Like most communication systems, LiFi will require an open communication standard that facilitates the development of a sustainable ecosystem, note the analysts, as a key enabler for unleashing its promising growth potential.
To this end, a LiFi-dedicated standard known as IEEE 802.11.bb is expected to be released in 2021 and Yole only sees significant growth to begin in 2021, with a 53% CAGR from 2021 to 2023, possibly turning LiFi into a $1.1B opportunity by 2023.
The market research firm sees two major challenges that could prevent the technology from developing at a fast pace in the short/mid-term: one is standardization activities as mentioned earlier, the other is the development of products and services integrating LiFi, such as mobile devices from big OEMs like Apple, Samsung, and Huawei.
In this context, Yole Développement envisions two market development scenarios: A “Bear” scenario where LiFi is merely a complementary communication technology for niche applications; and a “Bull” scenario- where LiFi becomes the favored communication technology for strong use-cases.
Currently, the LiFi industry is still in its infancy, and Yole's best expectation is for Industrial, hospitality & healthcare, retail, office, education, and residential to represent 80% of the expected volume in 2023. Technology integration and volume could then allow strong cost/price reduction, which will fuel market growth that could reach $2.7B in 2028.
This report offers an examination of the LiFi industry and market, including: supply/value chain, company profiles of key LiFi technology providers, product segmentation, and a market volume & revenue forecast (based on Yole’s “two- scenario”analysis).
Yole Développement - www.yole.fr