We are still at the early stage when it comes to Smart Home Market: a huge requirement of capital investment and significant maintenance costs restrain the growth of the smart home market and the inability of AAL (ambient assisted living) devices to reach aged people living in small towns or villages restrain growth of the AAL market.
According to Research and Markets, the smart home
market is expected to grow from $25.38 Billion in 2015 to $56.18 Billion by
2020, at a CAGR of 17.2% between 2015 and 2020. The market for ambient assisted
living is estimated to grow from $1.20 Billion in 2015 to $3.96 Billion by
2020.
North America is expected to
hold the largest share and lead the smart home and ambient assisted living
market between 2015 and 2020. The demand for energy management coupled with the
increasing demand for green homes has resulted in the growth of the North
American smart home market. Europe and APAC are expected to witness significant
growth rate for the AAL market.