LED lighting: Why exactly is it the lighting of the future?

LEDs are a semiconducting light source, and are used in a variety of devices such as indicator lamps and stand-by lights. The technology was introduced in practical components in the early 1960s and consisted of low-intensity multi-coloured lights. Modern versions however are very bright, and are available across the ultraviolet, visible and infrared wavelengths.
When it comes to product manufacturing, there are many advantages and disadvantages to using LED bulbs. Most notably they are very small, and can emit coloured light without using coloured filters. Their on/off time is quick too, and LEDs that are used in mobile phones or communication devices can have even quicker response times.