New York , March 19, 2024 (GLOBE NEWSWIRE) -- The global location-based ambient intelligence market size is projected to grow at a CAGR of over 23% from 2024 to 2036. The market is expected to garner a revenue of USD 3687 billion by the end of 2036, up from a revenue of USD 250 billion in the year 2023. The size of the market is attributed to the increasing number of linked devices that are associated with the ambient intelligence ecosystem and the growing rate of internet-connected Internet of Things (IoT) devices. As per the reports in 2021, there were over 12 billion connected devices across the world, and is estimated to reach over 70 billion in the year 2025.
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Further, the integration of ambient intelligence in the healthcare industries such as patient support and remote monitoring is projected to amplify the market size. The growing use of software solutions in healthcare by people to get diagnosed online is anticipated to boost market growth. It is reported that more than 50% of organizations or businesses experienced a positive return on investment with the implementation of enterprise resource planning software.
Location-Based Ambient Intelligence Market: Key Takeaways
- Market in North America region to propel the highest growth.
- The Affective Computing segment to garner the highest growth
- Market in Asia Pacific region to grow at the highest rate
Increasing Demand for Energy-Efficient Technologies is Driving the Growth of the Location-Based Ambient Intelligence Market
The multiplying awareness of consumers on energy efficiency and energy conservation systems is shooting up the market growth. Further, the need for energy-saving home solutions propels market progress in the coming years. The rising preference for smart homes across the world with the integration of WiFi networks, IoT, and other IoT devices is fueling the market size. For instance, as per the estimations in the United States, a change in the behavior of the residents can save nearly 18% of the home energy demand.
Location-Based Ambient Intelligence Industry: Regional Overview
The global location-based ambient intelligence market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Development of Technologies and Need for Smart Home Products is Driving the Market Growth in the North America Region
The North America market region is anticipated to secure a market share of 30% in the coming years owing to the escalating need for smart home equipment. The development of technologies and advancement in the use of artificial intelligent products across the region is projected to hike the market size. Further, the presence of supreme players along with the increasing awareness of energy saving among people of the region is likely to fuel the market growth. According to the study, more than 65% of households in the U.S. have one smart device, and over 10% of homeowners have more than one device.
Implementation of Artificial Intelligence in End-User Sectors is Intensifying the Market Expansion in Asia Pacific Region
Asia Pacific region market is outlined to secure a significant market share of 27% during the forecast era. The growing size of the market in the Asia Pacific region is accredited to the application of advanced artificial intelligence (AI) technologies in the end-user sectors. The new cutting-edge technology implementation in digital projects, homes, public transport, and emergency services is expanding the market growth. Initiatives in India such as FASTag by the NHAI as a part of Intelligent Transport Systems to include IoT, AI, and Big Data in the transportation sector and the use of Electric buses for the promotion of the Smart India Mission are reasons for the rise of ambient intelligence.
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Location-Based Ambient Intelligence Segmentation by Technology
- Bluetooth Low Energy
- RFID
- Sensors Ambient Light Sensor
- Software Agents
- Affective Computing
- Nanotechnology
- Biometrics
The effective computing category from the location-based ambient intelligence market is predicted to register a market share of 25% during the forecast period. The progression of the market segment is attributed to the increasing number of advancements in recognizing human emotions. Also, the incorporation of machine learning technologies in business applications to detect precise human emotions and behavior is amplifying the market segment. Research in 2024 revealed that nearly half of organizations utilize machine learning and artificial intelligence for sales outlook while over 45% of organizations use them for a comprehensive understanding of customers and other prospects.
Location-Based Ambient Intelligence Segmentation by End-User
- Residential
- Retail
- Healthcare
- Industrial
- Office Building
- Automotive
The location-based ambient intelligence market from the healthcare segment is projected to secure a market share of 35% in the coming years. The growth of the market is credited to the growing percentage of ambient-aided living systems and remote patient monitoring applications. The inclusion of wearables, mobile health apps, and electronic medical records in hospitals and clinics is proliferating the market segment size. As per a recent survey in 2023, globally nearly 38% of adults use healthcare applications, while over 33% of them utilize wearables.
Location-Based Ambient Intelligence Segmentation by Component
- Virtual Reality
- Hardware
- Software
- Wearables
- mHealth
- Smart Homes
- Lighting Controls
- Security & Access Control
- HVAC Controls
- Entertainment Controls
A few of the well-known market leaders in the global location-based ambient intelligence market that are profiled by Research Nester are Infosys Limited, Huawei Technologies Co., Ltd., Cherry Labs, SAMSUNG, Honeywell International Inc., Vita Group Holdings Limited, Nuance Communications, Inc., Microsoft Corp, HTC Corporation, Schneider Electric, and others.
Recent Development in the Market
- Cherry Labs declared the acceptance of grants from the National Institutes of Health (NIH) for research and study of the AI-driven Cherry Home Technologies for the maintenance of independent older adults. The study was to understand the possibilities of technology to help in homes for elderly or cognitively frail adults. The ambient intelligence in the Cherry Home provides privacy protection monitoring during emergencies and aids the seniors in their daily living activities. Also, the data collected provides the clinicians and caregivers with the additional information that is required to diagnose the elders at an early stage and give needed care.
- Infosys revealed the agreement signed regarding the Memorandum of Understanding with Aramco. The merger was made to work on advancing HR technologies with the association of artificial intelligence technology. Infosys and Aramco are expected to supply latest insights to the HR data and analytics and to scale the use of automation systems.
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