Portland, OR -- (SBWIRE) -- 09/21/2017 -- Light Fidelity (Li-Fi)/Visible Light Communication Market report, published by Allied Market Research, forecasts that the global market is expected to garner $115 billion by 2022, registering a CAGR of 116.8% during the forecast period 2016 - 2022. In 2015, North America contributed major share in the market and will continue to lead throughout the forecast period.
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Li-Fi technology facilitates bidirectional, high speed communication through wireless channel by utilizing visible light spectrum in a closed controlled environment such as hospital, airplane, shopping complex, office, and vehicle among others. It is used to provide communication between electronic devices with the help of visible light communication, or VLC technology. The use of VLC systems can be particularly observed in lighting facilities such as LED bulbs.
The light fidelity (Li-Fi) market is segmented on the basis of component, industry vertical, and geography. Based on component, the market is segmented into LED, photo detector, and microcontroller (MCU). Furthermore, the market is categorized on the basis of industry vertical which include retail, electronics, defense & security, automotive & transport, aerospace & aviation, and healthcare. Further, the market is analyzed based on four regions, namely, North America, Europe, Asia-Pacific, and LAMEA.
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Li-Fi incorporates three major components, which are LED, photodetector, and microcontroller. Among the three components, in the year 2015, LED dominated the market by contributing over 40% share of the overall component segment revenue. Also, this segment is anticipated to grow with the highest CAGR 118.1% during the forecast period owing to its low cost, increased adoption in different applications such as households, offices, vehicles, airplanes and retail stores among others. Furthermore, LEDs are preferred over all other lighting systems as they can easily be turned off and on with the use of a microcontroller.