Artificial Intelligence
Ambient Assisted Living Market Has Generated USD 2 Billion in 2017 and is Expected to Reach a Market Value of USD 13 Billion By 2027 Growing With 19% CAGR | Market Research Future
Pune, Feb. 18, 2021 (GLOBE NEWSWIRE) — Global Ambient Assisted Living Market Overview
Ambient assisted living facilities are being established with the global elderly populace witnessing a boom. The efficient healthcare systems and healthy lifestyles of the elderly have extended their lifespan and induced a need for facilities for housing them. The global Ambient Assisted Living Market size can reach USD 13 billion by 2027, according to the latest report by Market Research Future (MRFR). It was valued at USD 2 billion in 2017. The market is poised to display a CAGR of 19% over the forecast period (2018-2027).
The ambient assisted living market is touted to expand significantly owing to rise of differently-bale and elderly populace. Continuous need of monitoring patient vitals and tracking their consumption of medicines can bode well for the market. Advances in internet of things and equipment for smart homes are likely to facilitate market growth. According to the survey by the UN, the people in the age group of 65 and above are growing at a robust pace with the number reached 703 million in 2019.
The rising adoption of smart homes as well as initiatives undertaken by various governments as well as demand for managed care services can spur the global market demand for assisted living facilities. The U.S. and the U.K. are leading in smart homes and may majorly affect market size over the forecast period.
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COVID-19 Impact
The COVID-19 pandemic has stalled the growth of ambient assisted living facilities. This is attributed to the high vulnerability of the aged against the virus. According to the CDC, AAL facilities were hotspots of COVID-19 cases and residents accounting for 42% deaths in the U.S. Digital solutions are likely to be prevalent in the market owing to advances in artificial intelligence and robotics. For instance, scientists at Heriot-Watt University have programmed a robot, Pepper, for easing the burden on healthcare workers and assist the elderly in AAL in Scotland. The use of connected systems in the residence is being used as an experiment by researchers to increase the learning and coping skills of the robot.
Industry Trends
Wireless sensors and cellular networks are becoming highly prevalent in the AAL industry due to proliferation of novel communication networking technologies. Utilization of IoT in industrial applications and its resounding success have led to its implementation in consumer settings. Drones are being programmed to monitor the health of citizens at AALS and assist them in their daily routines. They can deliver routine test kits, pick up medicine refills, and alleviate the burden on healthcare workers. The ability of drones in preventing cardiac arrests as well as prioritizing the safety of elderly citizens can augur the global AAL market considerably.
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Segmentation
By system, it is segmented into transportation and communication system, safety and security system, communication system, entertainment, medical assistance system, power management system, and others. The communication system is likely to dominate the market sales volume owing to seamless connectivity required by doctors and other healthcare staff to respond accurately to requests by senior citizens.
By sensors, it is segmented into occupancy sensors, temperature sensors, and others. Occupancy sensors are likely to gain the lead in the global market owing to occupancy detection on the rise. In addition, the development of new algorithms for increasing the accuracy of the sensors can drive the segment demand.
By services, it is segmented into installation & repair and customization & renovation. Installation & repair services are likely to fetch massive revenue for the global ambient assisted living market owing to demand for the setups in living facilities and retirement communities.
Regional Segmentation
Geographical mapping of the ambient assisted living market covers namely North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America is estimated to be the leading region in the global AAL market. This is attributed to development of smart homes and request for home care as opposed to hospital care by elderly citizens. The U.S. and Canada are deemed to contribute the maximum to the regional market owing to a considerable customer based and proclivity towards new technology. Presence of technical personnel and expendable income levels of patients are growth engines of the market. Government organizations such as the Center for Medicare and Medicaid Services have released guidelines designed to curb the proliferation rate of the COVID-19 virus at these facilities. Lack of admission of new patients and social distancing guidelines can hamper the growth of the market in the region.
Europe is presumed to display a robust CAGR over the forecast period due to initiatives taken by governments for extending the life of senior citizens and evolution of communication and information dissemination technologies.
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Competitive Analysis
The ambient assisted living market industry is expected to witness joint venture agreements, partnerships, mergers, and acquisitions. Innovation and investments in R&D are likely to be seen for vendors looking to capture major market shares. For instance, Kindred Healthcare in a JV with Atlantic Health System has completed a 38-bed rehabilitation facility, Atlantic Rehabilitation Institute, in New Jersey.
