LiFi market projected to be worth more than $75 Billion by 2023 (according to Global Market Insights), with increasing technology demands and the impending RF spectrum crunch fueling it.
Key Market Trends
Rising demand from sensitive environments such as hospitals, medical centers, and schools will more than likely fuel its growth further in the next five years. As the technology involves the visible spectrum of light, it is expected to have minimal impact on human health. Thus, it is seen that more and more sensitive sectors will adopt the new technology.
However, due to it being a relatively new technology, there is little awareness surrounding the technology. Additionally, there are several misconceptions surrounding its nature that continue to surround it. Industry experts fear that these misconceptions, along with its relative anonymity, will restrain growth in the coming years. However, they also forecast that its impact will lessen due to a growing demand for wireless connectivity as well as the news of impending higher data rates.
Aside from the trends mentioned above, several key market trends have shaped the evolution of LiFi technology and will continue to create demand for LiFi products and drive innovation. These include:
- The risks of the spectrum crunch
Throughout the years, there have been talks of an impending spectrum crunch. This is due to the fact that demand for wireless technology has been steadily increasing over the years. To make wireless connection possible, various frequencies in the radio frequency (RF) spectrum are used.
But the RF spectrum is a finite resource. As network traffic continues to increase, the spectrum will continue to approach congestion until all frequencies are no longer available, thus, driving the spectrum crunch.
2. The evolution of overhead lighting
Solid-state lighting is set to become all pervasive within the next few years. The development of the technology has made intelligent lighting possible. Increasing applications within the field of wireless technology will drive its demand. SSL, along with sensors and controls, is set to be worth $3 billion by 2020.
3. The growing need for green technological solutions
Technology continues to drive innovation. Over the years, technological innovations have been created at an astounding rate. However, these innovations, in turn, created a massive demand for energy. Non-renewable sources such as fossil fuel have also served as its fuel. These resulted in heavy emissions causing massive damage to the environment thus creating a greater need for green technological solutions. Green technology operates at higher efficiency, which uses less energy while producing fewer emissions.
4. The internet of things
The internet of things (IoT) is a system of interrelated computing devices, machines, electronic gadgets, objects, or people that are provided with unique identifiers and the ability to transfer data without any human-to-human or human-to-computer interaction. IoT improves connectivity between devices, but will also occupy frequencies within the already congested RF spectrum. This creates an even bigger need for spectrum relief.
5. Increased concerns over cybersecurity
Over the years, many concerns over cybersecurity have been raised. WiFi networks have always had vulnerabilities within the network itself. WiFi networks have been vulnerable to remote piracy and hacking attacks, further fueling concerns over the safety of information transferred within these networks.
6. Indoor is expected to register significant growth
Smart buildings are becoming increasingly popular, especially with the advent of IoT. Smart buildings are incredibly adaptive and are vastly improving the comfort and user experience of their residents. They understand the location of each occupant and are able to provide services based on their locations such as health monitoring, logistics, car parking, and shopping assistance. But with the looming spectrum crunch, a better alternative such as LiFi technology will be required to power this technology.