Li-Fi Market Outlook, Opportunity and Demand Analysis Report by 2030
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 into 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 dire 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 a 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 massively 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.
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.
Li-Fi in healthcare facilities
Constant monitoring of patient health in hospitals is either Wi-Fi or a 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. Let alone the speed factor, light fidelity technology is highly suitable in healthcare applications for analyzing the patient’s conditions without frequency interference with the human body.
This has, undeniably, offered various industry majors to invest strategically in the technology to be used 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 in the healthcare industry.
As the cases of COVID-19 are rising 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 wards for speedy, and safer light based communication for all medical professionals and COVID-19 patients.
NAV’s novel initiative has in turn urged vivid market vendors across the globe to take similar steps in bolstering the Li-Fi market’s position in the overall sustainable and smart technologies industry.
All in all, it is safe to declare that considering the ending benefits offered by Li-Fi paired with strategies opted by various industry biggies are likely to garner substantial proceeds in the overall Li-Fi market over the forthcoming years.
Source: Global Market Insights, Inc.
About the Author:
A qualified Engineering graduate, Vinisha Joshi takes pride in playing with words. Presently, she pens down insightful articles on business, core industry, technology, and the like. Creativity comes naturally to her, and Vinisha makes sure to effectively combine the same with her technical expertise in the articles she writes.