Location-based Ambient Intelligence Market Overview:
The Location-based Ambient Intelligence market End
User is projected to grow from USD 220.5 Billion in 2023 to USD 1075.2 Billion
by 2032, exhibiting a compound annual growth rate (CAGR) of 21.90% during the
forecast period (2023 - 2032).
Considering the prominence of sensors as a
component of the reliability in elderly care products and solutions,
manufacturers are working in accordance with certified processes and procedures
to develop adept location-based ambient intelligence solutions, distributing
equal focus on production and service activities. Overwhelming innovations in
medical technology, alongside the increasing adoption of evolving sensor technology
and IoT-integrated solutions for care assistance, drive the location-based
ambient intelligence market rapidly.
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Key players:
Key Companies in the Location-based Ambient
Intelligence market include,
- Infosys
Limited
- Huawei
Technologies Co., Ltd.
- SAMSUNG
- ABB
- Honeywell
International Inc.
- Medic4all,
Assisted Living Technologies, Inc.
- Vita
Group Holdings Limited
Market Segmentations:
The location-based ambient intelligence market
report is segmented into components, technologies, end-users, and regions. The
component segment is sub-segmented into hardware, software, wearables, virtual
reality, mHealth, smart homes, lighting controls, security & access
control, HVAC controls, entertainment controls, and others.
Geographical Analysis:
With high technical expertise, North America will
dominate the global location-based ambient intelligence market throughout the
forecast period. The augmenting adoption of location-based ambient intelligence
for the increasing geriatric population is a key driving force behind the
market's growth. Additional factors substantiating the increase in the regional
market include huge advancements in sensor technologies and the wide uptake of
advanced technologies in healthcare.
Competitive Analysis:
In its embryonic stage, the location-based ambient
intelligence market still appears fiercely competitive and fragmented due to
the presence of several well-established players. These players develop their
product portfolio, focusing on advanced technologies. Mergers &
acquisitions, collaboration, innovation, and brand reinforcement remain the key
trends for leading players.
Top players also invest in internal R&D
activities to bring novelties to their existing products. Also, increasing
government funding is expected to motivate key companies to develop new ambient
sensors that can match the changing trends of people in an assisted living
environment.
For instance, on July 20, 2022, Cherry Labs
announced receiving a grant from the National Institutes of Health (NIH) to
study the possibilities of using its AI-driven Cherry Home technology to help
maintain independence for older adults.
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Cherry Home helps support frail/ cognitively
impaired older adults to age safely in their homes. Using ambient intelligence,
Cherry Home unobtrusively and with privacy protections monitors for potential
emergencies and measures the daily living activities of seniors in their homes.
The gathered data helps clinicians and caregivers know if additional support is
needed before it's too late and clinical deterioration occurs.
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