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(IT-NEWSWIRE.COM, March 17, 2018 ) The report "Ambient Assisted Living and Smart Home Market by Product, Services, Assisted Living, Product (Safety & Security, Communication, Medical Assistive, Mobility, Telemonitoring, Compensatory Impairment) and Region - Global Trend & Forecast to 2020", the ambient assisted living market is expected to reach USD 3.96 Billion by 2020.
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The smart home market is estimated to grow from USD 25.38 Billion in 2015 to USD 56.18 Billion by 2020, at a CAGR of 17.2% between 2015 and 2020.Increasing safety and security concerns, rising demands for energy savings, and low carbon emission-oriented solutions along with the interplay of wireless technology, mobility, IoT, and digital living are expected to drive the smart home market. Aging population is increasing in many developed countries, thus creating the demand for assisted living products. Therefore, the AAL market is expected to gain traction in the next five years; it is estimated to grow from USD 1.44 Billion in 2015 to USD 3.96 Billion by 2020.
Security and access control solutions to play a key role in the smart home market
Security and access control is expected to hold the largest share and lead the smart home market between 2015 and 2020, due to increase in the crime rate, remote monitoring mobile devices, and growing consumer awareness . Energy management systems and security & access control markets are expected to grow at high growth rates between 2015 and 2020.
Medical assistive products and telemonitoring/telemedicines segments expected to play a vital role in coming years
Safety and security is expected to hold the largest share of theambient assisted living market. Medical assistive products and telemonitoring/telemedicine segments are expected to exhibit high growth rate between 2015 and 2020, in the ambient assisted living market. Increasing aging population, life expectancy, and chronic diseases are likely to drive the AAL market.
North America expected to hold the largest market share, APAC to witness fastest growth in the smart home market
North America is expected to hold the largest share and lead the smart home market between 2015 and 2020, due to presence of a large number of players and increasing demands for energy-efficient and enhanced security products. APAC offers potential growth opportunities because of rapid technological advancements and construction activities observed in the APAC region.
Major players in the market include Honeywell International, Inc. (U.S.), Siemens AG (Germany), Schneider Electric S.E. (France), Ingersoll Rand Plc. (Ireland), Legrand SA (France), ABB Group (Switzerland), Medic4all group (Switzerland), Tunstall Healthcare Ltd (U.K.), Chubb Community Care (U.K.), Televic N.V. (Belgium), Telbios (Italy), Vitaphone GmbH (Germany), GETEMED AG (Germany), Koninklijke Philips N.V. (Netherlands), CareTech AB (Sweden), Assisted Living Technologies, Inc. (U.S.) and others.
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The scope of the report covers detailed information regarding major factors influencing the growth of the smart home and ambient assisted living market such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key players has been done to provide insights into their business overview, products and services, key strategies, new product launches, mergers & acquisitions, partnerships, agreements, collaborations, and recent developments associated with the market.
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MarketsandMarkets is world’s No. 2 firm in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.
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