Key players involved in the market
- Panasonic Corporation
- ABB Group
- Assisted Living Technologies, Inc.
- Chubb Community Care
- Honeywell International, Inc.
- Gnomon Informatics S.A.
- Televic N.V.
- Telbios, Ingersoll Rand Plc.
- Legrand SA
- Siemens AG
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Industry News
Scientists at the Heriot-Watt University have joined hands with the U.K. Astronomy Technology Centre have created a lab for developing technologies for creating solutions for ambient assisted living at Scotland. The experiment involves a robot and its ability to cater to basic needs of the elderly by accessing connected systems within the confines of the laboratory.
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Artificial Intelligence
LG STRENGTHENS EUROPEAN PRESENCE WITH ITS KITCHEN SOLUTIONS SHOWCASE AT MDW 2024
Featuring Advanced AI Technologies and Sleek Design, Company’s Expanded Lineup of Built-in Appliances Brings Outstanding Convenience and Style to the Kitchen
SEOUL, South Korea, April 18, 2024 /PRNewswire/ — LG Electronics (LG) is unveiling its latest built-in kitchen appliances at Milan Design Week (MDW) 2024, taking place in Milan, Italy, from April 16-21. At the center of LG’s Milan showcase are the brand-new Signature Kitchen Suite built-in oven, free zone induction hob, and downdraft hood. Boasting innovative, premium design and highly-convenient features, the company’s refined built-in solutions bring exceptional ease-of-use and effortless elegance to the kitchen.
Signature Kitchen Suite Built-in Oven with Advanced Cooking Technologies
Debuting at MDW 2024 and designed with European consumers in mind, the Signature Kitchen Suite 60-centimeter (24-inch) built-in oven offers a variety of cutting-edge features and AI technologies to elevate the culinary experience. Equipped with Gourmet AI™️, the oven can identify what the user is cooking and automatically select the appropriate cooking mode from 130 recipes. Gourmet AI also enables ‘browning’ control for foods such as pizza and steak, actively keeping tabs on the cooking process and notifying users via the ThinQ™️ app as soon as their food is done. Thanks to video-recognition, LG’s intelligent oven can suggest the optimal settings for the dish being prepared, while real-time video monitoring and time-lapse recording make it easy to check on the progress of one’s meal using the ThinQ app.
Employing enhanced ProBake powered by inverter technology, the new oven delivers uniform heat and fast, efficient cooking with an A++ energy rating. LG’s innovative technology rotates the convection fan back and forth to ensure shorter preheating times, even heating, and crispier results when using the oven’s Air Fry mode. The company’s unique InstaView™️ technology further enhances user convenience, making it possible to see inside simply by knocking twice on the oven door.
Free Zone Induction Hob for Convenient and Flexible Cooking
The Signature Kitchen Suite’s 90-centimeter (36-inch) free zone induction hob presents next-level flexibility and ease-of-use, allowing users to place any size and type of cookware – such as Paella pans and moka pots – anywhere on its cooking surface.* The new appliance can detect and track the position of cookware, eliminating the need to manually cancel and reapply settings when moving a saucepan or skillet from one part of the cooking surface to another. What’s more, the AI technology embedded in the hob can detect the temperature of cookware and automatically lower the heat when necessary, helping to minimize spills and splatter when boiling water or preparing soups and sauces.
Expanded Built-in Lineups for Diverse Kitchen Lifestyles
LG is further bolstering its built-in product lineup with the introduction of the new Signature Kitchen Suite downdraft hood. Made to integrate seamlessly into islands and countertops, the 90-centimeter (36-inch) hood offers a sleek, sophisticated look with its chic black glass and modern frame design. It also provides powerful ventilation, effectively extracting steam and odors for a more pleasant cooking experience.
