Li-Fi is a wireless optical networking technology that is used for data transmission. Li-Fi technology facilitates bidirectional, high speed communication through wireless channel. This technology is widely used in shopping complexes, small offices, etc.
Increasing adoption of web-based technologies coupled with growing number of internet users across developed and developing economies are major factors expected to boost growth of the global Li-Fi devices market over the forecast period. However, high cost is a major factor hampering growth of the global Li-Fi devices market.
On the basis of component, the global Li-Fi devices market is segmented into LED, optical sensing, microcontroller, and photo detector. The optical sensing segment is anticipated to witness significant growth over the forecast period, and is expected to register a CAGR of XX.X%. Also, LED segment is projected to witness moderate growth over the forecast period.
The global Li-Fi devices market report has been segmented on the basis of component, industry vertical, and region. On the basis of region, the global li-fi devices market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The market in North America accounted for highest share in terms of revenue in the global market, and is projected to maintain its dominance over the forecast period. This can be attributed high adoption of advanced technologies and high number of Internet users in the region. Revenue from the market in Europe accounted for second-highest share and is closely followed by the markets in Asia Pacific, Latin America, and Middle East & Africa respectively. This is attributed to increasing demand for high speed communication and high disposable income in the region. Furthermore, the market in Asia Pacific is projected to witness significant growth over the forecast period, and is expected to register a CAGR of XX.X%. This can be attributed to increasing number of internet users in emerging economies in the region. Also, the markets in Latin America and Middle East & Africa are projected to witness moderate growth over the forecast period.
Prominent players in the global Li-Fi devices market include General Electric, Koninklijke Philips N.V., Oledcomm, PureLiFi Limited, Panasonic Corporation, Acuity Brands Inc., Light Pointe Communications, Inc., Light Bee Corporation, FSONA Networks