Ambient Assisted Living And Smart Home Market Size, Share & Trends Analysis Report By Smart Home Products, By Ambient Assisted Living Type, By Service, By Smart Home Protocol And Standard, By Region, And Segment Forecasts, 2023 - 2030

Ambient Assisted Living And Smart Home Market Size, Share & Trends Analysis Report By Smart Home Products, By Ambient Assisted Living Type, By Service, By Smart Home Protocol And Standard, By Region, And Segment Forecasts, 2023 - 2030

Ambient Assisted Living And Smart Home Market Growth & Trends

The global ambient assisted living and smart home market size is anticipated to reach USD 645.19 billion by 2030 and is expected to expand at a CAGR of 29.7% from 2023 to 2030 according to a new report by Grand View Research, Inc. The growing popularity of the internet and smartphones fuels the demand for internet and smartphone-connected smart home devices. With the rise of digital assistants like Alexa, Google Assistant, Siri, and Bixby, smart home devices can be operated and controlled using voice commands. These virtual assistants' offer features, such as control Bluetooth connectivity and hands-free channel browsing are driving the market growth.

The demand for Ambient Assisted Living (AAL) systems, devices, and applications for personalized health tracking and telehealth services is significantly rising owing to increasing healthcare costs, and AAL systems can help to reduce the costs by enabling remote monitoring and reducing hospital readmissions. Rising awareness of health systems and concepts such as electronic medical records, mobile medical applications, and others is laying the foundation for personal medical monitoring.

Ambient Assisted Living And Smart HomeMarket Report Highlights

• In terms of smart home products, the entertainment control segment accounted for the largest revenue share of 39.6% % in 2022 and is expected to retain its dominance over the forecast period. Growing adoption of voice-activated devices coupled with increasing internet penetration drives the demand for the entertainment control segment. Entertainment controls include multimedia controls, audio, video, touchscreen, keypads, and theater control systems. The HVAC control segment is anticipated to witness the highest growth rate of 33.6% during the forecast period.
• Based on the ambient assisted living type, the safety & security segment held the largest revenue share of 20.9% in 2022. The rise in the usage of wearable devices among consumers is also supporting the market growth. Wearable devices help in improving safety, health, and quality of life for the elderly and consumers requiring assistive care. The compensatory impairment segment is expected to witness the highest CAGR rate of 30.9% during the forecast period. The high prevalence of consumers with disabilities coupled with advancements in smart home automation is likely to drive the demand for the segment.
• Based on the service, the installation and repair service segment held the largest revenue share of 55.4% in 2022 and is expected to maintain its position over the forecast period. As the demand for smart home technology continues to grow, the need for installation and repair services is also increasing. These services help homeowners install and set up their smart home devices, as well as troubleshoot and repair any issues that arise.
• The customization and renovation is anticipated to witness the highest CAGR rate of 30.4% during the forecast period. Customization and renovation services can help individuals create living spaces that are safe, comfortable, and functional while also incorporating features that promote health and wellness.
• Based on the smart home protocol and standard, the modbus segment held the largest revenue share of 31.3% in 2022 and is expected to maintain its position over the forecast period. As more IoT devices are developed for use in smart homes, the need for a communication protocol that can connect these devices to other systems is becoming more critical. The power line communication segment is anticipated to witness the highest growth rate of 32.9% during the forecast period. The deployment of 5G networks is expected to drive the growth of the smart home market, as it is expected to offer faster and more reliable communication between devices.
• North America dominated the market with a share of 33.8% in 2022 and is anticipated to retain its dominance over the forecast period. Development in sensors for the elderly and the growing adoption of connected devices is driving the sales of smart home solutions in the region. For instance, Origin Wireless, Inc., U.S. based home monitoring and automation company, offers home monitoring devices equipped with non-line-of-sight (NLOS) sensing, which provides sleep insights, fall detection, wander, and sends alerts to caregivers.
• Asia Pacific is anticipated to exhibit the highest CAGR of 31.8% during the forecast period. The increase in disposable income and higher penetration of data connectivity solutions in South Korea, Singapore, and Taiwan are driving market growth in Asia Pacific.

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