Enabling Independence: Connected Solutions for Seniors and Caregivers

SYNOPSIS:

Over the next several decades, the number of Americans ages 65 and older will double to over 80 million by 2050. Three out of four consumers ages 40 and older expect to live in their own homes when they turn 80, and the costs of assisted living facilities will make aging in the home the only option for many Americans. Service providers, professional security monitoring and PERS monitoring companies, which have existing footprints in the home, are exploring opportunities to serve this population.

This report assesses the aging with independence market and highlights leading use cases, including safety, medication management, wellness, and social engagement. 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.

ANALYST INSIGHT:

“Alternative devices with emergency response capabilities-such as mobile phones, smart watches, smart speakers, and residential security systems-are competing with legacy PERS devices. 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,” said Lindsay Gafford, Research Analyst, Parks Associates.

Table of Contents

• Bottom Line
• The PERS Spectrum
• Alternative Emergency Solutions
• Messaging for PERS: Empowering the User
• Business Models
• Opportunity in the Security Channel
• Innovation
• PERS Five-Year Forecast
• Implications and Recommendations
• Appendix
• Citations
• Attribution

List of Figures

• PERS Adoption
• The Senior Assistive Solution Spectrum
• Emergency Response Devices Appealing to Caregivers
• Mobile Phones as a PERS Alternative
• Smart Watches as a PERS Alternative
• Smart Speakers as a PERS Alternative
• Residential Security as a PERS Alternative
• PERS Purchase Channels
• Examining the PERS User Base
• Consumer Interest in Security System Features
• PERS Technological Innovation & Product Design
• US PERS Forecast - Users
• US PERS Forecast - Revenue