Global Assisted Living Market to Capture 19% CAGR Between 2017 and 2027
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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Integration of smart technologies in home appliances and expansion of the connected environment is facilitating a faster adoption of ambient assisted living. Other factors such as introduction of favourable policies and growing emphasis on continuous health monitoring are extremely relevant to ambient assisted living. The adoption rate of smart home has continued to improve in recent years. Between 2016 and 2017, the global household penetration of smart-homes increased from 8% to 9%. Some of the common products in smart home include home automation, fitness, home & personal security, wearable devices, smart energy, media & entertainment and devices for wellbeing. The penetration rate in the U.S. has been the highest for these products.
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. On the basis of system, the market has been segmented into communication system, power management system, transportation and communication system, safety and security system, entertainment, medical assistance system and others. The communication system segment accounts for a significant share of the market. The medical assistance systems segment is also projected to remain lucrative in the forthcoming years. In addition, the segment is projected to post a strong CAGR of 22% during the forecast period.
North America Largest Market for Global Ambient Assisted Living Market
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.
Competitive Analysis
Key players operating in the global ambient assisted living market include Honeywell International, Inc. (U.S.), Ingersoll Rand Plc. (Ireland), ABB Group (Switzerland), Chubb Community Care (U.K.), Panasonic Corporation (Japan), Assisted Living Technologies, Inc. (U.S.), Legrand SA (France), Telbios (Italy), Siemens AG (Germany), Televic N.V. (Belgium), Gnomon Informatics S.A. (Greece).
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