The IoT In Elevators Global Market Report 2023, provides comprehensive information on the IoT in elevators market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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As per The Business Research Company’s IoT In Elevators Global Market Report 2023, the market size is expected to grow from $20.06 billion in 2022 to $23.73 billion in 2023 at a compound annual growth rate (CAGR) of 18.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global IoT in elevators market size is expected to grow to $44.10 billion in 2027 at a CAGR of 16.8%.
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Technological advancements have emerged as a key trend gaining popularity in the IoT in elevators market. Major companies operating in the IoT in elevators market are focused on innovating new technologies to sustain their position in the market. For instance, in September 2022, Johnson Lifts, an India-based manufacturer of lifts and escalators, launched an IoT-based technological feature in its lifts named WATCH. This WATCH, which stands for Wireless Assessment to Troubleshoot Channelize & Host, carries out a number of tasks by connecting the elevators to the data center via the elevator’s IoT device. Customers may get immediate support when they need it since it senses, monitors, and informs technicians in real-time. The IoT WATCH function continuously improves lift performance while anticipating potential defects and monitoring lift behaviour and condition.
The IoT in elevators market 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
North America was the largest region in the IoT in elevators market in 2022.
The table of contents in TBRC’s IoT in elevators market report includes:
1. Executive Summary
2. IoT in Elevators Market Characteristics
3. IoT in Elevators Market Trends And Strategies
4. IoT in Elevators Market – Macro Economic Scenario
5. IoT in Elevators Market Size And Growth
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26. Africa IoT in Elevators Market
27. IoT in Elevators Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The IoT in Elevators Market
29. IoT in Elevators Market Future Outlook and Potential Analysis
30. Appendix
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