DUBLIN–(BUSINESS WIRE)–The “Ambient Assisted Living And Smart Home Market Size, Share & Trends Analysis Report By Smart Home Products, By Ambient Assisted Living Type, By Service, By Smart Home Protocol And Standard, By Region, And Segment Forecasts, 2023 – 2030” report has been added to ResearchAndMarkets.com’s offering.
The global ambient assisted living and smart home market size is anticipated to reach USD 645.19 billion by 2030 and is expected to expand at a CAGR of 29.7% from 2023 to 2030.
GETEMED Medizin- und Informationstechnik AG
House Intelligence GmbH.
Loxone Electronics GmbH
EnOcean Alliance Inc.
Koninklijke Philips N.V.
The growing popularity of the internet and smartphones fuels the demand for internet and smartphone-connected smart home devices. With the rise of digital assistants like Alexa, Google Assistant, Siri, and Bixby, smart home devices can be operated and controlled using voice commands.
These virtual assistants’ offer features, such as control Bluetooth connectivity and hands-free channel browsing are driving the market growth.
The demand for Ambient Assisted Living (AAL) systems, devices, and applications for personalized health tracking and telehealth services is significantly rising owing to increasing healthcare costs, and AAL systems can help to reduce the costs by enabling remote monitoring and reducing hospital readmissions.
Rising awareness of health systems and concepts such as electronic medical records, mobile medical applications, and others is laying the foundation for personal medical monitoring.
Ambient Assisted Living And Smart Home Market Report Highlights
Based on the ambient assisted living type, the safety & security segment held the largest revenue share of 20.9% in 2022. The rise in the usage of wearable devices among consumers is also supporting the market growth. Wearable devices help in improving safety, health, and quality of life for the elderly and consumers requiring assistive care. The compensatory impairment segment is expected to witness the highest CAGR rate of 30.9% during the forecast period. The high prevalence of consumers with disabilities coupled with advancements in smart home automation is likely to drive the demand for the segment.
Based on the service, the installation and repair service segment held the largest revenue share of 55.4% in 2022 and is expected to maintain its position over the forecast period. As the demand for smart home technology continues to grow, the need for installation and repair services is also increasing. These services help homeowners install and set up their smart home devices, as well as troubleshoot and repair any issues that arise.
The customization and renovation is anticipated to witness the highest CAGR rate of 30.4% during the forecast period. Customization and renovation services can help individuals create living spaces that are safe, comfortable, and functional while also incorporating features that promote health and wellness.
Based on the smart home protocol and standard, the modbus segment held the largest revenue share of 31.3% in 2022 and is expected to maintain its position over the forecast period. As more IoT devices are developed for use in smart homes, the need for a communication protocol that can connect these devices to other systems is becoming more critical. The power line communication segment is anticipated to witness the highest growth rate of 32.9% during the forecast period. The deployment of 5G networks is expected to drive the growth of the smart home market, as it is expected to offer faster and more reliable communication between devices.
North America dominated the market with a share of 33.8% in 2022 and is anticipated to retain its dominance over the forecast period. Development in sensors for the elderly and the growing adoption of connected devices is driving the sales of smart home solutions in the region. For instance, Origin Wireless, Inc., U.S. based home monitoring and automation company, offers home monitoring devices equipped with non-line-of-sight (NLOS) sensing, which provides sleep insights, fall detection, wander, and sends alerts to caregivers.
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Ambient Assisted Living and Smart Home Industry Outlook
3.1 Market Lineage Outlook
3.1.1 Parent market outlook
3.2 Market Size, Penetration, and Growth Prospect Mapping
3.3 Regulatory Scenario
3.4 Ambient Assisted Living and Smart Home Market – Market Dynamics
3.4.1 Market driver analysis
188.8.131.52 Growing demand for energy-saving and low-carbon emission-oriented solutions
184.108.40.206 Rising demand for remote patient monitoring devices and telehealth
3.4.2 Market restraint/challenge analysis
220.127.116.11 Increase in security breach and low network connectivity
3.4.3 Market opportunity analysis
18.104.22.168 Rising government initiatives in development of green building policies and smart city policies
3.5 Ambient Assisted Living and Smart Home Market – Porter’s Five Forces Analysis
3.6 Ambient Assisted Living and Smart Home Market – PEST Analysis
3.7 COVID-19 Impact on the Ambient Assisted Living and Smart Home Market
Chapter 4 Ambient Assisted Living and Smart Home By Smart Home Products Outlook
Chapter 5 Ambient Assisted Living and Smart Home By Ambient Assisted Living Type Outlook
Chapter 6 Ambient Assisted Living and Smart Home By Service Outlook
Chapter 7 Ambient Assisted Living and Smart Home By Smart Home Protocol and Standard Outlook
Chapter 8 Ambient Assisted Living and Smart Home Regional Outlook
Chapter 9 Competitive Analysis
9.1 Key Company Heat Map Analysis, 2022
9.2 Recent Developments & Impact Analysis, By Key Market Participants
9.3 List of Few Players
9.4 Vendor Landscape
Chapter 10 Competitive Landscape
Chapter 11 KoL Commentary
For more information about this report visit https://www.researchandmarkets.com/r/zh3q7k
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