Why tech firms can’t ignore seniors–Dennis Lally

From Fortune Insiders

When it comes to technology, the mass market for the most part ignores senior citizens. This is a mistake. Despite the common misconception, today’s senior citizens have a greater familiarity with technology and own more devices than ever before.

With over 46 million people aged 65 or older in the U.S. as of 2014, seniors comprise nearly 15% of the total population. According to a study conducted by the Pew Research Center, as of 2013, 59% of seniors reported using the Internet, while 47% had broadband access in their homes. And the senior technology market is expected to exceed $42 billion by 2020.

Despite this rapidly growing and untapped market opportunity, building technology products for older adults isn’t easy. Companies face design and monetization challenges. But if they can overcome these obstacles and start targeting tech products and services to seniors, it will be worth the effort.

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