Published: Nov, 2018
Transparency Market Research (TMR) observes, the global visible light communication market is highly competitive due to presence of number of companies operating in the market. In order to gain competitive edge, these players are increasingly taking part in to research and product improvement. The key players operating in the market are PureLiFi, Ltd, General Electric Company, Axrtek Outstanding Technology, Co., LVX System, and Nakagawa Laboratories, Inc. Some of these players are taking part in to making the revolutionary changes by focus on developing hybrid VLC systems.
The report states that the global visible light communication market is expected to attain value of about US$113.27 bn by the end of 2022, rising from valuation of US$267.6 mn that registered in 2014. Over the forecast period from 2015 to 2022, the global visible light communication market is predicted to expand with a CAGR of 109.2%. Based on end users, the retail indoor positioning segment accounted for the leading position in overall market and is expected to expand at a CAGR of 93.82% over the forecast period from 2015 and 2022.
Benefits of Visible Light Communication to Benefit Growth of the Market
Growing number of Internet users globally coupled with increasing demand for advanced communication technology has togetherly resulted in substantial growth in the demand for visible light communication (VLC) solutions. Additionally, emerging wireless traffic handling in the indoors is also leading to augment growth of the usage of visible light communication in retail indoor positioning. These aforementioned factors are fuelling growth of the visible light communication market and likely to influence over the forecast period. In addition, the rise of retail indoor positioning segment due to high traffic and better illumination has supported growth of the visible light communication market. Additionally, benefits of visible light communication over other technologies with no requirement of additional infrastructure and better accuracy. The growth of the market is attributable to the aforementioned factors.
Additionally, growing demand from retailers in order to boost shopping experience of retail consumers by making them aware of product offers on products and their availability. While, some of the consumer and sellers demands the advanced technology such as VLC for accurate and quick results. Thanks to these factors, VLC is expected to compete and win a race against technologies such as Wi-Fi and Bluetooth in the upcoming years.
Poor Infrastructure Hampers Adoption of VLC
Despite these factors, presence and easy availability of alternative technologies such as Bluetooth, sensor fusion, Wi-Fi, and LTE-direct are the limiting growth of the visible light communication market. Additionally, the existing infrastructure across the sectors such as healthcare, transport, and retail has be to be replaced and which is negatively impacting on growth of the overall market. Nonetheless, increasing investments in research and development of new products is expected to create lucrative opportunities for growth in the upcoming years. Owing to these efforts, number of products that overcome the challenges of VLC technology and promoted commercialization is expected to offer lucrative opportunities over the forecast period.
This information is encompassed in the new report by TMR, titled “Visible Light Communication Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2022.”
For the study, the visible light communication market has been segmented as follows:
Global Visible Light Communication Market, by End-User Application
- Retail indoor positioning
- Underwater communication
- Automotive and transport
- Connected devices
- In-flight communication/ infotainment
- Light based internet
Global Visible Light Communication Market, by Data Rate
- Up to 1 Mb/s
- Above 1 Mb/s
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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