Ageing population fuels massive growth of smart home technology

Telemedicine

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.

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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.

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2 Comments

  1. Alistair said:

    This article is spot on. Independent living for the elderly can now be safely controlled and monitored using smart technology which also reduces their energy bills. Furthermore, Care Home providers that face ever growing staff costs due to the National Living Wage can also benefit by reducing their heating costs by 30% using this technology.

  2. Alpine Care said:

    Great article. The concern that always arises with independent living is monitoring and controlling the elderly person when there is no carer/relative present. A whole new era of home care?

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