Ambient assisted living and smart homes provide a comfortable standard of living. Ambient assisted living refers to the assistance of technology, electronic systems, products and services which guide and uplift the daily lives of people who need support and help those who demand a better and improved standard of living. This concept is comparatively new in the information, communications and technology sector which helps the daily life of people especially the elderly for independent and monitored living. Smart homes refer to automation of homes which are equipped with information and computing technology devices which respond to the owners’ requirement in a much more efficient manner. Smart homes control and monitor air conditioning and security systems, lighting, and home appliances such as ovens, dryers, refrigerators and others, ventilation, control of heating and others with the help of Wi-Fi and internet of things. The global ambient assisted living and smart home market is fragmented with the presence of numerous large scale and medium scale companies operating in the market.
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.
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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.