Location-based Ambient Intelligence Market Overview:
The Location-based Ambient Intelligence market trends 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 RD 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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