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In
developed countries such as North America and Europe, the old age
dependency ratio, which is the number of elderly population with
respect to the working population is rising. This demographic change
is being recognized and the problem is increasingly being addressed
both from the societal and economic point of view. To support the
aging population, governments of these developed nations have
prioritized ambient assisted living and smart homes to enable the
aging population to live longer, healthier, and active and remain
socially connected. This factor is expected to majorly drive the
growth trajectories of the global ambient assisted and smart home
market. Further, increasing mobility allowing more people to get
connected with electronic devices and gadgets in their homes coupled
with increasing consumer acceptance to use these features (which is
in turn supported by a higher purchasing power, are some of the major
factors projected to help drive the growth of the market over the
forecast period. The ease of monitoring and controlling home
appliances with improved efficiency and at any point of time will
increase consumers’ acceptance to use ambient assisted living and
smart homes and therefore push the growth of the market. Advent of
internet of things coupled with drop in prices of Wi-Fi routers are
also likely to help drive the growth of the market.
However,
issues related to breach of security and low network connectivity are
likely to hamper the growth of the market.
The
global ambient assisted living and smart home market has been
segmented based on product type and region.
Based
on product type, the market has been divided into energy management
systems, HVAC control, telemonitoring, consumer electronics, medical
assisted products, security and access controls, and others. Medical
assisted products segment is expected to expand at the highest CAGR
owing to increasing aging population and rise in need for efficient
healthcare services. Security and access controls segment is likely
to hold significant market share during the forecast period.
Based
on region, the global ambient assisted living and smart home market
is segmented into North America, Europe, Asia Pacific, Middle East &
Africa, and Latin America. North America followed by Europe is
expected to have considerable market share owing to a large aging
population base. Further, these two developed countries are
technologically advanced and have higher purchasing power, enabling
an increasing facilitation of ambient assisted living and smart home
services. However, Asia Pacific is expected to expand with the
highest CAGR owing to improved standard of living and purchasing
power of the population which has helped in improving the acceptance
of the population for ambient assisted living and smart home
services. Asia Pacific has also been witnessing a technological
revolution coupled with cheap labor, enabling large scale companies
to set up their production base in this region. Countries such as
China, Korea, Australia, Japan, and India are likely to drive the
growth of the market in Asia Pacific.
Some
of the key players operating in this market are Siemens AG (Germany),
Schneider Electric S.E. (France), Legrand SA (France), Honeywell
International, Inc. (U.S.), Koninklijke Philips N.V. (Netherlands),
Tunstall Healthcare Ltd. (U.K.), Assisted Living Technologies, Inc.
(U.S.), CareTech AB (Sweden), Vitaphone GmbH (Germany), and ABB Group
(Switzerland) among others.
The
report offers a comprehensive evaluation of the market. It does so
via in-depth qualitative insights, historical data, and verifiable
projections about market size. The projections featured in the report
have been derived using proven research methodologies and
assumptions. By doing so, the research report serves as a repository
of analysis and information for every facet of the market, including
but not limited to: Regional markets, technology, types, and
applications.
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