Visible Light Communication (VLC)/Light Fidelity (Li-Fi) Market worth $75.00 billion by 2023

According to the new market research report on "Free Space Optics (FSO) and Visible Light Communication (VLC)/Light Fidelity (Li-Fi) Marketby Component (LED, Photodetector, Microcontroller, and Software), Transmission Type, Application, and Geography - Global Forecast to 2023", the free space optics (FSO) market is expected to grow from USD 0.27 billion in 2018 to USD 1.45 billion by 2023, at a CAGR of 39.58% during 2018–2023. Factors driving the growth of the FSO market include last-mile connectivity, no licensing, and alternative solution to overburdened RF technology for outdoor networking. The visible light communication (VLC) market is expected to grow from USD 2.56 billion in 2018 to USD 75.00 billion by 2023, at a CAGR of 96.57% between 2018 and 2023. Major factors driving this growth are faster and safer data transfer, RF spectrum bandwidth crunch, and less energy consumption.

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Mobile backhaul and consumer electronics applications expected to hold the largest share of the FSO and VLC markets, respectively

Among all the major applications of FSO, the mobile backhaul application is expected to account for the largest share during the forecast period. This is due to the increasing internet penetration and data traffic from mobile applications, including the Internet, video, and data services, which has grown tremendously with the proliferation of smartphones, tablets, and other wireless devices. Whereas, VLC market for consumer electronics is expected to hold the largest share by 2023 because many consumer electronics devices already have LED technology integrated into their user interface, implementing VLC connectivity is inexpensive and easy to deploy.

Photodetector expected to be the fastest growing component in the VLC market

The market for photodetector is expected to grow at the highest CAGR during 2018–2023. This growth is attributed to the commercialization of bidirectional VLC. Photodetector will enable the Li-Fi to function as a bidirectional communication system (like a conventional broadband and Wi-Fi). Photodetector is the main component of bidirectional VLC that helps in detecting changes in light intensity from the LED light source.

FSO and VLC market in APAC is expected to grow at the highest CAGR during the forecast period

The FSO market in APAC is expected to grow at the highest CAGR between 2018 and 2023. Increasing manufacturing facilities, advanced infrastructure, and the growing computer-aided design (CAD) industry are the factors driving the FSO market in APAC.  The VLC market in APAC is expected to grow at the highest CAGR due to recent developments and increased expenditure on VLC-related R&D activities in APAC.

Major players in the FSO market are LightPointe Communications (US), fSONA Networks (Canada), Wireless Excellence (UK), Plaintree Systems (Canada), and Trimble Hungary (Hungary). Key players of the VLC market are Signify Holding (Netherlands), Oledcomm (France), Lucibel (France), pureLiFi (UK), Acuity Brands (US), General Electric (US), Fraunhofer HHI (Germany), LVX System (US), Panasonic (Japan), and IBSENtelecom (Norway).

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