Enabling Seniors To Leverage Technology & Stay Home, Will Be *Very* Big Business

netsurfIn November of 2013, I wrote a post called New Connected Device for Seniors at Home that received thousands of unique views in its first month. That post was one that continued on a topic regarding technology for seniors that started with one of my most popular posts ever with tens of thousands of views, Elderly Need Super-Simple, Phone-like Skype.

I was certainly interested in this topic…but why were so many others?

My interest began as my father, Bill Borsch, was aging-in-place and in his last few years (he passed away in March of 2013). I was filled with anxiety knowing so much about available technology, but feeling like I couldn’t quite leverage what was currently available.

Knowing that we were right on the cusp of tech that would transform his world was both exciting and anxiety-producing since I really wanted to help him out. Sadly, it turns out that 2011-2013 was still too early for me to deliver any sort of transformative technology in Dad’s home. I’d purchased him a very early SmartThings kit (from their Kickstarter project) but even that was too early at the time.

Today we have a lot of great technology for (or able to be leveraged) that seniors can use, but the entire “connected aging” space is changing almost by the week. There are so many things going on in the space right now like personal security and medical alert stuff, wearables including the Apple Watch, connected in-home automation sensors and devices, and so much more, that it is really hard to stay on top of what’s going on.

momdadipadStartups and existing companies, however, are staying on top of the opportunity that great technology for seniors represents. For those who do provide highly functional and affordable technologies for seniors, will undoubtedly be able to tap in to the expected 73 million retired baby boomers by 2029 (see: U.S. Census Bureau: The Baby Boom Cohort in the United States: 2012 to 2060).

How big is that opportunity? According to USA Today’s recent article, Senior tech helps baby boomers come of digital age, “Worldwide revenue generated by home healthcare devices and associated services are expected to soar to $12.6 billion in 2018, up 121% from $5.7 billion in 2013, according to numbers released by market researcher IHS.

Though I can’t locate the original citation that multiple articles I found do cite, US News & World Report stated it in this article, “Although they represent only 32 percent of the U.S. population, Americans over 50 control 77 percent of the total net worth and have nearly $46 trillion of wealth, according to the Bureau of Labor Statistics.

Bottom Line

I’m going to keep a close eye on senior technology, aging-in-place, and the Internet of Things (IoT) for those of us nearing or in retirement.

Here are some links you may find of interest ones I hope help you in some way:

Though this isn’t exactly senior technology, I am hyper-aware and concerned about seniors and their vulnerability, especially when it comes to identity theft. Check out this article since this service may be of interest to you: iTOK Arms Seniors with All-Encompassing Identity Protection Service.

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About Steve Borsch

Strategist. Learner. Idea Guy. Salesman. Connector of Dots. Friend. Husband & Dad. CEO. Janitor. More here.

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