Market for Smart Home Elderly Monitoring to Grow beyond 600% by 2020

In 2015, less than 75,000 homes were found to use elderly monitoring technology solutions. By 2020, it is estimated that the number will increase to 600,000 or with a growth of 600 percent, according to Strategy Analytics.

This was said to be possible since enhanced product offerings and market forces aid in stirring adoption. Growth conditions have also become positive, that to include people living longer. More families have also embraced home care services more to help facilitate positive aging.

Based on a survey of the said research firm, 34 percent of respondents with senior relatives (ages 70 and above) who live separate from them are interested in free monitoring services while 30 percent showed an interest in paying for such services.

However, according to an industry analyst, currently there are no solutions available that fuse the cognitive, physical, nutritional, and cognitive elements of elderly care. Should these features be included, more value is expected to be delivered to the elderly and their family.

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