Global IoT in Elevators market demand 2024, Forecast To 2033
4 Mar, 2024
The IoT in elevators market size has experienced rapid growth, increasing from$23.8 billion in 2023 to$28.14 billion in 2024 at a compound annual growth rate (CAGR) of 18.3%. This growth in the historic period can be attributed to trends in work and building access, integration with smart city initiatives, data-driven decision-making, enhancement of user experiences, and the requirements for energy efficiency. Looking ahead, the market is expected to witness rapid growth, reaching$52 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%. Factors contributing to this growth include the rise in smart building initiatives, demand for remote monitoring and predictive maintenance solutions, flexible working trends, urbanization, and the capabilities of data-driven decision-making. Major trends in the forecast period involve strategic partnerships, remote monitoring and maintenance capabilities, enhanced safety and security features, emphasis on energy efficiency and sustainability, and the adoption of predictive analytics and maintenance methodologies.
Global IoT in Elevators Market Key Driver
Increasing government initiatives for the creation of smart cities are expected to propel the growth of the IoT in the elevator market going forward. A smart city refers to a city or town that makes use of information and communication technology (ICT) to enhance operational effectiveness, disseminate information to the public, and enhance the welfare of its residents. IoT-enabled elevators are used in smart cities to deliver a continuous stream of real-time data that allows service technicians to remotely check the equipment's health and identify issues before they become serious. This data is used by smart cities to enhance their infrastructure, public utilities, and services, among other things. For instance, according to a report shared by The Indian Brand Equity Foundation (IBEF), an India-based trust established by the Department of Commerce, Ministry of Commerce and Industry, India's Smart Cities Mission got INR. 6, 450 crores ($868 million) in the Union Budget 2021–22, up from INR. 3, 400 crores ($457 million) in FY21 (revised estimates). As of March 2021, the total budgeted investments for the Smart City Mission were INR 205, 018 crores (US$ 27.60 billion). Therefore, increasing government initiatives for the creation of smart cities are driving the growth of the IoT in the elevator market. The 2023, 2024, and 2028 market size values emphasize the transformative impact of IoT-enabled elevator technologies in advancing urban infrastructure and enhancing the quality of life in smart cities.
Get A Free Sample Of The Global IoT in Elevators Market ReportGlobal IoT in Elevators Market Segments
The global iot in elevators market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Application: Preventive Maintenance, Remote Monitoring, Advanced Reporting, Connectivity Management, Other Applications
3) By End User: Residential, Commercial, Industrial
By Geography: The regions covered in the iot in elevators market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North America was the largest region in the IoT in elevators market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the iot in elevators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major IoT in Elevators Industry Players
Hyundai Elevator Co. Ltd., KONE Corporation, Otis Worldwide Corporation, Schindler Holding Ltd., Mitsubishi Electric Corporation, Toshiba Elevator and Building Systems Corporation, Hitachi Ltd., Huawei Technologies Co. Ltd., Fujitec Co. Ltd., Electra Ltd., Liftinzicht BV, Gruppo Millepiani SPA, Cygnet Infotech Pvt. Ltd., Doppler S.A., Robustel, Robert Bosch GmbH, Honeywell International Inc., Selcom Elevator, ThyssenKrupp AG, Carrier Global Corporation, Cisco Systems Inc., Delta Controls Inc., ALE International SAS, General Electric Company, United Technologies Corporation, International Business Machines Corporation, Johnson Controls International PLC, LG Electronics Inc., NEC Corporation, Panasonic Corporation, Siemens AG, Schneider Electric SE
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IoT in Elevators Market Overview
IoT in elevators refers to the use of internet of things (IoT) for the purpose of monitoring operational conditions by gathering a large amount of data in elevators for streamlining operations.
IoT in Elevators Global Market Report 2023 provides data on the global iot in elevators market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The iot in elevators market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.