Ambient Assisted Living and Smart Home Market Size to Grow at a CAGR of 16.8% During the Forecast Period 2021-2026

Ambient Assisted Living And Smart Home Market

(IT-NEWSWIRE.COM, December 11, 2021 ) The Ambient Assisted Living And Smart Home Market size is analyzed to grow at a CAGR of 16.8% during the forecast 2021-2026 to reach $114.6 billion by 2026. Ambient Assisted Living And Smart Home is a broad concept that offers specialized assistance to geriatric and people with disabilities to stay active longer, remain socially connected, and live independently. The penetration of IoT into industrial as well as commercial sectors and emerging Ambient assisted living (AAL) wireless networks technologies for enabling people to age well are gaining momentum. Moreover, the demand for sophisticated electric power distribution at home, along with more precise AAL solutions and Smart Personal Objects Technology services such as telecare, health monitoring systems, medical sensors, telehealth, mHealth, wandering prevention systems, Smart Personal Objects Technology, mobility assistance (positioning or localization), fall detection systems, lighting control and more, are driving the market. Owing to demand for Dynamic voltage restoration solution along with the expansion of smart home appliances for managed services, the Ambient Assisted Living And Smart Home industry is estimated to grow rapidly.

Ambient Assisted Living And Smart Home Market Segment Analysis – By Offerings

By offering type, the Ambient Assisted Living And Smart Home market is segmented into Hardware, Software systems and Solution. The hardware segment is analyzed to grow at the highest CAGR of 5.5% during the forecast period 2021-2026, owing to the increasing demand for smart assistance that provides more personal and intuitive experiences to the user. In January 2019, Samsung unveiled adorable little “Bot Care” robots, designed as the personal health robot. These artificially intelligent smart robots is designed for customizable at-home medical support as it can perform a plethora of useful activities, including talk, detect falls, administer medicine, monitor blood pressure, and other key health indicators. Thus, the rising penetration of next-generation innovation, with AI promotes smart assistance to offer support, specifically to geriatric community and people with disabilities. In September 2019, Medisana, the Germany-based healthcare company exhibited its Smart Home Care Robot ‘Medisana Temi’, which is designed to offer assistance to people to live independently. Therefore, all these launches of Home Care AI platforms are some of the pertinent factors that are influencing the growth of the Ambient Assisted Living And Smart Home Market.

Ambient Assisted Living And Smart Home Market Segment Analysis – By Application

By type, the Ambient Assisted Living And Smart Home is segmented into Safety & Security, Communication, Medical Assistive, Mobility, Telemonitoring or Telemedicine, Compensatory Impairment, Consumer Electronics/Multimedia, Others. The Medical Assistive segment is analyzed to grow at the highest CAGR of 9.2% during the forecast period 2021-2026. The rising prominence of the ambient assisted living market due to the rising awareness and investment to enable elderly and differently-able population is driving the market significantly. In October 2020, Comcast’s Quil Health launched in-home sensor technology for aging seniors in collaboration with Independence Health Group. Quil Health is expanding its reach across various home health care sections with a new sensor-based technology platform, which are aimed at providing assistance to aging seniors and their caregivers. All these factors, such as Dynamic voltage restoration system and Smart Personal Objects Technology solution in association with smart home services as well as the continuous need of monitoring patient vitals and enabling comfortable living environments boost the Ambient Assisted Living And Smart Home industry size.

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Ambient Assisted Living And Smart Home Market Segment Analysis – By Geography

North America dominated the market by a market share of more than 38.2% in 2020, followed by Europe, owing to the prevalent demand for assisted living services for elderly homes, specifically in the U.S.A and Canada, along with significant government investments for advancing IoT Wearable Sensors and Devices in Elderly Care sectors are estimated to drive the market in these regions. In December 2019, worldwide provider of IvedaAITM video analytics, IoT platform, smart devices, Iveda® collaborated with People Power, a leading IoT (Internet of Things) software company specializing in senior care, security and energy management to offer advanced IoT integrated senior care solutions. People Power enhanced the sales channel portfolio of Iveda and this strategic collaboration supports Iveda’s entry into the consumer and institutional senior care markets. In order to enable the aging population to live healthier and quality lives, in October 2019, WHO launched a package of tools, including a digital application to help health and social workers to provide better care for older people. Therefore, these launches and acquisition in reference to the Ambient Assisted Living (AAL) are becoming increasingly important for the elderly to live independently are driving the growth of Ambient Assisted Living And Smart Home market.

