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.
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.
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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.
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.
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