Ambient Intelligence Market to Reach $ 185.5 Bn, Globally, by 2032 at 25.7% CAGR
An increase in demand for smart healthcare devices is considered an important factor in boosting the ambient intelligence market.
PORTLAND, PORTLAND, OR, UNITED STATES, November 27, 2023 /EINPresswire.com/ — According to the report, the global ambient intelligence industry generated $19.2 billion in 2022, and is anticipated to generate $185.5 billion by 2032, witnessing a CAGR of 25.7% from 2023 to 2032.
Ambient intelligence can make our lives easier by automating tasks and offering information and assistance as per our requirements. The popularity of ambient intelligence is increasing, owing to a surge in the adoption of smart homes & the development of connected and autonomous vehicles.
Rapid urbanization and the need for efficient city management drive the growth of the ambient intelligence market. However, lack of standardization and high capital investment are expected to hamper the market growth. However, the proliferation of Internet of Things (IoT) devices, and edge computing is anticipated to provide lucrative development opportunities for the growth of the ambient intelligence market in the upcoming years.
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The ambient intelligence market is experiencing significant growth, primarily driven by the rising adoption of smart homes and the advancements in connected and autonomous vehicles. The appeal of smart home appliances is growing due to their convenience, efficiency, and security features, with applications ranging from regulating heating and controlling lighting to managing electronic devices. Additionally, there is a notable surge in the demand for smart healthcare devices, contributing to the overall expansion of the ambient intelligence market.
However, certain challenges hinder the market’s growth, including the high implementation costs and concerns related to privacy and security. The deployment of ambient intelligence technology necessitates substantial upfront investments, encompassing expenses for sensors, connectivity infrastructure, software development, and integration with existing systems. This financial commitment poses a potential barrier to entry for businesses and homeowners alike.
Covid-19 Scenario:
• The pandemic accelerated the adoption of ambient intelligence solutions to enhance health and safety measures. Businesses, public spaces, and transportation hubs deployed AI-powered thermal cameras, occupancy sensors, and contactless solutions to monitor and enforce social distancing, mask compliance, and temperature screening. These technologies are likely to remain in use to address future health and safety concerns, providing continued opportunities for the ambient intelligence market.
• Overall, the healthcare industry saw a surge in telemedicine adoption. Ambient Intelligence played a crucial role in remote patient monitoring, data analysis, and providing personalized healthcare services. Therefore, COVID-19 had a positive impact on the ambient intelligence industry.
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Based on technology, the affective computing segment held the highest market share in 2022, accounting for more than one-fifth of the global ambient intelligence market revenue, this is because consumers are increasingly looking for personalized experiences, and affective computing can help to create more tailored experiences based on individual preferences and emotional states. However, the RFID segment is projected to manifest the highest CAGR of 30.3% from 2023 to 2032, This is owing to the fact that RFID can be used to create more personalized and interactive customer experiences in retail stores. RFID tags can be used to provide customers with personalized product recommendations or to trigger interactive displays that provide additional product information.
Based on end user, the healthcare segment held the highest market share in 2022, accounting for nearly one-third of the global ambient intelligence market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that healthcare providers are using AmI technologies to optimize hospital resources, track equipment, and manage patient flows. This enhances the efficiency of healthcare delivery, particularly in busy hospitals. However, the office building segment is projected to manifest the highest CAGR of 30.1% from 2023 to 2032. This is attributed to the fact that ambient intelligence systems enable office buildings with automated security, access control, room bookings, and energy management. AI-enabled technology also includes lighting, climate control, and surveillance systems.
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global ambient intelligence revenue, owing to the presence large number of key players of ambient intelligence vendors in the country, early adoption of advanced technologies, and considerable digitalization across various sectors in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 28.8% from 2023 to 2032, and is likely to dominate the market during the forecast period. This is attributed to the fact that governments and private sector stakeholders in Asia-Pacific are investing in smart transportation solutions. These include intelligent traffic management, public transportation optimization, and the development of autonomous vehicles.
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Leading Market Players:
• Schneider Electric S.E.
• Siemens AG
• ABB Group
• Johnson Controls
• Infosys
• Honeywell International, Inc.
• BioIntelliSense, Inc.
• Nuance Communications, Inc.
• Eyeris Technologies, Inc.
• Accel Robotics
The report provides a detailed analysis of these key players of the global ambient intelligence market. These players have adopted different strategies such as partnership, product launch, and expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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