Global Ambient Assisted Living and Smart Home Market by Product (Energy Management System, Entertainment Control, Security and Access Control, and HVAC Control ), By Service (Installation and Repair Services, Customization and Renovation), Based on System (Safety and Security Communication , Medical Assistive, Mobility, Telemonitoring or Telemedicine, Compensatory Impairment, Others), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032
- Published date: July 2023
- Report ID: 104351
- Number of Pages: 219
In 2022, the Global Ambient Assisted Living and Smart Home Market was valued at USD 83.50 Billion, and is expected to reach USD 618.5 Billion by 2032 Between 2023 and 2032, this market is estimated to register the highest CAGR of 22.8%.
Ambient assisted living and smart homes offer comfortable living. Ambient assisted living is the application of advanced technologies and smart computing devices to improve people’s secure lives. This concept is new in the information, communication, and technology market. It helps people live independently with minimal supervision.
Smart homes are automated residences equipped with advanced computer technology and information systems that can adapt to the individual needs of their owners. Wi-Fi and Internet things are used to power smart homes and monitor air conditioning, surveillance systems, lighting, and appliances such as ovens, dryers, and refrigerators. They also control ventilation, heating, and other functions. There are many large and medium-sized companies competing in this market.
The global ambient assisted living market and smart home market will see significant growth over the forecast period. Ambient assisted living, along with smart homes, is growing in popularity worldwide due to its many benefits. The market for ambient assisted living is expected to grow worldwide due to the advances in the Internet of belongings technology as well as smart home appliances.
Entertainment Control Held the Largest Shares in This Market
The ambient assisted living market and smart home can also be classified on the basis of product HVAC control, energy management systems, entertainment control, security &control, and others. With a revenue share of 40.1% in 2022, the entertainment control category led the market and is anticipated to hold that position throughout the forecast period. The use of smart home technology is rising as a result of the rising popularity of AI assistants like Alexa and Siri.
Many businesses are releasing smart home products that work with voice assistants like Google Home and Amazon Alexa. For instance, both Google Home and Amazon Alexa are compatible with Lux Products Corporation’s Kono Smart Thermostat. Additionally, there has been a movement toward streaming video and audio material in recent years, and this is probably going to continue. The demand for products like smart TVs and streaming services is thus expected to rise.
Based On Services
Installation and Repair Services Dominate the service Segment in Ambient Assisted Living Market
The service market can be divided by service type into customization & restoration and installation &repair. The market is expected to be dominated by installation & repair services, which will account for the largest percentage of the total market. However, customization and restoration services are expected to increase at a faster rate during the forecast period.
Due to increased demand for energy management system and protection & access control devices, HVAC controls and entertainment controls is driving the development of smart homes. These products are preferred by customers who want standard products rather than customized ones. Additionally, they prefer to purchase services that are less expensive for connecting and repairing their product within the warranty period.
Based on System
Safety and Security Segment Dominate the Market
on the basis of system type, the ambient assisted living and smart homes market is segmented into medical assistance products, safety and security, compensatory impartments, telemonitoring, communication devices, mobility, and others. The safety and security segment dominated the system segment in the market, accounting for a large share. The segment is expected to see the fastest growth over the forecast period.
This is due to the growing demand for smart fall detection and medical alert systems. The segment continues to grow due to rising falls. Advanced technologies also help this segment for expansion of the market. The market for medical support will experience a lot of growth in the future. The segment growth is also supported by growing demand for home-care products such as glucose monitors and medication reminders. Telemonitoring is growing in popularity, particularly during the pandemic. The improvement in the refund of telehealth services helps market growth.
Key Market Segments
Based on Product
- Energy Management System
- Entertainment Control
- Security and Access Control
- HVAC Control
- Installation and Repair Services
- Customization and Renovation
Based on System
- Safety and Security Communication
- Medical Assistive
- Telemonitoring or Telemedicine
- Compensatory Impairment
The Market is Drive by Increasing Mobility and Smart Electronic Devices
The presence of government agencies in developing countries is the key driver of the acceleration of ambient assisted living and smart home market. They have arranged the presence of such systems for the elderly and disabled populations. The market will grow because it is easy to monitor and control home appliances. The market has seen a rise in mobility and smart electronic devices that can be connected to applications and devices at home, which has supported its growth. The market is also being derived by the increasing number of new start-ups. This market is also being driven by the investment of many companies.
Low Network Connectivity and Security Hamper the Market Growth
The problems related to using low network connectivity and security help to hinder the growth of Ambient Assisted living and the smart home market. The expensive devices for manufacturing and launching in the market have restrained the growth of the market. This restraint is analyzed to hamper the growth of the market as for effective response, Useful health care services for ambient assisted living and smart home turns out to be expensive product.
The Increasing Healthcare Sector Investments and Awareness Help to Accelerate the Market Growth
Due to the increasing healthcare industry in developing countries like Brazil, India, and South Africa, the ambient assisted living and smart-home industries are also increasing; such is their demand. These countries require improvement in their healthcare sector due to the quickly increasing geriatric population, rising per capita incomes, high patient numbers, and rising awareness. These market have increased their investment in healthcare infrastructure and facilities. The market is expected to grow because of the increasing number of applications for ambient assisted living and smart products in the healthcare industry.
