Ambient Assisted Living and Smart Home Market Key Business Opportunities Along With Potential Challenges
Ambient assisted living and smart homes provide a comfortable standard of living. Ambient assisted living refers to the assistance of technology, electronic systems, products and services which guide and uplift the daily lives of people who need support and help those who demand a better and improved standard of living. This concept is comparatively new in the information, communications and technology sector which helps the daily life of people especially the elderly for independent and monitored living. Smart homes refer to automation of homes which are equipped with information and computing technology devices which respond to the ownersâ requirement in a much more efficient manner. Smart homes control and monitor air conditioning and security systems, lighting, and home appliances such as ovens, dryers, refrigerators and others, ventilation, control of heating and others with the help of Wi-Fi and internet of things. The global ambient assisted living and smart home market is fragmented with the presence of numerous large scale and medium scale companies operating in the market.
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In developed countries such as North America and Europe, the old age dependency ratio, which is the number of elderly population with respect to the working population is rising. This demographic change is being recognized and the problem is increasingly being addressed both from the societal and economic point of view. To support the aging population, governments of these developed nations have prioritized ambient assisted living and smart homes to enable the aging population to live longer, healthier, and active and remain socially connected. This factor is expected to majorly drive the growth trajectories of the global ambient assisted and smart home market. Further, increasing mobility allowing more people to get connected with electronic devices and gadgets in their homes coupled with increasing consumer acceptance to use these features (which is in turn supported by a higher purchasing power, are some of the major factors projected to help drive the growth of the market over the forecast period. The ease of monitoring and controlling home appliances with improved efficiency and at any point of time will increase consumersâ acceptance to use ambient assisted living and smart homes and therefore push the growth of the market. Advent of internet of things coupled with drop in prices of Wi-Fi routers are also likely to help drive the growth of the market.
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COVID-19 Pandemic Results in Infodemic
In wake of pandemic COVID-19, various cases of cyber scam and message hack have been reported. In a newsletter, the World Health Organization has warned against cyber-crimes occurring under banner of the organization. The esteemed health organization has termed such crimes as âinfodemicâ. In past few weeks, report of phishing attacks through malicious files and links have come across.
To prevent such attacks, companies operating in the messaging security market have been trying to alert the uses by informing them obvious signs of cyber-attacks. Besides, the companies are also bringing innovation in cloud security solutions
These factors are, conjointly, propelling messaging security market.