If you want to spot a trend that will hit the UK in a few years, you can do a lot worse than studying the market in the United States.
A new report from the US estimates that the smart home market will grow from $25.38 billion in 2015 to $56.18 billion by 2020, at a CAGR of 17.2% between 2015 and 2020.
The rise is being driven by an ageing population that has increasingly sophisticated attitudes to the use of technology to help them at home.
It is driven by factors such as increased safety and security concerns, rising demands for energy saving and low carbon emission-oriented solutions.
The ambient assisted living market size is estimated to grow from $1.20 billion in 2015 to $3.96 billion by 2020, at a CAGR of 22.4% between 2015 and 2020.
The growing aging population and rising demands for managed healthcare would drive the ambient assisted living market.
Security and access control is estimated to hold the largest market share during the forecast period. Furthermore, due to the rise in safety and security concerns, the market for security and access control is expected to gain traction and grow at the highest CAGR in the next five years.
Medical assistive products and telemedicine/tele monitoring markets are expected to grow at higher rates compared to other segments during the forecast period. Increasing aging population demanding for managed healthcare and increasing chronic diseases among people are major driving factors for the growth of this market.