Recent estimates show that in 2015 fewer than 75,000 homes in the US and 30,000 homes in Western Europe used technology solutions for elderly monitoring.
By 2020, however, this user base is set to grow to more than 600,000 homes in the US and 579,000 homes in Western Europe, or an increase of more than 600 percent, according to Strategy Analytics.
The research firm said a steady growth over a five-year period is possible as market forces and improved product offerings help to spur adoption.
Conditions for growth are also favorable, including the fact that people are living longer lives. The cost of in-home healthcare are also on the rise and more families are willing to pay for technology solutions to make aging in place possib.e
In Strategy Analytics' most recent Smart Home Consumer Survey, 34 percent of respondents with elderly relatives 70 years of age or older and living apart from them at a separate residence reported an interest in free services for elderly monitoring, while 30 percent reported a willingness to pay these services.
Joe Branca, Senior Industry Analyst, Smart Home Strategies at Strategy Analytics, however said there aren't currently any solutions on the market that integrate the physical, cognitive, social, and nutritional elements of elder care, and incorporating new features along these lines would help to deliver more value to elderly individuals and their families.