Ambient Assisted Living And Smart Home Market Expected to Reach $114.6 Billion by 2025
Research Reports
May 27, 2021
Ambient Assisted Living and Smart Home Market is expected to reach $114.6 billion by 2025 at a CAGR of 16.8% during the forecast period 2020-2025. Smart Home and Ambient Assisted Living (SHAAL) systems utilize advanced and ubiquitous technologies including sensors and other devices that are integrated in the residential infrastructure or wearable, to capture data describing activities of daily living and health related events. Advancement in smart technologies pertaining to smart homes and connected space mostly drives the market for the ambient assisted living. Additionally, the growing demand for managed care for old age population is also driving the market in the forecast period 2020-2025.
Ambient Assisted Living and Smart Home Market Segment Analysis – By product
Energy management system is growing at a highest CAGR of 20.2% in the forecast period. Energy management system is a smart electronic device that is used to manage the consumption of energy in households. This device enables the homeowners to efficiently monitor their energy requirements and to get an individual appliance’s electricity consumption pattern and power consumption data. Moreover the hardware part of the system includes a hub which can be mounted on an electrical board. The hub mediates between the software and the user, and can be operated virtually through a wireless device. It can also be connected to other smart devices at home. The software part of the system allows the user to monitor and customize the usage. It can be accessed through apps and web portals. In addition EMS interface can be specific to the effectiveness of the performance of the system or it can be dedicated to the mobility of the device. Hence these benefits are analysed to drive the market in the forecast period 2020-2025.
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Ambient Assisted Living and Smart Home Market Segment Analysis – By Service
Installation & Repair Services in Ambient Assisted Living and Smart Home is growing at a CAGR of 21.2% in the forecast period. Installation & maintenance involves setting up a system for a smart home and maintaining it in order to make the system more reliable and secure to operate. In addition the adoption of intelligent assistance-embedded consumer devices has increased rapidly over the last few years, owing to their advanced features, especially in terms of portability. Due to the rising adoption of personal assistants in smart homes, it is expected to create new opportunities for smart home installation service providers in the next few years. Moreover several consumers are adopting technologically-advanced devices, including artificial intelligence embedded devices such as smart TVs, smart speakers, and gaming devices. Hence these technology advanced devices open new opportunities for Installation & Repair Services in the forecast period 2020-2025.
Ambient Assisted Living and Smart Home Market Segment Analysis – By Geography
North America dominated the market by a market share of more than 35.5% in 2019, owing to the presence of developed economies such as U.S and Canada. In these countries the 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 nations have prioritized ambient assisted living and smart homes to enable the aging population to live longer and healthier. Moreover U.S and Canada organizations these days are implementing Ambient Assisted Living and Smart Home tools which are used in detecting and stopping potential insider threats of all kinds. Implementation of the Ambient Assisted Living and Smart Home helps enterprises in proactively keeping a tap on suspicious activities and mitigates risks right at its inception and stop data breaches, or at least minimize potential damages. Hence these benefits are analyzed to drive the market in the forecast period 2020-2025.
Ambient Assisted Living and Smart Home Market Drivers
Rising adoption of IoT in Smart Homes
The Internet of Things (IoT) has gained popularity among residential consumers owing to the benefits achieved by connecting household products to the internet. The IoT connects products, software algorithms, services, and end-users, enabling a smooth flow of data and making real-time decisions. It has proved its efficiency and has enhanced the quality and consistency of automation systems. Several companies worldwide are highly investing for the development of loT platform and related technology that can be deployed in smart home products. For Instance, in 2018 Cisco Systems, Inc. partnered with SAS Institute to develop an edge-to enterprise loT analytics platform. Using the Internet of Things technology, ambient assisted living and smart home utilize automation, and simplify our home environments to a large extent. Hence these factors drive the market growth in the forecast period 2020-2025.
Growing investments for smart cities and green buildings
Rising investments by governments of several countries including China, Germany, Brazil, India, Canada, South Korea and others for green building policies, smart city policies will drive the market in the forecast period. These initiatives will help in boosting the adoption of energy management smart devices including thermostats, smart meters, and smart plugs. Moreover several initiatives and projects have been launched by the government of different regions to promote the development of green buildings also drive the market growth. In 2019, Indian government plans to invest more than $ 1 billion to develop 100 smart cities across the nation. Similarly, U.S, U.K and China governments has taken proactive steps in making the policies for smart cities and the internet of things (IoT) that stimulates the China smart homes market. Hence these investments are analysed to drive the market in the forecast period 2020-2025.
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Ambient Assisted Living and Smart Home Market Challenges
High maintenance cost required
Although Ambient Assisted Living and Smart Home is growing at a rapid phase huge requirement of capital investment and significant maintenance costs restrain the growth of the smart home market and the inability of AAL devices to reach aged people living in small towns or villages restrain growth of the AAL market in the forecast period 2020-2025.
Ambient Assisted Living and Smart Home Market Landscape
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Ambient Assisted Living and Smart Home market. In 2019, the market of Ambient Assisted Living and Smart Home industry outlook has been fragmented by several companies. Ambient Assisted Living and Smart Home top 10 companies include Schneider Electric S.E., Ingersoll-Rand PLC, Legrand SA, Siemens AG, ABB Group, Honeywell International, Inc., Tunstall Healthcare Ltd., Koninklijke Philips N.V., Chubb Community Care and Caretech Ab among others.
Acquisitions/Technology Launches
In April 2019 – Honeywell has launched a comprehensive Smart Home Security System designed with families in mind. This platform features a high-definition camera, facial recognition, two-way audio, motion sensors, night vision and Amazon Alexa built in.
Key Takeaways
North America dominated the market by a market share of more than 35.5% in 2019, owing to the presence of developed economies such as U.S and Canada. In these countries the demographic change is being recognized and the problem is increasingly being addressed both from the societal and economic point of view.
Rising investments by governments of several countries including China, Germany, Brazil, India, Canada, South Korea and others for green building policies, smart city policies will drive the market in the forecast period.
Ambient Assisted Living and Smart Home top 10 companies include Schneider Electric S.E., Ingersoll-Rand PLC, Legrand SA, Siemens AG, ABB Group, Honeywell International, Inc., Tunstall Healthcare Ltd., Koninklijke Philips N.V., Chubb Community Care and Caretech Ab among others.
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