According to FutureWise analysis the market for smart home healthcare in 2023 is US$ 5.7 billion, and is expected to reach US$ 11.38 billion by 2031 at a CAGR of 9%.
Smart homes are designed to aid people in completing daily tasks and achieving a higher quality of life. The smart house is an Artificial Intelligence-based idea that opens up several possibilities for the construction of context-aware dwellings that can make intelligent judgments and respond automatically in response to changing circumstances at any time. The ambient assisted living paradigm has focused more on active measures aimed at creating safer and healthier surroundings, with the goal of promoting elderly or disabled individuals living in their own homes in a more independent and pleasant manner. A smart home system typically consists of a collection of interconnected software and hardware components that monitor the living space by recording and comprehending the subject's activity. As a result, the system can alert the subject to potentially dangerous situations and take action on his behalf, ensuring his safety and satisfaction. The use of smart homes to collaborate on healthcare-related activities such as health status monitoring, disease diagnosis and prevention, memory aides, and food or nutrition monitoring is on the rise. Furthermore, smart home technology may present significant opportunities for delivering services that improve quality of life and personal autonomy, such as smart control of physiological measures, detection of abnormal situations, and customization based on each user's needs and preferences as circumstances change.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Smart Home Healthcare Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Smart Home Healthcare Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.