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

[185 Pages Report] The free space optics (FSO) market is expected to grow from USD 0.15 billion in 2017 to USD 1.45 billion by 2023, at a CAGR of 39.58% between 2018 and 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 1.30 billion in 2017 to USD 75.00 billion by 2023, at a CAGR of 96.57% between 2018 and 2023. Factors driving this growth are faster and safer data transfer, RF spectrum bandwidth crunch, and less energy consumption.

The VLC market has been segmented into different components LED, photodetector, microcontroller, and software. Software is the major component of the VLC system, and it is expected to dominate the VLC market during the forecast period. This is mainly because the two-way communication by VLC technology would allow all the electronic devices to communicate with each other and would require efficient software support. The market for photodetector is expected to grow at the highest CAGR between 2018 and 2023. This growth is attributed to the commercialization of bidirectional VLC. Photodetector will enable Li-Fi to function as a bidirectional communication system (like a conventional broadband and Wi-Fi).

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The bidirectional VLC, which was commercialized in late 2017, is expected to succeed the unidirectional market and is expected to grow at a higher CAGR during the forecast period. The full utilization of special features of VLC is possible only with bidirectional transmission; hence, the technology will be adopted by all major verticals. The market will grow tremendously and surpass the unidirectional transmission type market.

The FSO and VLC markets have also been segmented on the basis of application. Among all the major applications of FSO, the mobile backhaul application is expected to account for the largest share during the forecast period. The VLC market for consumer electronics is expected to hold the largest share by 2023. The FSO and VLC markets for healthcare and hazardous environment applications are expected to grow at the highest rate during 2018–2023.

The Americas is expected to hold the largest share of the FSO and VLC market during the forecast period. This is due to the huge investments in telecom infrastructure, government funding, and increasing military expenditure in FSO technology; and the government funding and deployment of several VLC systems in public and commercial places. The FSO market in APAC is expected to grow at the highest CAGR during 2018–2023. 

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