Smart homes are developed to assist the home residents in completing the daily-living activities and a better quality of life. Smart home is an Artificial Intelligence backed concept which offers numerous possibilities in the development of context-aware homes that would be able to take intelligent decisions and respond automatically sensing the surrounding situation at any moment. The ambient assisted living paradigm has concentrated more on active approaches aimed at building safer and healthier environments that seeks to promote elderly people or people with disabilities benefiting from more independent and comfortable living in their own homes. A smart home system is usually equipped with a portfolio of inter-related software and hardware components to monitor the living space by recording the behavior of the subject and understanding his activities. The system thus can warn about risky situations and take actions on behalf of the subject leading to his safety and satisfaction.
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COVID – 19 scenario analysis:
- Due to the ongoing COVID – 19 pandemic, more than to four million infected people and the affected economies continue to struggle, as COVID-19 has impacted several industries including smart homes industry as well
- As various governments have imposed travelling restrictions on people, many organizations are closed
- Supply chains and distribution channels have been disrupted amidst the COVID – 19 pandemic
- But the overall scenario is quite different for the Smart home market as it is expected to increase despite the pandemic
- As majority of people are working from home, the number of sales for voice control smart home devices would increase significantly
- Due to the ongoing pandemic, taking precautions is going to be a necessity even during completing daily activities and smart homes would help do that
- Additionally, features like temperature, heart rate , nutrition monitoring alongside environmental data such as air quality index and occupancy would be an added advantage
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Smart home technology date back in the 1970s when a number of devices were manufactured and introduced in the market to assist homecare. The craze for fitness devices and smart wearables is increasing as people have become more health conscious. These forms the base for emphasis on health and lifestyle awareness. Advancement of technology in medicine and healthcare field aims to lower mortality rate, and thus fuels the need for alternative solutions. Smart home healthcare can provide cost-effective in assisting the elderly and to those with disabilities to stay independently in home for longer time ensuring better quality of life. Thus, the increasing spending on healthcare, demand for customization in healthcare and IoT-based technologies, growing use of AI technologies in integration with assisted living and upcoming technologies like e-health and mHealth are major driving factors of the global smart home healthcare market increasing demand in the industry during the forthcoming years. On the contrary, high investment costs, issues related to security and patient privacy and lack of required advanced infrastructure and its awareness in developing economies may hamper the global smart home healthcare market.
It is essential to maintain a good mental and physical health and live independently, in this ageing world. For instance, according to the World Health Organization (WHO), globally in 2010 approximately 524 million people were aged 65 years and older and is expected to reach upto 1.5 billion in 2050. In the U.S., 20–30% of older people who fall suffer moderate to severe injuries such as hip fractures, bruises or head trauma which could be fatal considering their age. In order to reduce this, people tend to opt for fall prevention and detection devices, globally. Instead of hospitalization, the elderly and disabled can be assisted 24 hours a day with the help of smart homes. Smart home is a promising and cost-effective concept of improving home care and allowing greater independence, maintaining better health and preventing social isolation. Smart homes are equipped with sensors, biomedical monitors and these devices operate in a network connected to a remote centre for data collection, processing and understanding and providing further assistance. The technology can be connected to a wearable and also to in vivo implantable devices to monitor.
Key benefits of the report:
- This study presents the analytical depiction of the global smart home healthcare industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global smart home healthcare market share.
- The current market is quantitatively analysed from 2020 to 2027 to highlight the global smart home healthcare market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the smart home healthcare market.
- The report provides a detailed global market analysis based on competitive intensity and how the competition will take shape in coming years.
Key Market Players
- General Electric Company
- Samsung Electronics
- Companion Medical
- F. Hoffmann-La Roche
- Honeywell International
- Seimens Electric
- Medical Guardian
- Proteus Digital Health
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