The visible light communication market share will post incremental growth of USD 176,547.8 million, progressing at a CAGR of 89.66% during the forecast period. The growing penetration of process automation in industries will offer immense growth opportunities to market vendors. The market is fragmented, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.
Browse Technavio's 179-page report and in-depth TOC on "Visible Light Communication Market by application (indoor networking, LBS, underwater communication, and ICE), end-user (retail, consumer electronics, automotive and transportation, healthcare, and others), and geography (North America, APAC, Europe, South America, and Middle East and Africa).
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The visible light communication market is segmented by application (indoor networking, LBS, underwater communication, and ICE), end-user (retail, consumer electronics, automotive and transportation, healthcare, and others), and geography (North America, APAC, Europe, South America, and Middle East and Africa).
The growth of the visible light communication market size in the indoor networking segment will be significant during the forecast period. The adoption of this technology, along with indoor position apps, will improve the targeted advertising of retailers and enhance their sales.
The growing penetration of process automation in industries will directly influence the visible light communication market. In addition, the adoption of LEDs is an emerging trend is one of the major visible light communication market trends that will positively impact the market growth. However, factors such as the dominance of competing technologies will hamper the visible light communication market growth.
The market is fragmented due to the presence of several players. Some of the major visible light communication market vendors are Acuity Brands Inc., Firefly Networks Ltd., Fortive Corp., Fraunhofer Society, fSONA Systems Corp., General Electric Co., Koninklijke Philips NV, Latecoere, LightBee SL, Lucibel SA, nextLiFi, Oledcomm, Panasonic Holdings Corp., pureLiFi Ltd., Qualcomm Inc., Renesas Electronics Corp., Signify NV, To Be Srl, Viavi Solutions Inc., and VLNComm Inc.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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Precise market size estimation during the forecast period 2023-2027.
CAGR of the visible light communication market forecast during 2023-2027.
Market-level data on units, average selling prices, and values of the visible light communication market share.
Prediction of the upcoming trends, drivers, and factors that challenge the growth of the visible light communication market.
Visible light communication industry growth across North America, APAC, Europe, South America, and Middle East and Africa.
