Visible Light Communication Market to Grow by USD 91.7 Billion During 2020-2024

Strategic Insights -

The global visible light communication market is expected to witness significant growth due to the widespread impact of the COVID-19 pandemic, with market growth likely to increase as compared to 2019, according to Technavio's pandemic-focused market research. The market will witness a positive impact during the forecast period, driven by the growing penetration of automation processes in industries, and faster and safer data transfer is expected to trigger the visible light communication market to witness a CAGR of almost 81% during the forecast period.

Key Takeaways:

  • The visible light communication market is expected to grow by USD 91.7 billion during 2020-2024.
  • The market will witness a positive impact during the forecast period, driven by the growing penetration of automation processes in industries.
  • Faster and safer data transfer is expected to trigger the visible light communication market to witness a CAGR of almost 81% during the forecast period.
  • The market will be driven by the increasing demand for faster and more efficient data transfer, particularly in the healthcare, retail, and consumer electronics sectors.
  • The global visible light communication market is expected to be driven by the growing adoption of automation processes in the industrial sector, particularly in the manufacturing and logistics industries.
  • fSONA Systems Corp., General Electric Co., and Koninklijke Philips NV will emerge as major visible light communication market participants during 2020-2024.
  • The market will witness a positive impact during the forecast period, driven by the growing adoption of automation processes in industries, including the healthcare, retail, and consumer electronics sectors.

Statistics:

  • The visible light communication market is expected to grow by USD 91.7 billion during 2020-2024.
  • The market will witness a CAGR of almost 81% during the forecast period.
  • The global visible light communication market is expected to be driven by the increasing demand for faster and more efficient data transfer, particularly in the healthcare, retail, and consumer electronics sectors.
  • The market will be driven by the growing adoption of automation processes in the industrial sector, particularly in the manufacturing and logistics industries.
  • The visible light communication market will witness a positive impact during the forecast period, driven by the growing penetration of automation processes in industries.

Sources:

  • Technavio. "Global Visible Light Communication Market 2020-2024." Business Wire, 2020.
  • Technavio. "Report Title: Global Visible Light Communication Market 2020-2024." Business Wire, 2020.
  • Technavio. "Key Considerations for Market Forecast: Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior." Business Wire, 2020.
  • Technavio. "Major Three Visible Light Communication Market Participants: fSONA Systems Corp., General Electric Co., and Koninklijke Philips NV." Business Wire, 2020.