Description
Market Overview
Smart homes refer to homes that have been automated and are fitted with information and computing technology devices that respond to the needs of their owners in a more effective manner. This notion is relatively new in the information, communications, and technology industry, and it aids people’s everyday lives, particularly the elderly, by allowing them to live independently and under supervision. Smart houses are homes that have been automated and are fitted with information and computer technology gadgets that respond to the needs of their owners in a more effective manner. Smart houses use Wi-Fi and the internet of things to manage and monitor air conditioning and security systems, lighting, and household appliances such as ovens, dryers, refrigerators, and others, as well as heating control, ventilation, and other functions. With multiple major and medium-sized players active in the industry, the worldwide ambient assisted living and smart home industry is fragmented.
Ambient Assisted Living & Smart Home Market: Key Players
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)
Growth Factor
Increasing number of internet users and the growing adoption of smart devices
Because of the advantages gained by connecting household items to the internet, the Internet of Things (IoT) has grown in popularity among residential users. The Internet of Things links items, software algorithms, services, and end-users, allowing data to flow freely and real-time choices to be made. It has shown to be effective in improving the quality and consistency of automation systems. Several major, mid-sized, and small businesses are heavily investing in the IoT market throughout the world. With most organizations transitioning to IoT, it is likely to cover a wide range of application sectors, including lighting, HVAC, security, healthcare, and entertainment. Ambient assisted living and smart homes use Internet of Things technologies to automate and simplify our home surroundings to a considerable extent. As a result, these factors will drive market expansion during the forecast period.
Growing investments for smart cities and green buildings
Governments of numerous countries, including China, Germany, Brazil, India, Canada, South Korea, and others, are increasing their investments in green building and smart city programs, which would boost the market in the forecast period. These projects will aid in the adoption of smart energy management equipment such as thermostats, smart meters, and smart plugs. Furthermore, the government of various areas has undertaken multiple programs to support the construction of green buildings, which is fueling market growth. The Indian government intends to invest more than 1 billion in the development of 100 smart cities across the country in 2019. Similarly, the governments of the United States, the United Kingdom, and China have taken significant efforts in developing rules for smart cities and the internet of things (IoT), which has boosted the Chinese smart home industry. As a result, these investments are examined for their potential to drive the market during the forecast period.
Segmentation
By Product
Energy Management System
Security & Access Control
HVAC Control
Entertainment Control
Others
By Service
Installation & Repair Services
Customization & Renovation
By Type
Safety & Security
Communication
Medical Assistive
Mobility
Telemonitoring or Telemedicine
Compensatory Impairment
Consumer Electronics/Multimedia
Others
Ambient Assisted Living & Smart Home Market Dynamics
Ambient Assisted Living & Smart Home Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
Recent News Related to Market
In April 2019, Honeywell announced a complete Smart Home Security System created with families in mind. A high-definition camera, face recognition, two-way audio, motion sensors, night vision, and Amazon Alexa are all included into this platform.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
COVID-19 pre and post business impact analysis
Detailed overview of the parent market
Changing market dynamics in the industry
In-depth market segmentation
What is the Ambient Assisted Living & Smart Home Market growth?
Which segment accounted for the largest Ambient Assisted Living & Smart Home Market share?
Who are the key players in the Ambient Assisted Living & Smart Home Market?
Historical, current and projected market size in terms of volume and value
Recent industry trends and developments
Competitive landscape
Strategies of key players and products offered
Potential and niche segments, geographical regions exhibiting promising growth
A neutral perspective on market performance
Must-have information for market players to sustain and enhance their market footprint
Note: Although care has been taken to maintain the highest levels of accuracy in Our reports, recent market/vendor-specific changes may take time to reflect in the analysis.
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