According to a new market report pertaining to the global location-based ambient intelligence market published by Transparency Market Research , the global location-based ambient intelligence market is projected to reach a value of ~US$ 497 Bn by 2027. The location-based ambient intelligence market is projected to expand at a CAGR of ~21% from 2019 to 2027.
Growth of the location-based ambient intelligence market can be attributed to the rising demand for energy-efficient solutions, globally. Over the forecast period, Asia Pacific is anticipated to grow rapidly in the location-based ambient intelligence market, at a CAGR of ~25%. In terms of share, the location-based ambient intelligence market is dominated by North America, followed by Europe. In the location-based ambient intelligence market, the smart homes segment was valued at ~US$ 42 Bn in 2018, and is expected to reach ~US$ 200 Bn by 2027, expanding at a CAGR of ~19% during the forecast period.
Advancements in Internet of Things, Globally
Increasing advancements in Internet of Things (IoT) is expected to boost the demand for smart homes, globally, during the forecast period. Decline in the price of processors & sensors and higher networking capabilities, coupled with extensive Wi-Fi access, have fueled the expansion of Internet of Things. All devices utilized in smart homes, presently, operate through the Internet of Things. As location-based ambient intelligence is the basis of IoT, it is likely to be implemented in every IoT application.
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Smart home systems are growing with the introduction of high-speed Internet services, since a majority of appliances operate efficiently with wireless connectivity. Moreover, the extensive usage of Wi-Fi in residences is boosting the location-based ambient intelligence market, as several appliances can be connected to the home network without the use of additional controllers.
Improvements in embedded communication and information technology offer significant opportunity to enhance the healthcare support of senior citizens at home. The implementation of these technologies in homes is likely to facilitate the independent living of geriatric people.