Advancing Senior Living: SWOT Analysis for Smart Retirement Village

Ageing population and increasing urbanization has become a phenomenon globally and the world is looking at equipping the future elderlies with a living that supports active ageing. The advent of smart technologies has the potential to revolutionize senior living, where retirement village is becoming a popular debate in many developed countries. This research paper conducts a comprehensive SWOT analysis to evaluate the strengths, weaknesses, opportunities and threats associated with smart retirement villages. Utilizing an integrative literature review, this study synthesizes current research and data on technological advancement and the trend of retirement village. The findings highlight the significant strengths such as improved quality of life, enhanced security and safety. However, challenges including high costs, technological complexity and privacy concerns are identified. The analysis also reveals promising opportunities for growth driven by ageing population and potential partnership, alongside threats like cybersecurity risks and regulatory hurdles. This study offers valuable insights for developers, investors and policymakers, by providing strategic recommendations to leverage strengths and opportunities while addressing inherent weaknesses and threats. The research emphasizes the transformative potential of smart technologies in senior living and lays the groundwork for future innovation and development in the industry.