The global smart home healthcare enjoyed shipment and service revenue growth of 25% last year but there’s opportunity in the sector that remains untapped according to ABI Research.
In a report published today, the technology intelligence firm said global revenues reached USD22.9 billion last year but warns the growth rate will be hard to sustain despite huge potential for growth. It predicts revenues of USD26.5 billion in 2023, marking a smaller year-on-year increase of 15%.
ABI Research defines smart home healthcare as connected home care, remote patient monitoring, and social robotics. Jonathan Collins, smart home and buildings research director at ABI Research, said: “Demographic direction, economic reality, and technology capabilities all align and support the potential of smart home healthcare demand, but it remains a market stifled by channel issues, funding complexity, and inertia.”
The report argues that, despite a boom in DIY approaches leveraging smart home equipment such as smart displays and sensors during the pandemic, the smart home industry has failed to offer similar packed services. Home care, where wearable devices, home sensors, and even robot companions unobtrusively monitor and engage with those requiring light levels of care and companionship, represents a significant opportunity.
Against that landscape there are still clear pockets of growth, particularly in remote patient monitoring applications, supported by health insurance requirements and growing consumer awareness of the value of connected services.
The complete findings are outlined in ABI Research’s Smart Home Healthcare market data report.
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