Additionally, LG has expanded its portfolio of built-in appliances for the European market. Along with new products, such as an 80-centimeter (30-inch) induction hob and built-in combi refrigerators and microwave ovens, the company now provides a wider range of options within its oven lineups – from more product variation to a greater choice of colors and sizes. Among the new models are the Signature Kitchen Suite 122 centimeter (48 inch)-wide French-door refrigerator and stunning appliances from the Transitional lineup, featuring slim handles and satin stainless steel exteriors with a velvety matte finish. To help customers create a curated kitchen aesthetic, the company offers an array of new finishes for its premium built-in products, with black stainless steel and stainless steel joining the previously-introduced black glass finish.
“We are thrilled to showcase our latest built-in innovations at this year’s Milan Design Week, demonstrating our commitment to leading new design trends and meeting the diverse needs of European customers,” said Lyu Jae-cheol, president of LG Electronics Home Appliance & Air Solution Company. “LG will continue to strengthen its presence in Europe through an expanded range of built-in appliances delivering style, performance and convenience in the kitchen.”
Visitors to MDW 2024 in Milan from April 16-21 can experience LG’s latest built-in lineups at the LG booth at Milan Fairgrounds.
* Cookware recognition may vary depending on the size or number of items placed on the surface.
About LG Electronics Home Appliance & Air Solution Company
The LG Home Appliance & Air Solution Company is a global leader in home appliances, air solutions as well as smart home solutions featuring LG ThinQ. The company is creating various solutions with its industry leading core technologies and is committed to making life better and sustainable for consumers and the planet by developing thoughtfully designed kitchen appliances, living appliances, HVAC and air purification solutions. Together, these products deliver enhanced convenience, superb performance, efficient operation and sustainable lifestyle solutions. For more news on LG, visit www.LGnewsroom.com.
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Artificial Intelligence
DataTracks Celebrates Completion of 19 Years
SINGAPORE, April 18, 2024 /PRNewswire/ — DataTracks, a provider of cloud-based software to automate/generate compliance reports for filing with financial/security regulators to more than 28,000 business enterprises in 26 countries, celebrates the completion of 19 years of service and innovation. Founded with a vision to make regulatory compliance “accurate, reliable, timely, and easy”, DataTracks has grown into a leading name in the industry, worldwide with cutting edge software that incorporates “artificial intelligence” aided features to reduce “time to prepare” and improve “accuracy”.
Decades of Dedication and Expertise
Over nearly two decades, DataTracks has achieved significant growth, with its software delivering more than 400,000 reports, showcasing its pivotal role in regulatory reporting. The software and service address regulations across diverse jurisdictions, including SEC in the USA, HMRC and FCA in the UK, Revenue in Ireland, CIPC in South Africa, ACRA in Singapore, MCA in India, SSM in Malaysia and ESMA, EBA, and EIOPA in Europe.
DataTracks distinguishes itself in the industry
(a) with its global footprint (preferred by business enterprises whose regulatory obligations are spread across multiple jurisdictions)
(b) with its state-of-the art software that incorporates “AI/ML” features and
(c) with its credentials for information security (including ISO 9001:2015 and ISO 27001:2013 certifications)
Addressing the employees and spouses in a town hall meeting to celebrate the event, Vinod P John, President of DataTracks said: “We are happy to start our 20th year in the industry. I have to thank the 28,000 clients who trust us and the several hundred employees who developed our software and who helped customers (and our internal team) prepare compliance reports for reaching this milestone. We’ve always believed in leveraging technology to make regulatory compliance as easy, quick, timely, and accurate as possible for our clients. Our continuous investment in AI and machine learning is a testament to this belief, and it’s what keeps us at the forefront of the industry.”
Looking ahead, DataTracks is ready to address upcoming mandates such as the DATA Act and FTA in the US as well as the MBRS/XBRL mandate by SSM in Malaysia.
About DataTracks
DataTracks is a Singapore-based globally renowned leader in providing cloud-based regulatory compliance software for self-use and “black box services” using the same software, catering to 28,000 clients across 26 countries. In 19 years DataTracks has helped its client enterprises prepare more than 400,000 compliance reports for filing with financial/security regulators in several jurisdictions. Financial analysts have rated the quality of reports generated using DataTracks as top of industry for quality; significantly above that of several of its competitors. For further information, visit www.datatracks.com.
