Ambient assisted living is a part of ambient intelligence technology which is growing at a very rapid pace. Ambient intelligence refers to computing technology which is highly sensitive and responsive to the presence of people. This is the technology which is making smart homes a reality, however, the applications are wide and varied, and among them is ambient assisted living. Ambient assisted living is designed as a smart home system that is especially focused on providing aid to consumers of the geriatric demographic. Market Research Future has released a report which examines the details and growth patterns displayed by the Covid-19 Impact on Ambient Assisted Living Market. Valued at USD 2 Bn in 2017 the global market is on track to achieve a CAGR of 19% during the assessment period from 2018 to 2027. This is predicted to result in a market value estimated at USD 13 Bn by the end of 2027.
The growing demand for managed care and the availability of well-developed assisted living facilities have led to the demand for better care of the elderly population. With age, there are often a number of health risks that require constant monitoring. Ambient assisted living is expected to tackle several problems with assisted living and provide a higher level of care. Notably, the advancement in IoT technologies and adoption of smart homes including the easy availability of relevant equipment has given rise to the demand for ambient assisted living. The sophistication of smart devices and smart homes is driving the market. Moreover, many people are concerned with the management of their elderly relatives or parents care. Development of ambient assisted living to support this is also driving growth. Local governments in various countries are actively engaging and supporting the adoption of ambient assisted living. The geriatric population across the globe is rising and with it the number of degenerative diseases that are prevailing. The market for ambient assisted living is expected to evolve over various stages with the first generation being wearable devices, emergency response systems and user initiated alarms. The next-gen includes home sensors and automatic response systems to maintain the safety of elderly consumers.
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The Global Ambient Assisted Living Market consist of large number of players including - Assisted Living Technologies, Inc. (U.S.), Honeywell International, Inc. (U.S.), Siemens AG (Germany), Ingersoll Rand Plc. (Ireland), Legrand SA (France), ABB Group (Switzerland), Gnomon Informatics S.A. (Greece), Chubb Community Care (U.K.), Televic N.V. (Belgium), Telbios (Italy), and Panasonic Corporation (Japan).
MRFR’s report includes a thorough segmental analysis of the global ambient assisted living market based on services, sensors and system.
Based on services, the market has been segmented into installation & repair, and customization & renovation. Based on sensors, the market has been segmented into occupancy sensors, temperature sensors and others. The occupancy sensors segment commanded the highest market share in 2017 and a similar trend was noticed in 2018. Meanwhile, the temperature sensors segment is projected to exhibit a relatively faster CAGR during the forecast period. On the basis of system, the market has been segmented into communication system, power management system, transportation and communication system, safety and security system, entertainment, medical assistance system and others. The communication system segment accounts for a significant share of the market. The medical assistance systems segment is also projected to remain lucrative in the forthcoming years. In addition, the segment is projected to post a strong CAGR of 22% during the forecast period.
On the basis of region, the global ambient assisted living market has been segmented into Europe, Asia Pacific (APAC), North America and the Rest of the World (RoW). North America accounts for the most significant market share in terms of revenue. Rising boom in smart homes across North America and high technical expertise are two of the major factors driving the market growth in North America. The U.S. makes the largest contribution to the market in North America in terms of revenue. North America is followed by Europe and Asia Pacific (APAC). In addition, the market in Europe is expected to capture the highest CAGR during the forecast period. Growth of the market in APAC will be primarily driven by the fast expansion of telecom networks and increasing investment in smart city projects.
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TABLE OF CONTENTS
1 Market Introduction
1.2 Scope Of The Study
1.2.1 Research Objective
1.3 Market Structure
2 Research Methodologies
2.1 Research Process
2.2 Primary Research
2.3 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Dynamics
3.2 Market Growth Factors
3.2.1 Advancement And Adoption Of Smart Home Technology
3.2.2 Growing Demand Of Managed Care For Old Age Population
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