Light Fidelity MarketSize and Trends

The global Light Fidelity (Li-Fi) market size was valued at US$ 423.6 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 36.1% from 2023 to 2030. This growth is driven by the need for a secure network and higher data transfer rates. The market is expected to witness a significant demand from the indoor networking sector, especially in retail and hospitality. In addition, the adoption of this technology will help improve targeted advertising for retailers and enhance customer experience in these sectors. Furthermore, the global Light Fidelity market is also supported by the robust growth of the electronics manufacturing industry.

Global Light Fidelity (Li-Fi) Market Trends:

Emergence of IoT and smart buildings is a major trend in the market

With the convergence of wireless communications and lighting, the emergence of IoT and smart buildings is growing rapidly. The convergence of market metric of lighting industry with bit/dollars due to long lifetime of LED lighting solutions is likely to drive the inclination toward highly data-focused value propositions from the lighting suppliers. As a result, the adoption of Li-Fi is growing. This trend is expected to continue in the global light fidelity (Li-Fi) market in the coming future.

Growing investment in R&D by market players is a recent trend

Several major players in the tech industry are investing resources into research and development of Li-Fi technology and Visible Light Communications (VLC). This in turn is likely to drive advancements and innovations in the market, further promoting adoption of Li-Fi technology. Thus, the trend of growing investment in R&D is anticipated to continue in the global light fidelity (Li-Fi) market over the forecast period.