Silver economy what is it ?

The word “Silver”  in English, it is used to indicate the grey colour of the hair. The word “Economy” refers to a market where there is a particular supply and demand. Silver-economy has recently emerged. In 2013, it is used for the first time to refer to the sector contract signed between the Ministry of Economy and Finance and the Ministry of Social Affairs and Health.

At the origin this contract respond to the growing need from an emerging population : the over 60s. This is due to the life extension of the popoluation. The silver economy became a worldwide issue which create some oppportunity in certain sectors. In 2030, the olders than sixty years old will reach more than 20 millions individuals in France and more than 2 billion worldwide. This market is valuable at 130 billion of euros.

in 2020 and he should increase in the next years. Start’up, smal and mediuym size comapnies, and also big company work to create added value to an expansionist market.  Help the olders to become more indepednant is the main obejctiv of the silver economy.

The subject is here to deliver the optimal service, in order to stay in alert even when their physicial aptitudes is perturbed. but this go so far, in effect the silver economy is oriented  to an active population. The « young » seniors are in good health and they don’t want to be considered like «  beddriden ». the targets and needs of this market are so in constant evolution.

How new technolgies have transformed this new one market ?

The development of the Silver economy is impacted by the criteria that structure it. For this reason, many companies in the Silver Economy are experiencing difficulties in developing and achieving their goals. The different sectors are facing new needs and have had to redirect their development according to this new demand.

Despite these difficulties, some markets have adapted quickly and have been able to take the tangent. Before 2022, it is mainly the comfort and well-being sectors that seem to be taking the lead. After 2025, sectors related to the elderly such as home furnishings, security technologies, etc. will also take off with the arrival of baby boomers in old age. The population will live longer and will clearly be healthier.

All these booming markets have one thing in common: the use of new technologies.  It is currently a huge market and future generations will be used to it long before they reach the age required to join the silver-eco club!  Already today, studies show that the over-60s are users of new technologies, especially digital technology. According to « L’agence du numérique », in 2017, 78% of the 60-69 year olds will own a computer and 83% a mobile phone. These figures suggest that a large number of connected objects will be created and will be well received by senior citizens, especially if they comply with consumer expectations.

What are the horizons for this economy?

In France, by the end of 2020, 300,000 jobs are expected to be created to supply the Silver eco market. New solutions such as e-health, home automation, assistance robots and personalized coaches will become more widespread. Some connected objects have already seen the light of day all over the world:

  • The American company Smardii has developed an intelligent layer for measuring the body temperature or urine of its user to detect health problems. This device has already been tested in three French establishments.

  • « Viktor » cushion developed by a French company allows you to interact with all the other connected objects in the house at your fingertips.
  •  The connected glasses of our start’up Ellcie Healthy also respond to the problems of mobility and safety of seniors by detecting falls of their wearers and informing, in real time, their entourage or the emergency services.

                                                                                                                                                                                                        These incredible innovations illustrate the willingness of companies to take part in the silveréco market by offering simple and adapted solutions through intelligent objects.