Updated, July 5, 2013
The marketplace for technology to assist aging adults in the Longevity Economy is expected to grow sharply from $2 billion today to more than $20 billion by 2020, according to the updated report by Aging in Place Technology Watch, increasingly fueled by the explosion of smart phone and tablet applications for caregiving of older adults. This aging of more than 70 million baby boomers and increased awareness of technology solutions will drive sales, according to Laurie M. Orlov, who founded the market research firm in 2009.
Blending both her years of experience and recent in-depth research on the subject, Laurie’s forward-looking study is illustrated with descriptive graphics and detailed examples that deconstruct the aging in place model to make companies more in tune with this growing trend -- and in addition it adds a new page of examples of smart phone and tablet apps that can help older adults and caregivers.
The report identifies four areas of focus that fit together seamlessly when implemented into a home; health and wellness,safety and security, communication and engagement, and learning and contribution all work in tandem to help companies devise the right kinds of products for aging consumers, as well as family and professional caregivers, who will use these technologies to keep up with daily activities.