Our aging population combined with the rising cost of healthcare will continue to drive steady demand for cost-efficient technology solutions that improve the quality of life for older people. The rapid growth and expansion of the Age-tech market over the last decade supports this logic.
As discussed earlier, CSPs are uniquely positioned to capitalize on this attractive market with many already doing so. In the last two years, smartphone adoption among older adults has demonstrated healthy growth, jumping from 70 percent to 77 percent (AARP). According to eMarketer, older Americans are driving the growth of the wearables segment, with 8.2 million Americans age 55 and older using a wearable device in 2019. While many older people took longer to incorporate connected devices into their lifestyle than younger generations, adoption of technology like smartphones and wearables continues to grow and should continue especially as these devices add more health-related features and services.
As the connectivity engine that powers our digital lifestyles and the smart devices that comprise them, CSPs can continue to lead the Age-tech market with innovative products and services that enable (and enhance) independent living, remote health monitoring and telehealth practices. The majority of seniors desire to stay in their homes and age in place, and will use digital technology to realize this lifestyle. According to AARP:
“Three in four older Americans want to stay in their homes and age in place, and technology that allows them to get help in an emergency or track their health virtually can be critical to helping them achieve this goal.”
Smith Micro's SafePath platform helps wireless service providers deliver digital lifestyle solutions to connected families . Learn more>>