Increasing need for energy efficiency and rising demand for smart devices are some key factors driving market revenue growth
Market Size – USD 24.89 Billion in 2020, Market Growth – at a CAGR of 32.9%, Market Trends – Rising advancements of sensor technologies
The global AmI Market size is expected to reach USD 225.35 Billion in 2028 and register a revenue CAGR of 32.9% over the forecast period, according to a latest report by Reports and Data. Increasing need for energy efficiency and rising demand for smart devices are expected to drive market revenue growth during the forecast period. In addition, increasing number of advancements in sensor technology is also expected to boost revenue growth of the market going ahead. Increasing interest in sensor networks, which are playing vital role in enabling pervasive computing technology is due to significant advancements in networking and sensing technology. The sensor network community is used in applications such as environmental monitoring, situational awareness, and structural safety monitoring in virtual environments. These factors are expected to boost revenue growth of the global Ambient Intelligence market during the forecast period.
Lack of awareness regarding AmI can hamper revenue growth of the global market during the forecast period. In addition, AmI products require expertise to operate and maintain, and with increasing virtual space available to users across the globe, it is important to know the mechanism by which the AmI products work. The AmI products store important and personal data, and if the product is not handled effectively, it might lead to data leakage. Moreover, governments of various countries across the globe are imposing certain guidelines to protect privacy and security of information, due to increasing number of threats to personal data of the users. However, it would be very difficult to establish jurisdiction and set laws that can assure the virtual environment to be safe and protected for the users.
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Companies profiled in the global market report include ABB Group, Honeywell International Inc., Ingersoll-Rand PLC, Siemens AG, Schneider Electric S.E, Tunstall Healthcare Ltd., Koninklijke Philips N.V., Vitaphone GmbH, Legrand SA, and AISense Inc.
Some Key Highlights in the Report
- Solution segment is expected to account for largest market share in the global Ambient Intelligence market between 2021 and 2028, owing to rising demand for virtual environments by private organizations to stay digitally connected.
- The Ambient Intelligence market in North America is expected to account for largest revenue share in the global market over the forecast period. High presence of tech giants and start-ups focusing on building AmI technology products is expected to drive revenue growth of the market in North America.
- In March 2020, Siemens AG launched a smart building suite aimed at making workplaces more efficient and flexible. Workplaces become a competitive edge for businesses due to a suite of Internet of Things (IoT) connected equipment, applications, and services. In addition, the suite contains additional Siemens technologies that allows building management systems to respond smartly to human input. The launch of the suite will make the work of the employees more productive, agile, and flexible.
- In December 2019, Schneider Electric S.E. launched Easy homes, one of the innovations in smart home space. Easy homes provide users with a single app to manage power in their homes. It can be operated by Alexa and Google Home, smartphones, remotes, and switches as it has four interfaces. The main objective of Schneider Electric Easy home is to turn every switch and appliance in a home into a connected device and transform a normal home into a smart home.
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For the purpose of this report, Reports and Data has segmented the global AmI Market based on component, technology, end use, and region:
Component Outlook (Revenue, USD Billion; 2018-2028)
Technology Outlook (Revenue, USD Billion; 2018-2028)
- Bluetooth Low Energy
- Radio Frequency Identification (RFID)
- Software Agents
- Affective Computing
End use Outlook (Revenue, USD Billion; 2018-2028)
- Banking, Financial Services and Insurance (BFSI)
- Retail & E-commerce
- Government & Defence
- Energy & Utilities
- IT & Telecom
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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