For Business Enquiries: Email: [email protected]; Phone: Singapore: +6531582850, US: +1(646)9048324, UK: +44(0)2036088035
Media Contact: [email protected]
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Artificial Intelligence
SAS advances industry solutions with packaged AI models
Tailored, lightweight AI models facilitate rapid deployment with low overhead
LAS VEGAS, April 17, 2024 /PRNewswire/ — SAS INNOVATE — Today at SAS Innovate, SAS – a pioneer in data and AI solutions – unveiled a game-changing approach for organizations to tackle business challenges head-on. Introducing lightweight, industry-specific AI models for individual license, SAS is equipping organizations with readily deployable AI technology to productionize real-world use cases with unparalleled efficiency.
AI software provider SAS is uniquely positioned to flex its decades of expertise in applying scalable and trustworthy AI models for prominent global financial, health care, and manufacturing brands, as well as government institutions.
“SAS is evolving its portfolio to meet wider user needs and capture market share with innovative new offerings,” said Chandana Gopal, Research Director, Future of Intelligence, IDC. “An area that is ripe for SAS is productizing models built on SAS’ core assets, talent and IP from its wealth of experience working with customers to solve industry problems.”
In today’s market, the consumption of models is primarily focused on large language models (LLMs) for generative AI. In reality, LLMs are a very small part of the modeling needs of real-world production deployments of AI and decision making for businesses. With the new offering, SAS is moving beyond LLMs and delivering industry-proven deterministic AI models for industries that span use cases such as fraud detection, supply chain optimization, entity management, document conversation and health care payment integrity and more.
Unlike traditional AI implementations that can be cumbersome and time-consuming, SAS’ industry-specific models are engineered for quick integration, enabling organizations to operationalize trustworthy AI technology and accelerate the realization of tangible benefits and trusted results.
Expanding market footprintOrganizations are facing pressure to compete effectively and are looking to AI to gain an edge. At the same time, staffing data science teams has never been more challenging due to AI skills shortages. Consequently, businesses are demanding agility in using AI to solve problems and require flexible AI solutions to quickly drive business outcomes. SAS’ easy-to-use, yet powerful models tuned for the enterprise enable organizations to benefit from a half-century of SAS’ leadership across industries.
Delivering industry models as packaged offerings is one outcome of SAS’ commitment of $1 billion to AI-powered industry solutions. As outlined in the May 2023 announcement, the investment in AI builds on SAS’ decades long focus on providing packaged solutions to address industry challenges in banking, government, health care and more.
“Models are the perfect complement to our existing solutions and SAS Viya platform offerings and cater to diverse business needs across various audiences, ensuring that innovation reaches every corner of our ecosystem,” said Udo Sglavo, Vice President for AI and Analytics, SAS. “By tailoring our approach to understanding specific industry needs, our frameworks empower businesses to flourish in their distinctive environments.”
Bringing AI to the massesSAS is democratizing AI by offering out-of-the-box, lightweight AI models – making AI accessible regardless of skill set – starting with an AI assistant for warehouse space optimization. Leveraging technology like large language models, these assistants cater to nontechnical users, translating interactions into optimized workflows seamlessly and aiding in faster planning decisions.
“SAS Models provide organizations with flexible, timely and accessible AI that aligns with industry challenges,” said Sglavo. “Whether you’re embarking on your AI journey or seeking to accelerate the expansion of AI across your enterprise, SAS offers unparalleled depth and breadth in addressing your business’s unique needs.”
The first SAS Models are expected to be generally available later this year. Learn more about SAS Applied AI and Modeling here: https://blogs.sas.com/content/tag/applied-ai-modeling/.
Today’s announcement was made at SAS Innovate, the data and AI experience for business leaders, technical users and SAS Partners. Keep up with the latest news from SAS by following @SASsoftwareNews on X/Twitter.
About SASSAS is a global leader in data and AI. With SAS software and industry-specific solutions, organizations transform data into trusted decisions. SAS gives you THE POWER TO KNOW®.
SAS and all other SAS Institute Inc. product or service names are registered trademarks or trademarks of SAS Institute Inc. in the USA and other countries. ® indicates USA registration. Other brand and product names are trademarks of their respective companies. Copyright © 2024 SAS Institute Inc. All rights reserved.
Editorial Contact:Jennifer [email protected] 202-210-4180 sas.com/news
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