The Business Potential of Smart-Home Tech for Older Adults
Have you ever thought how the smart-home gadgets that the millennials find to be trendy, fun, and nerdy could help the older adults in making their lives easier when they need physical and mental support? Just imagine how a voice-controlled fan switch can be helpful to a septuagenarian who is suffering from arthritis. Or an automatic sensor that could call in for help if a person has difficulty in getting out of bed.
Similarly, there are many other devices and gadgets that are particularly developed and manufactured to assist older adults. But is there a business potential and market available?
The market
Of course, these gadgets and smart-home tech can’t provide financial means, but if you can afford them, living alone at a later stage in your life will not be harsh or cruel. Some reports have even suggested that a few big retailers have started a separate unit where they sell these types of tools, tech, and gadgets, and reportedly there is a good market among the seniors.
Undoubtedly, there are many complexities and difficulties that seniors still encounter while interacting with these devices, and there is a lot of user-based testing and feedback that needs to be generated, but as these devices penetrate the market, the chances of them getting better and better increase.
Apart from the application of seniors that want to stay alone, there is a market for young adults as they want to learn these devices to take better care of their aging parents.
What are the barriers?
The biggest barrier associated with this industry is the high cost of these gadgets and devices. Further, there are too many options available in the market and customers are confused about the choice—though they feel spoilt by the availability, it often becomes overwhelming. Further, the possibility of a security breach through these devices is another threat that any senior or household will feel, and therefore, becomes a major constraint for the sales.