According to our latest market study on “IoT in Elevators Market Forecast to 2028 –COVID-19 Impact and Global Analysis – by Component, Application, and End-User,” the market is expected to grow from US$ 1514.88 million in 2022 to reach US$ 2,022.13 million by 2028; it is anticipated to grow at a CAGR of 4.9% from 2022 to 2028.
The “smart cities” developments are gaining traction across the world. The IoT in elevator manufacturing companies, several escalator companies, and market players are increasingly focusing on integrating IoT into their products and new lines of escalators to capture a larger market share and establish a solid foothold. Artificial intelligence and IoT have played a key role in transforming the elevator and escalator market landscape in recent years. Furthermore, predictive, and tailored elevator maintenance, aided by IoT, is gradually gaining traction. Moreover, over the last a few years, advancements in application programming interfaces (API) have increased the adoption of IoT in elevators which in turn Is impacting the overall IoT in elevators market.
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The IoT in elevators market size is segmented based on component, application, and end-user. Based on component, the IoT in elevators market is segmented into hardware, software, and services. The IoT in elevators market, by application, is segmented into preventive maintenance, remote monitoring, fault diagnosis and prediction, advanced reporting, and connectivity management. The IoT in elevators market, by end-user, is segmented into residential, commercial, and industrial.
The report on the IoT in Elevators market includes information on the strategic collaborations. The study also mentions the key players across the IoT in Elevators market. Here are some prominent participants involved in the IoT in Elevators Market – Major Players: OTIS; Schindler Group; KONE Corporation; Hyundai Elevator Co., Ltd.; and Fujitec are among the key IoT in elevators market players profiled during this study on the. In addition, several other important market players were studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The report provides detailed market insights, which helps the key players strategize the growth.
The COVID-19 pandemic had a significant impact on the global economy. The pandemic was at its peak in 2020, which led many manufacturing companies to a financial crisis and posed numerous challenges to business operations. Before the COVID-19 outbreak, the IoT in elevators market witnessed exponential growth owing to increased urbanization, surged demand for secure and energy-efficient systems, increased demand for residential and commercial amenities, and advancement of the Internet of Things (IoT).
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With the ease in restrictions and reopening of business units, the adoption of AI and IoT platforms in building smart cities is growing rapidly. During the first quarter of 2021, for improved security and safety, many residential and commercial amenities and smart cities builders invested significantly in the adoption of energy-efficient advanced technologies, which helped the IoT in elevators market to expand. Furthermore, the pandemic has invoked a rising need for clean and green energy-efficient products and services in various industrial verticals.
The IoT in elevators market size in Asia Pacific is primarily attributed to the demand for communications systems, such as routers, modems, wired and wireless electronics systems, and other peripherals, for providing strong network connections. In addition, the rapidly growing construction industry in China and India favors the adoption of automated solutions. As per Cisco’s annual Internet report 2018–2023, by 2023, Asia Pacific will have 3.1 billion Internet users and 3.1 billion mobile users. Also, there will be 13.5 billion networked devices/connections by 2023. Among these, 49% of networked devices in APAC will be mobile-connected, and 51% will be wired or connected via Wi-Fi. This trend shows the rising adoption of internet, computers, and other peripherals devices and connections.
Europe holds a large portion of the IoT in elevators market share. Rapid pace of industrialization and the increase in the adoption of IoT, AI, and machine learning in electronic components is driving the Europe IoT is elevators market. Technological specializations that have developed over decades are changing rapidly. In IoT, the European Research Cluster on the Internet of Things (IERC) concentrates on strengthening the connections between projects, companies, organizations, people, and information at the European level to make initiatives innovative and competitive. The rise in uptake of smart connected IoT-enabled electronics across Europe due to improved living standards is propelling the demand for smart elevators from commercial building complexes in the region and therefore fueling the IoT in elevators market.
To comprehend global IoT in Elevators market dynamics in the world mainly, the worldwide market is analyzed across major global regions: North America (United States, Canada and Mexico), Europe (Germany, France, United Kingdom, Russia and Italy), Asia-Pacific (China, Japan, Korea, India, Southeast Asia and Australia), South America (Brazil, Argentina), Middle East & Africa (Saudi Arabia, UAE, Egypt and South Africa)
The Key Highlights of the Report:
- Estimates on market size by key regions/countries, product type and application, history data from 2020 to 2028, and forecast to 2028.
- The structure of global IoT in Elevators market by identifying its various sub-segments
- Analysis of the value, market share, market competition landscape, SWOT analysis, and development plans in the next few years.
- Detailed information about the key factors influencing the growth of the market including growth potential, opportunities, drivers, industry-specific challenges and risks.
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