Visible Light Communication Market Synopsis
The global Visible Light Communication Market industry is projected to grow from USD 0.34 Billion in 2023 to USD 2.32 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 37.5% during the forecast period (2023 - 2030). The augmenting demand of the retails reliant indoor positioning market because of high traffic, and inefficient illumination is driving the global visible light communication market 2020. Also, the growing demand by the retailer to provide immediate offers to customers in the form of messages for the betterment of their shopping experience is another factor leading to market expansion. The report has also revealed that the growing investment in research and development of innovative products by the various renowned players like LVX Systems, General Electric Company, and others are estimated to bring an exceptional growth in the global visible communication market. Further, the application of technology is widely being used in various end-user segments which consist of wireless communication, efficient traffic regulation, home networking system, underwater communication, and powerline communication. Also, the magnifying usage of data on mobile phones through other wireless devices and shortage of the spectrum is estimated to be a significant problem which can be eliminated through visible light communication.
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However, the trajectory of the market is anticipated to vary due to the epidemic COVID-19. The data analysts at Market Research Future Reports (MRFR) are assessing the aftermath of COVID-19. We will provide an impact analysis report on COVID-19.
Visible Light Communication Market Segmentation
The global visible light communication market can be distinguished on the basis of application, verticals, component, and region.
On the basis of application, the worldwide visible light communication market can be distinguished into underwater communications, smart lighting, location-based services, indoor applications, outdoor application, and others.
On the basis of verticals, the worldwide visible light communication market can be distinguished into transportation, aviation, automotive, defense, healthcare, and others.
On the basis of component, the worldwide visible light communication market can be distinguished into visible light LED’s, opto–couplers, image sensors, diode, R emitters, and others.
On the basis of region, the worldwide visible light communication market can be distinguished into Asia Pacific, Europe, North America, and the Rest of the World (RoW).
Regional Analysis
The global market for visible light communication is projected to expand significantly during the forecast period. Regions such as Asia-Pacific, Europe, North America, and the Rest of the World (RoW) have been thoroughly evaluated. As per the study, the global market is estimated to be dominated by North America. The most consequential factor of regional expansion is augmenting internet penetration. Besides, the burgeoning technical development is likely to fuel the market additionally. The report also highlights the role of increasing adoption of IT services which is further steering the global 3D scanner market.
Further, the increasing applications of indoor location-based services are projected to fuel the market during the assessment period. It is to be emphasized here that the region has been investing in making a massive investment in research and development. Also, the presence of established vendors is another imperative factor resulting in market growth.
However, market dynamics are estimated to change due to the spread of coronavirus. Several regions had observed lockdown on a national basis which caused a change in the supply and manufacturing process.
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Key Players
The renowned players of the global visible light communication market are General Electric Company (U.S.), fSONA Networks (Canada), Casio Computer Co., Ltd.(Japan), Samsung Electronics Co. Ltd. (South Korea), Toshiba Corporation (Japan), Nitto Denko Corporation (Japan), Fujitsu Ltd. (Japan), NEC Corporation (Japan), Qualcomm, Inc. (U.S.), Panasonic Corporation (Japan) and a few others.
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