Increasing Chronic Diseases and Growing Aging Population Are Expected to Drive the Market Growth
Wireless sensors and cellular networks are now a significant part of the ambient assisted living and smart home market, which helps with the rapid development of communication networking technologies. It is widely used in industrial applications. Ambient assisted living and the smart home market have been programming drones to monitor citizens’ health and help them with their daily lives. Drones are capable of delivering routine test kits and refilling medication.
Also, the Global ambient assisted living and smart home market can be greatly improved by drones’ ability to prevent cardiac arrests and ensure individuals’ safety. Geriatric population is more likely to develop chronic diseases. Oxford predicts that from the past few years in, the French 65-year-old population will continue to grow, and the market might be positively affected by the increase in older adults.
COVID-19 Impact Analysis
More individuals are searching for methods to live more safely and comfortably in their homes as a result of the COVID-19 epidemic, which has raised demand for this technology. In response to the COVID-19 catastrophe, the ambient assisted living and smart home industries have launched cutting-edge goods and services that address the changing requirements of people during the pandemic.
The North America Region Holds the Largest Market Share and is Expected to Follow the Same Trend over the Forecast Period
North America is the market leader in smart homes and ambient assisted living because of the presence of emerging economies. These regions are now recognizing the need for demographic transition, and this issue is slowly becoming a priority for ambient assisted living and smart homes. In the United States and Canada, companies are also using smart home and ambient assisted living software to detect and prevent insider attacks.
Smart home technology and ambient assisted living can be used to assist businesses in monitoring criminal technology and possible threats. This will help to prevent or minimize security breaches. This is expected to increase demand for smart home and ambient assisted living technology over the forecast period. Europe will show the fastest CAGR. Asia-Pacific is considered the fastest developing area due to increased acceptance of smart home technology and improvements to infrastructure.
Key Regions and Countries
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
Key Players Analysis
Emerging key players are focused on a variety of strategic policies to develop their respective businesses in foreign markets. Several Ambient Assisted Living and Smart Home market companies are concentrating on expanding their existing operations and R&D facilities. Furthermore, businesses in the ambient assisted living and smart home market are developing new products and portfolio expansion strategies through investments and mergers, and acquisitions. In addition, several key players are now focusing on different marketing strategies, such as spreading awareness about natural ingredients, which is boosting the target products’ growth.
Market Key Players
With the presence of many local and regional players, the market for Ambient Assisted Living and Smart Home Market is fragmented. Market players are subject to intense competition from top market players, particularly those with strong brand recognition and high distribution networks. To stay on top of the market, companies have gained various expansion strategies such as partnerships and product launches.
Listed below are some of the most prominent Global Ambient Assisted Living and Smart Home Market players.
- Honeywell International, Inc.
- Televic N.V.
- Ingersoll Rand Plc
- Legrand SA
- ABB Group
- Tunstall Healthcare Ltd
- Apria Healthcare
- Sensara BV
- GETEMED AG
- Assisted Living Technologies Inc.
- Vitaphone GmbH
- Other Key Players
May 2022: Honeywell, Narayana Hrudayalaya Limited (Narayana Health), has signed a non-binding Memorandum of Understanding in order to evaluate, assess, and pursue digital transformation opportunities. This will enable Narayana Health, an innovative healthcare provider, to provide affordable healthcare for all. The MoU will be determined by the final agreements between Honeywell Health and Narayana Health.
March 2022: Rockley Photonics and Medtronic will team up to create the next-generation wearable health monitoring devices. The partnership will enable Rockley’s Bioptx sensor platform for biomarker monitoring to be integrated into Medtronic products in various healthcare settings. It offers an all-encompassing sensor platform that combines artificial intelligence, cloud analytics, and AI to offer a complete evaluation of multiple situations.
Report Features Description Market Value (2022) US$ 83.50 Bn Forecast Revenue (2032) US$ 618.5 Bn CAGR (2023-2032) 22.8% Base Year for Estimation 2022 Historic Period 2016-2022 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Product (Energy Management System, Entertainment Control, Security and Access Control, HVAC Control); By Service (Installation and Repair Services, Customization and Renovation); Type (Safety and Security, Communication, Medical Assistive, Mobility, Tele monitoring or Telemedicine, Compensatory Impairment, Others); By End User Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA Competitive Landscape Honeywell International, Inc., Televic N.V., Ingersoll Rand Plc, Legrand SA, ABB Group, Tunstall Healthcare Ltd, Apria Healthcare, Sensara BV, GETEMED AG, Assisted Living Technologies Inc., Vitaphone GmbH, Other Key Players Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF)
Frequently Asked Questions (FAQ)What is The Current Size of Ambient Assisted Living and Smart Home Market?
In 2022, the Global Ambient Assisted Living and Smart Home Market was valued at USD 83.50 Billion, and is expected to reach USD 618.5 Billion by 2032 Between 2023 and 2032.What Will be The CAGR of Global Ambient Assisted Living and Smart Home Market?
The global Ambient Assisted Living and Smart Home market is expanding growth at a CAGR of 22.8% from 2022 to 2032.What Are The Major Players Operating in The Ambient Assisted Living and Smart Home Market Market?
Honeywell International, Inc., Televic N.V., Ingersoll Rand Plc, Legrand SA, ABB Group, Tunstall Healthcare Ltd, Apria Healthcare, Sensara BV, GETEMED AG, Assisted Living Technologies Inc., Vitaphone GmbH, Other Key Players
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