Market Overview
In its research report, Market Research Future (MRFR), emphasizes that the global ambient assisted living market 2020 is expected to grow exponentially, securing a substantial market valuation from USD 2 Billion in 2017, to USD 13 Billion by 2027, and a healthy 19% CAGR over the review period.
Drivers and Restraints
The Ambient assisted living is flourishing as a innovative trend along with smart homes. As the age rises, so does the risk of infection and so does the need for continuous supervision and medical assistance. Owing to the expansion of smart home technology and appliances in the internet, the Ambient Assisted Living Market Analysis is expected to expand rapidly. Rising demand for managed care for the elderly is one of the major factors driving the environmentally assisted living market.
Advancement in new technology relating to smart homes and wired room drives more the demand for the environmentally assisted living. However, the market is also driven by the rising demand for managed care for the elderly. Many governments in different countries are engaging in various activities and initiatives related to ambient assisted living. The products used in a smart home are home automation, wearable devices, devices for wellbeing, fitness, home & personal security, media & entertainment, and smart energy.
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Key Players
The Global Ambient Assisted Living Market Analysis 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).
Segmentation
- Based on the system, the ambient assisted living market is segmented into communication system, medical assistance system, safety and security systems, transportation, power management system, entertainment, and communication system, and others. By system, the communication system is dominating the ambient assisted living market in 2017, whereas Medical assistance systems are projected to be the fastest-growing segment mounting with 22% CAGR. The sensor segment is divided into temperature sensors, occupancy sensors, and others. an occupancy sensor is leading the market in 2017, whereas temperature sensors are expected to grow with 18% CAGR.
- By services, the market is categorized into customization & renovation and installation & repair.
Regional Analysis
The geographical overview of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world.
Global Ambient Assisted Living market Analysis, by region, was led by North America in 2017. Throughout the forecast period, North America is projected to hold the largest market share and lead the environmentally assisted living market. The growing adoption of smart homes and high technological know-how are the critical reasons for North America's supremacy in the industry. The U.S. is the industry leader, while Canada is expected to see a steady rate of growth in the future. North America is Followed by Europe that is expected to grow with the fastest-rising CAGR. Asia-Pacific is regarded as the second fastest-growing market due to the rising adoption of smart homes and expanding networks in the region. European countries' governments are taking numerous steps to enhance the quality of life of the elderly and to boost Europe's manufacturing base through the use of information and communication technology, promoting numerous life-assisted programs in the area. Europe competes intensely with North America in order to stay at the top spot in the global environmentally assisted living market. The fastest-growing region is projected to be The Asia Pacific. However, it is expected that this market will be dominated by the North American region.
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