Visible Light Communication Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 2022
The
players in the global
visible light communication market are
expected to make revolutionary changes with focus on developing
hybrid VLC systems that negate the inherent VLC technology issues for
seamless transmission of data.Some of the key players operating the
global visible light communication market are PureLiFi, Ltd, Axrtek
Outstanding Technology, Co., General Electric Company Nakagawa
Laboratories, Inc., and LVX System, observes Transparency Market
Research in its latest publication.
The
report states that the global visible light communication market is
expected to represent an opportunity worth US$113.27 bn by 2022,
rising remarkably from its 2014 valuation of US$267.6 mn. Between
2015 and 2022, the global visible light communication market is
anticipated to expand at a CAGR of 109.2%. Amongst various end users,
the retail indoor positioning segment held the leading position in
the overall market and is expected to surge at a CAGR of 93.82% from
2015 and 2022.
The
demand for retail indoor positioning segment will grow as it provides
exact and accurate locations. Furthermore, widespread adoption of
LEDs for energy efficiency, cost saving in retail outlets, and longer
lifetime have been fuelling the visible light communication market in
the retail industry.
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North
America Leads the Way with Strong Presence of VLC Players
Geographically,
the global visible light communication market is segmented into North
America, Europe, Asia Pacific, the Middle East and Africa, and Latin
America. Out of these, the North America visible light communication
market is expected to exhibit a CAGR of 108.65% between 2015 and
2022. The presence of leading players who are working towards high
product innovation has resulted in the growth of this regional market
in recent years. By the end of 2022, the North America visible light
communication market is expected to reach US$47.88 bn.
Benefits
of Visible Light Communication over Wi-Fi Drive Global Market
The
rise of the retail indoor positioning market due to high traffic from
the occupants and better illumination has paved the way of growth of
the visible light communication market. The benefits of visible light
communication over Wi-Fi, such as no additional infrastructure and
higher accuracy, are also augmenting the growth of this market. The
demand by retailers to send instant notifications to customers to
enhance the shopping experience and increase sales is also
anticipated to boost this market. This trend will lead to an uptake
of retail indoor positioning, thereby encouraging the growth of the
global visible light communication market.
The
increasing investments in the research and development of new
products have also bolstered the global market in the recent years.
These efforts have introduced products that overcome the challenges
of VLC technology and promoted commercialization. The emergence of
visible light communication start-ups has also given this market a
significant momentum.
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Poor
Infrastructure for Seamless Adoption of VLC Hampers Market
The
strong presence of alternative technologies such as sensor fusion,
Bluetooth, Wi-Fi, and LTE-direct are the biggest challenges for
visible light communication technology. Furthermore, the existing
infrastructure will have to be revamped for seamless usage of VLC in
sectors such as healthcare, transport, and retail, which has also had
a negative impact on the overall market. The inability of VLC to work
due to external factors such as smog, fog, pollution, and weather
changes has also hampered the global market to a large extent.
“Strategic
partnerships and acquisitions will remain the highlight of the
intensely competitive visible light communication market in the
coming years,” states the lead author of this research report. Big
players must look at funding VLC start-ups to profit from their
research and development activities in the long term.
Key
Takeaways:
- Global visible light market to reach US$113.27 bn by 2022 as demand for location-based services grows
- Retail indoor positioning segment to emerge as the significant one, progressing at a CAGR of 93.82% between 2015 and 2022
- North America holds a prime share in the global VLC market and is anticipated to reach a valuation US$47.88 bn by 2022
Global
Visible Light Communication Market has been segmented as:
Global
Visible Light Communication Market, by End-User Application
- Retail indoor positioning
- Underwater communication
- Hospitality
- Automotive and transport
- Connected devices
- In-flight communication/ infotainment
- Light based internet
- Others
Global
Visible Light Communication Market, by Data Rate
- Up to 1 Mb/s
- Above 1 Mb/s
Global
Visible Light Communication Market, by Geography:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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