According to the September 2015 report, “Visible Light Communication Market—Global Industry Analysis, Size, Share, Growth, Trends and Forecast: 2015–2022,” by Transparency Market Research, the visible light communication (VLC) market is expected to reach $113 billion globally by 2022, growing at a compound annual growth rate of 109 percent. VLC broadcasts data using fluorescent and LED lamps.


In 2014, the market was valued at a mere $267.6 million. North America represented 43.4 percent of total revenue.


The report suggests that, in the future, the Asia-Pacific region is expected to be the fastest growing market for VLC in terms of revenue. However, North America will continue to maintain the highest revenue contributions.


“Swelling demand for radio-frequency communication resulting in spectrum constraint is fueling the demand for visible light communication as a complementary technology,” the report states. “Features such as safety, higher energy-efficiency, and minimal interference are cementing the growth of the visible light communication market.”


The report adds that, in 2014, retail indoor positioning was the largest market segment in terms of revenue, contributing 57.5 percent revenue share. The VLC market has recently seen increased demand for VLC solutions from the retail industry, largely due to its use of targeted advertisements and location-based services.


“Collaboration by vendors with the research institutions for extensive R&D is the key trend observed in the market,” the report states. “Likewise, LED [light-emitting diode] OEMs in the VLC market are focusing on partnering with VLC solution developers, and vice versa. These collaborations will help overcome existing barriers in the market, such as lack of standardization and difficulty in upgrading existing LED lighting for VLC communication.”


However, according to the report, the researchers are constantly testing new solutions and overcoming the existing barriers, which is further expected to boost the demand for VLC solutions in the near future.