The population worldwide is aging. According to the UN, by 2050, one in six people in the world will be over the age of 65, up from one in 11 in 2019. Given that “aging” is a big and growing sector, it cannot be ignored by the software development industry. All efforts to address the aging economy and the needs of older people are called “Age-Tech.”
By analogy with “FinTech,” the term “Age-Tech” covers digital enablement of the longevity economy like FinTech shook up finance industry, including mobile payments, money transfers, loans, fundraising, asset management, etc.
“We can think of four categories of digital-enablement in Age-Tech: services purchased by older people; services purchased on behalf of older people; services traded between older and younger people; and services delivered to future older people,” says Dominic Endicott, venture capitalist and Age-Tech expert.
Whether it is a product aimed at increasing mental stimulation of our grannies or just an app to coordinate who of the family members will drive an older family member to a medical appointment, these experiences fall into the Age-Tech concept.