Increasing penetration of IoT-based devices boosts popularity of location-based ambient intelligence, says TMR
According to a new market report the global location-based ambient intelligence market is projected to reach a value of approximately US$497 billion by 2027. According to Transparency Market Research, the market is projected to expand at a compound annual growth rate (CAGR) of about 21% from 2019 to 2027.
Growth of the location-based ambient intelligence market can be attributed to the rising demand for energy-efficient solutions, globally. Over the forecast period, Asia Pacific is anticipated to grow rapidly in the location-based ambient intelligence market, at a CAGR of approximately 25%.
In terms of share, the location-based ambient intelligence market is dominated by North America, followed by Europe. In the location-based ambient intelligence market, the smart homes segment was valued at approximately US$ 42 Bn in 2018, and is expected to reach approximately $200 billion by 2027, expanding at a CAGR of approximately 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 utilised 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.
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.
Location-based ambient intelligence market: Regional outlook
In terms of region, the global location-based ambient intelligence market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is expected to dominate the location-based ambient intelligence market during the forecast period. The Asia Pacific location-based ambient intelligence market is expected to expand at the highest CAGR, with China and India being the major location-based ambient intelligence markets in the region. The location-based ambient intelligence markets in the Middle East & Africa, Europe, and South America are also expected to expand rapidly during the forecast period.
The report provides in-depth segment analysis of the global location-based ambient intelligence market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries that hold growth opportunities or account for significant shares has also been included as part of the geographic analysis of the global location-based ambient intelligence market.
Location-based ambient intelligence market: Competition dynamics
The research study includes the profiles of leading companies operating in the global location-based ambient intelligence market. Key players profiled in the report include Nokia Corporation, Schneider Electric SE, Siemens AG, Google, LLC., HTC Corporation, Huawei Technologies Co., Ltd., Samsung Electronics Co., Ltd., ABB Ltd., and Honeywell International Inc.
These insights are based on a report on Location-based Ambient Intelligence Market by Transparency Market Research.
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