variety of problems, but over time, businesses can benefit from it and join the expanding market.
Key Market Driver -
• Increasing implementation of Li-Fi among business to gain communication efficiency • Government initiatives for energy efficiency
Key Market Restraint -
• High cost associated with the installation of Li-Fi solutions • Lack of awareness related to Li-Fi benefits
Various key players and communication service providers are focused on offering enhanced and advanced Li-Fi solutions to gain a competitive edge in the market. Key players are also focused on R&D investments in the market to cater to the rising demand from the consumers. Also, the rising preference of customers towards smart cities and RF spectrum is expected to present a plethora of growth opportunities for new market entrants. Some of the key players in the market are Panasonic Corporation, Koninklijke Philips NV, Siemens AG, Renesas Electronics Corporation, General Electric, PureLiFi Limited, Acuity Brands, Inc., LightPointe Communications, Inc., LightBee Corporation, and others.
The exponential progress in communication technology, such as wireless sensor networks, the Internet in Things (IoT), Big Data, and smartphones, has contributed to the growth of Li-Fi in North America. Increasing installations of indoor location-based utilities and light fixtures in hotels and retail shops throughout the North America market also expected to be one of the drivers of business growth in the area.
The Li-Fi market in APAC is expected to grow rapidly shortly due to a rise in investment and partnership between Li-Fi providers in the country. In December 2016, for example, PureLiFi Ltd. collaborated with Temasek Holdings Private Limited (Singapore Government) Investment Firm headquartered in Singapore. The significant rise in the Li-Fi market in the region is due to an increase in demand for energy-efficient devices and a demand for high-speed data connectivity.
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