Global Ambient Assisted Living & Smart Home Market (2021-2026) by Product, Service, Geography, Competitive Analysis and the Impact of Covid-19 with Ansoff Analysis

The Global Ambient Assisted Living & Smart Home Market is estimated to be USD 53.1 Bn in 2021 and is expected to reach USD 141.47 Bn by 2026, growing at a CAGR of 21. 65%.

Market Dynamics

The global ambient assisted living (AAL) & smart home market is being driven by increased safety and security concerns and growing demand for energy-saving and low-carbon emission-oriented solutions. Furthermore, rising government investments in green building policies and smart city policies are propelling the market forward. These initiatives encourage the use of energy management smart devices such as thermostats, smart meters, and smart plugs, resulting in market development. Smart houses use Wi-Fi and the internet of things to manage and monitor air conditioning and security systems, lighting, household appliances such as ovens, dryers, refrigerators, and others, and ventilation, heating control, and other functions. Consumer adoption of ambient assisted living, and smart homes will rise as the convenience of monitoring and managing house appliances with increased efficiency and at any time improves, boosting the market as well as creating new opportunities for the global ambient assisted living & smart home market.

However, the inability of AAL devices to reach elderly people living in small towns or villages restrains the expansion of the AAL market. In addition, the high investment and maintenance cost required is expected to create a challenge for the market growth.

Market Segmentation

The Global Ambient Assisted Living & Smart Home Market is segmented further based on Product, Service, and Geography.

By Product, the global smart home market is classified into Energy Management System, Security & Access Control, HVAC Control, Entertainment Control, Medical Assistive, Telemonitoring/Telemedicine, Compensatory Impairment, and Others. Amongst all, Energy Management System segment is estimated to hold the highest market share during the forecast period.

By Service, the market is classified as Installation & Repair Services and Customization & Renovation. Amongst the two, Installation & Repair Services segment is estimated to hold the highest market share during the forecast period.

By Geography, North America is projected to lead the market.

Recent Developments

1. Omega Healthcare Investor Acquires Connected Living to Support Social Connection in Senior Living and Senior Care - 10th March 2021
2. Siemens completes the acquisition of C&S Electric in India - 1st March 2021

Company Profiles

Some of the companies covered in this report are Caretech Ab, Chubb Community Care, EnOcean Alliance Inc, General Electric, etc.

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Ambient Assisted Living & Smart Home Market . The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model and the Ansoff Matrix. In addition, the impact of Covid-19 on the market is also featured in the report.
• The report also includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report also contains the competitive analysis using Positioning Quadrants, the analyst’s Proprietary competitive positioning tool.

Report Highlights:

• A complete analysis of the market, including parent industry
• Important market dynamics and trends
• Market segmentation
• Historical, current, and projected size of the market based on value and volume
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market