Market Scenario
As per the latest study conducted by Market Research Future (MRFR), the global ambient assisted living market reached USD 2 Bn in 2017 and this figure is expected to grow to USD 13 Bn by 2027. The market will reflect a compound annual growth rate (CAGR) of 19% during the forecast period. The ambient assisted living is a thriving technology and its popularity is partly ushered by the smart-home boom.
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Key Players
The Global Ambient Assisted Living Market Size 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).
Segmental Overview
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.
Regional Analysis
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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