Security Business

FEB 2019

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46 Security Business / / February 2019 Healthcare Security Riding the Age Wave For integrators, the smart technology opportunity for seniors is not limited to residential By Silvia Madrigal Although they may not like being called the Silver Tsunami, there is little doubt that the population wave of Baby Boomer seniors marks one of the biggest market opportunities for technology integrators. For savvy integrators, opportunities in the business-to-business (B2B) space may be just as big and even more lucrative than those in the residential market. The numbers are staggering – some 77 million American Boomers became “seniors” in 2010, and 10,000 more will turn 65 every day into the 2030s. That represents a huge customer pool for residential smart environments that every integration business could be actively targeting. In fact, AARP estimates that monitoring service alone was a $1.8 billion business in 2017 – and it is predicted to rise to $3 billion by 2021. Additional smart home technologies that will become commonplace – telemedicine, health and safety for aging in place – will push the U.S. market forecast to $23 billion. A market growing so quickly will obviously drive a lot of momentum. Consumer DIY monitoring systems will take a significant slice of the pie, as will the triple-play service providers who already own a significant footprint in these consumer’s homes. The Emerging B2B Market With often gigantic competitors, how can security integrators get in on the action? One solution may be to focus on the fast-growing B2B opportunities emerging with the longevity economy. Who are these B2B customers? They are large and small businesses that provide everything from at-home caregiver services to live-in nursing facilities and assisted living communities. They actually encompass all the organizations, agencies and facilities that will service these seniors. As is true with many verticals, technology trends and the economy are transforming the landscape – which means security integrators will be able to find a wealth of opportunities for equipment sales, installations, maintenance and potential RMR. Poll after poll has shown that seniors want to continue to spend their lives in their own home; unfortunately, that desire is not always possible. People are living longer today – a 65-year-old American can expect to live another 19 to 21 years, according to the Social Security Administration. A quarter of 65-year-olds will hit age 90, and one in 10 will live beyond age 95. As people reach these ages, they require more care attention and services for daily living. In-Home Care Services Many of these care services will take place within a consumer’s home, and the agencies that provide them represent a promising B2B opportunity. These companies desire many of the same functions that smart home and commercial integrators already know well – such as smart access controls, environmental monitoring, and the ability to track activity, wellness and risk remotely. According to a report by home health and hospice agency consultant Fazzi Associates, just 23 percent of home care agencies are currently using telehealth systems. With tele- ©Istock

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