[FURL=https://www.industryarc.com/Research/Ambient-Assisted-Living-And-Smart-Home-Market-Research-505285?utm_source=BriefingWire&utm_medium=PressRelease&utm_campaign=PaidPressRelease]Ambient Assisted Living and Smart Home Market[/FURL] is expected to reach $114.6 billion by 2025 at a CAGR of 16.8% during the forecast period 2020-2025. Smart Home and Ambient Assisted Living (SHAAL) systems utilize advanced and ubiquitous technologies including sensors and other devices that are integrated in the residential infrastructure or wearable, to capture data describing activities of daily living and health related events. Advancement in smart technologies pertaining to smart homes and connected space mostly drives the market for the ambient assisted living. Additionally, the growing demand for managed care for old age population is also driving the market in the forecast period 2020-2025.Key Takeaways
North America dominated the market by a market share of more than 35.5% in 2019, owing to the presence of developed economies such as U.S and Canada. In these countries the demographic change is being recognized and the problem is increasingly being addressed both from the societal and economic point of view.
Rising investments by governments of several countries including China, Germany, Brazil, India, Canada, South Korea and others for green building policies, smart city policies will drive the market in the forecast period.
Ambient Assisted Living and Smart Home top 10 companies include Schneider Electric S.E., Ingersoll-Rand PLC, Legrand SA, Siemens AG, ABB Group, Honeywell International, Inc., Tunstall Healthcare Ltd., Koninklijke Philips N.V., Chubb Community Care and Caretech Ab among others.
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Ambient Assisted Living and Smart Home Market Segment Analysis - By Geography
North America dominated the market by a market share of more than 35.5% in 2019, owing to the presence of developed economies such as U.S and Canada.
Ambient Assisted Living and Smart Home Market Drivers
Rising adoption of IoT in Smart Homes
The Internet of Things (IoT) has gained popularity among residential consumers owing to the benefits achieved by connecting household products to the internet. The IoT connects products, software algorithms, services, and end-users, enabling a smooth flow of data and making real-time decisions. It has proved its efficiency and has enhanced the quality and consistency of automation systems. Several companies worldwide are highly investing for the development of loT platform and related technology that can be deployed in smart home products.
Ambient Assisted Living and Smart Home top 10 companies include Schneider Electric S.E., Ingersoll-Rand PLC, Legrand SA, Siemens AG, ABB Group, Honeywell International, Inc., Tunstall Healthcare Ltd., Koninklijke Philips N.V., Chubb Community Care and Caretech Ab among others.
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