Ambient Assisted Living Market Trends, Emerging Audience, Segments, Profits and Competitor Landscape | Impact of COVID-19

 Market Scenario

The ambient assisted living is flourishing as a new trend along with smart homes. It can be defined as a system that delivers aid and assistance to the elderly population. These systems are designed to assist old age and differently-abled population to live independently. As the age increases, the risk of health also increases and so does the need for the continuous need for monitoring and medical assistance. The ambient assisted living market is expected to grow swiftly due to the advancement in the internet of things technologies and equipment for the smart home. Growing demand for managed care for the old population is one of the major factor driving the Ambient Assisted Living Market.

In 2017, globally, the Ambient Assisted Living Market is registered as USD 2 billion and during the forecast period (2021-2028), it is expected to reach a market value of USD 13 billion with a growing CAGR of 19%.

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. Many government in different countries are engaging in various activities and initiatives related to ambient assisted living. The market for an ambient assisted living is staged to evolve in three stages of evolution. The first generation includes, wearable devices, emergency response system, and user-initiated alarms and the 2nd generation includes home sensors and automatic response systems. Third generation of the automation systems have not come out yet.

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Considering the adoption rate of smart homes, the global household penetration has increased from 8% to 9% from 2016 to 2017. The products used in a smart home are wearable devices, home automation, devices for wellbeing, fitness, media & entertainment, home & personal security, and smart energy. The United States has seen the highest penetration rate of nearly 5% from the previous year. However, the U.K is closely following with an adoption rate of 3%. Considering ambient assisted living, which is an integral part of smart homes, with the higher smart home adoption, the market for ambient assisted living is estimated to flourish. Although the market mostly caters to the needs of the elderly population, the smart homes provide a better means of managing energy, resources, processes, and connectivity between the devices.

Segmentation

The Ambient Assisted Living market is segmented into system, sensors, and services.

Based on the system, the ambient assisted living market is sub-segmented into safety and security system, communication system, medical assistance system, power management system, entertainment, transportation and communication system, and others. The sensor segment is subdivided into temperature sensors, occupancy sensors and others. By services, the market is sub-categorized into customization & renovation and installation & repair.

Key Players

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).

Key Findings

  • Global Ambient Assisted Living Market has generated USD 2 billion in 2017 and is expected to reach a market value of USD 13 billion by 2027 growing with 19% CAGR.
  • By System, communication system is dominating the ambient assisted living market in 2017 whereas, Medical assistance systems is projected to be the fastest growing segment mounting with 22% CAGR
  • By Sensors, occupancy sensor is dominating the market in 2017 whereas, temperature sensors are expected to grow with 18% CAGR.
  • Geographically, North America region has been projected to hold the largest market share in the market whereas, Europe is expected to be the fastest growing market for Ambient Assisted Living.

Regional Analysis

For this study, Market Research Future has segmented the global Ambient Assisted Living market in four different regions namely, North America, Europe, Asia Pacific, and the Rest of the World.

Global Ambient Assisted Living market, by region is led by North America in 2017.  The increasing adoption of smart homes and high technical expertise are the major reasons for the dominance of North America in the market. U.S. is leading the market whereas Canada is expected to witness high growth rate in the coming future. Followed by Europe which is projected to grow with fastest growing CAGR. Asia-Pacific is considered to be the second fastest growing region due to increasing adoption of smart homes and network improvement in the region.

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