Port St. Lucie, FL (PRWEB) March 19, 2009
The marketplace for technology to assist aging adults is expected to grow sharply from $2 billion today to more than $20 billion by 2020, according to a new report by Aging in Place Technology Watch. The aging of the 78 million baby boomers and increased awareness of technology solutions will drive sales, according to Laurie M. Orlov, founder of the market research firm.
"At a time when we are seeing so many business opportunities shrinking, this market is poised for tremendous growth," said Orlov. "With the cost of long-term care rising, more people will look for solutions that help them stay in their homes.
The industry projections are part of a new market overview report, 2009 Technology Market Overview from Aging in Place Technology Watch. The document highlights technologies for communication and engagement, safety and security, health and wellness, and learning and contribution -- the categories that will help baby boomers and seniors remain in their home of choice.
Highlighting the importance of technology for aging in place, there are 78 million baby boomers and 39 million seniors in the U.S. today. These boomers have at least one living parent and likely siblings - but while 51 percent of them believe that technology could help their parents, only 14 percent of boomers have looked for technology solutions. According to Orlov, that is both a problem - and an opportunity.
This is the first major market research report to take a comprehensive look at the technology that will help people live in their own homes. Long-time Forrester and tech industry veteran Laurie M. Orlov launched the market research company in 2008 with a blog, product, and industry information at http://www.ageinplacetech.com. The market overview is the firm's first major publication.
Mary Furlong, founder of SeniorNet and author of "Turning Silver into Gold" commented: "A research veteran like Laurie choosing this space is an indication of the talent being brought to bear in this industry - analysts size the market, showcase the business opportunities, and shape the market space. The venture and business community are catching up with the need."
Jill Gilbert, CEO of Gilbert Guide noted: "Gilbert Guide is pleased to have Laurie Orlov and Aging in Place Technology Watch author of its new Expert column on technology -- precisely because of her insight into this increasingly vital area."
And Arlene Harris, CEO and Founder of Jitterbug, said: "Laurie Orlov has done a great job of laying out an overview of this space and why organizations should be putting emphasis on unlocking the enormous wealth while serving the needs of an aging market that wants and needs to be more independent."
Headquartered in Port St. Lucie, Florida, Aging in Place Technology Watch provides thought leadership, analysis and guidance about technologies and related services that enable boomers and seniors to remain longer in their home of choice. In addition to her technology background and years as a technology industry analyst, founder Laurie M. Orlov is a certified long-term care ombudsman in Florida and the author of When Your Parents Need Elder Care.
Orlov spent more than 30 years in the technology industry, including 24 years in IT and nine years as a leading industry analyst at Forrester Research. While there, she was often the first in the industry to identify technology trends and management strategies which have survived the test of time. She has spoken regularly and delivered keynote speeches at forums, industry consortia, conferences, and symposia. In 1996, Laurie was named to McGraw-Hill/Open Computing's list of the top 100 women in computing. Laurie is now a featured columnist on GilbertGuide and her blog entries are often referenced on sites like SmartSilvers, RetirementHomes, 50+Digital, and MaryFurlong.com. She serves as one of the judges in the upcoming Boomer Business Plan Competition and is speaker at the 2009 What's Next Boomer Summit in Las Vegas.