DALLAS, Jan. 21, 2020 /PRNewswire/ -- New research from Parks Associates estimates more than 5 million consumers in the US will own PERS devices by 2024. Enabling Independence: Connected Solutions for seniors and Caregivers forecasts traditional and mobile PERS revenue will reach $1.1 billion in the same year.
The report Enabling Independence: Connected Solutions for Seniors and Caregivers assesses the aging with independence market, with particular focus on the personal emergency response system (PERS) market. It profiles leading efforts from service providers and product manufacturers, examines business models and partnership requirements, and includes a five-year forecast of PERS and sensor-based independent living solutions for seniors at home.
"Traditional PERS and mobile PERS (mPERS) devices remain at the forefront, but home sensor-based systems are gaining prominence among device manufacturers and service providers," said Lindsay Gafford, Research Analyst, Parks Associates. "Future PERS growth or decline will be largely dependent on adoption of alternative devices and home sensor-based systems."
Alternative devices with emergency response capabilities—such as mobile phones, smart watches, smart speakers, and residential security systems—are competing with legacy PERS devices in the senior assistive technology market. Some industry players are taking advantage of the widespread penetration of these devices and finding ways to integrate more robust emergency response technology into the devices already in consumers' homes, while others are utilizing these form factors to develop new PERS-specific solutions that appeal to a broader consumer base and encourage adoption.
"Industry players are all looking to encourage more proactive purchasing earlier in a senior's life, before an emergency occurs," Gafford said. "The vast majority of seniors want to stay in their own home for as long as possible, so companies can focus their messaging on senior empowerment, highlighting how the solution enables the ability to live independently at home for as long as possible, with stylistic designs that do not carry the stigma of first-generation solutions."
Additional research findings:
- Eighteen percent of US broadband households are ages 65+. This percentage equates to nearly 19 million households and is expected to nearly double by the year 2050.
- Among seniors in US broadband households, 4% report owning a PERS device.
- Twenty percent of US broadband households identify themselves as current or future caregivers of a senior. This equates to nearly 20 million households.
For more information about Enabling Independence: Connected Solutions for Seniors and Caregivers, contact [email protected]. To schedule an interview with an analyst or to request specific research data, please contact Elizabeth Parks at [email protected], 972-996-0202.
About Parks Associates
Parks Associates is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates creates research capital for companies ranging from Fortune 500 to small start-ups through market reports, primary studies, consumer research, custom research, workshops, executive conferences, and annual service subscriptions.
The company's expertise includes digital media and platforms, entertainment and gaming, home networks, internet and television services, digital health, mobile applications and services, support services, consumer apps, advanced advertising, consumer electronics, energy management, and home control systems and security.
Each year, Parks Associates hosts industry webcasts, the CONNECTIONS™ Conference Series, Connected Health Summit: Engaging Consumers, Smart Energy Summit: Engaging the Consumer, and Future of Video: OTT, Pay TV, and Digital Media. http://www.parksassociates.com
SOURCE Parks Associates