The IoT In Elevators Global Market Report 2023 by The Business Research Company, provides iot in elevators market overview 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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According to 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%.
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.
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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
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 report table of contents 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
Top Major Players:
- Hyundai Elevator Co Ltd
- KONE Corporation
- Otis Worldwide Corporation
- Schindler Holding Ltd.
- Mitsubishi Electric Corporation
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