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Ambient Assisted Living And Smart Home Market Drivers

Growing aging population

Due to the increasing life expectancy, pioneering a more customized assistant to improve quality of life for elderly people is continued to accelerate the market positively. Many governments in various countries are engaging in initiatives related to strengthening assisted living environments to support large groups of people with disabilities to live life independently for longer. Moreover, the significant launches of IoT-Enabled Medical Wearable Sensor to empower the ambient assisted living market for the rising demand for managed care is also estimated to drive the market. In February 2019, a leading provider of connected healthcare solutions known as VivaLNK launched a IoT-enabled medical wearable Sensor Platform. The platform offers a complete range of sensors, edge computing technologies, and an Internet of Health Things (IoHT) data cloud for early detection of patient health deterioration and potential falls. Therefore, the demand for assisted living services for the growing aging population and rising complex health conditions across North America, Europe, and some parts of Asia is estimated to surge the Ambient Assisted Living And Smart Home market.

Increasing adoption of Smart Home Automation solution

The rising adoption of smart homes solutions for personalized residential applications along with the increasing demand for remote operation convenience accelerate the market growth in the forecast period. Moreover, there are a plethora of sophisticated wireless control devices and smart appliances accelerate the market growth. In January 2019, Google announced the launch of a new set of tools called Google Assistant Connect to offer a convenient solution for device manufacturers to integrate with Google Assistant technology, while a device needs to respond to voice commands. In fact, the huge advantages of the connected devices and remarkable transformation in the digital world contribute to accelerate the growth of the Ambient Assisted Living And Smart Home market.

Ambient Assisted Living And Smart Home Market Challenges

Expensive AAL solutions and concerns with Integration Capability

Despite the potential advantages and fundamental capabilities of Ambient Assisted Living And Smart Home solution, the immense expenditure for installation and the integration capacity limitation hinder the growth of the Ambient Assisted Living And Smart Home market outlook. These two primary challenges are analyzed to obstruct the growth as for effective response, integrated and applied health care services for assisted living turns out to be a pricey product.

Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Ambient Assisted Living And Smart Home market. The key players in the market include Abb Ltd, Schneider Electric S.E., ADT Inc, Siemens AG, Honeywell International, Inc., Lutron Electronics Co, Tunstall Healthcare Ltd., CarePredict, Leviton Manufacturing Company and among others.

Acquisitions/Technology Launches/Partnerships

In January 2020, the Home security and automation firm called ADT Inc. launched Blue, the first do-it-yourself DIY Home Security Platform. This DIY home security product includes sensors, cameras and various hubs for professional monitoring and storage to address comfort and convenience.

In January 2019, CarePredict, the leading digital health company launched AI-Powered Platform, CarePredict @Home for Seniors Aging. The CarePredict’s end-to-end AI platform offers an in-home senior care program, which includes unique kinematics to quantify daily activities performed by older adults and predict health conditions.

Key Takeaways

North America dominated the market by a market share of more than 38.2% in 2020, owing to the prevalent demand for assisted living services for elderly homes, specifically in the U.S.A and Canada, along with significant government investments for advancing IoT Wearable Sensors and Devices

The hardware segment is analyzed to grow at the highest CAGR of 5.5% during the forecast period 2021-2026, owing to the increasing demand for smart assistance that provides more personal and intuitive experiences to the user.

The rising adoption of smart homes solutions for personalized residential applications along with the increasing demand for remote operation convenience accelerate the market growth in the forecast period.

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Ambient Assisted Living and Smart Home Market Size to Grow at a CAGR of 16.8% During the Forecast Period 2021-2026