Li-Fi Market anticipated to exceed $8Bn by 2030
Global Market Insights, Inc., predicts that the overall Li-Fi market size is poised to exceed USD 8 billion by 2030, subject to the light fidelity technology’s mounting applications across indoor networking, healthcare, aerospace, underwater communication, automotive, and other sectors.
A sudden upsurge in internet usage owing to massive proliferation of smartphones globally has enabled the Li-Fi market to carve out a lucrative growth curve for itself in the upcoming years. Currently, there are nearly more than 4.8 billion internet users worldwide as of June 2020. This global internet penetration has compelled various companies to invest in the Li-Fi market, subject to growing demand for high-speed data transmission.
For instance, Philips Lighting had in 2018, announced offering Light Fidelity enabled luminaires for vivid applications. It was reported that a French real estate investment company Icade, had shown interest in piloting Philips Li-Fi luminaries at its smart offices in Paris. Each luminaire is equipped with a built-in modem which modulates the speeds imperceptible to the human eye. More so, Li-Fi gains momentum owing to its potential benefits over wi-fi as it can be used in places where RF or radio frequencies may intervene with equipment, or where Wi-Fi signals cannot reach or are exceptionally weak.
Such moves are expected to enhance the product portfolio of Philips Lighting while also allowing it to grow multifold in the global Li-Fi market over the forthcoming years.
The Li-Fi industry has gained high popularity in the global business space over the recent years, fueled by its rising prominence over conventional technologies on grounds of its favorable features like energy efficiency, high-speed data transfer, directional lighting, and intrinsic security. Moreover, additional benefits such as absence of bandwidth limitations and RF spectrum bandwidth crunch would offer an upper hand to this technology over the conventional channels including Wi-Fi.
Li-Fi in healthcare facilities
Constant monitoring of patient health in hospitals is done either with a Wi-Fi or manual based system. However, Wi-Fi based systems are considered to be much slower in speed due to increased scalability. In this case, Li-Fi finds better operability wherever Wi-Fi is applicable with additional features of high-speed data connection. In addition to the speed factor, light fidelity technology is more suitable in healthcare application for analyzing the patient’s conditions without frequency interference on the human body.
This has, undeniably, offered various industry players a chance to invest strategically in the technology – to be utilized across various healthcare units and facilities. An exemplary model authenticating the aforesaid is Nav wireless, recent launch of Li-Fi technology to help combat COVID-19. Apparently, this novel move has enabled Nav to stand as the only company in Asia to receive the first commercial project in the Li-Fi sector for the healthcare industry.
As the cases of COVID-19 continue to rise at an unprecedented pace, hospitals and governments have been looking out for solutions to abate the count to some extent. This has indeed compelled Nav Wireless Technology, to take a step ahead in the Li-Fi technology by offering installation of these systems across Surat’s SMIMER isolation swards for speedy, and safer light-based communication for all medical professionals and COVID-19 patients.
All in all, it is safe to say that considering the benefits offered by Li-Fi paired with strategies opted by various industry players, the Li-Fi market is set for substantial growth in the coming few years.
this article was written by Global Market Insights, Inc.
Inside Telecom provides you with an extensive list of content covering all aspects of the tech industry. Keep an eye on our Opinion to stay informed and up-to-date with our daily articles.