IoT in Elevators Market is anticipated to record a valuation of US$ 2022.13 million to 2028 - Exclusive Research by The Insight Partners

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 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 elevator market.

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Small and medium-sized enterprises (SMEs) and large enterprises rely heavily on smart solutions. The adoption of IoT in these enterprises is becoming popular, which drives the IoT in elevators market growth. In addition, with the rising competition, many enterprises are investing significantly in smart solutions and services. Thus, there are lucrative opportunities for the key vendors of IoT in elevators as these enterprises have increasingly relied on safeguarding and protecting their property from internal or external threats. Many governments are also investing in urban development projects. As per the Ministry of Housing and Urban Affairs, the Government of India has invested US$ 160 billion in developing and upgrading urban infrastructure since 2014. Compared to 2004-2014, India's investment in the urban sector increased by over 600% from 2014 to 2021. The Indian government has established a National Infrastructure Pipeline (NIP) worth US$ 1.5 trillion for infrastructure projects that are expected to be completed between 2020 and 2025.

Favorable policies, initiatives, and massive investments in smart cities and urban development projects by government and private organizations have created lucrative opportunities for the key players operating in the IoT in elevators market. Furthermore, during the forecast period, expanding economies and growing interest in developing leading industrial verticals are expected to lift the demand for IoT in elevators. However, high initial investments needed in elevator modernization and IoT integrations restrict the growth of the IoT in elevators market.

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In February 2021, the 'Smart City Mission' for Thiruvananthapuram, Kerala, was announced by NEC Corporation India. The smart city project is expected to be completed by 2022. The 'Smart City Mission' totaled US$ 28.31 billion in 2020. In 2020, 5,331 projects worth US$ 24.31 billion were tendered, accounting for 86% of total investments. In addition, in 2020, work orders for 4,540 projects worth US$ 19.33 billion were issued, accounting for 68% of the total, and 2,122 projects worth US$ 4.83 billion were completed, accounting for 17% of the total investment of US$ 28.31 billion. The government initiatives are positively impacting the development of smart cities, which would create lucrative opportunities for the IoT in elevators market growth during the forecast period.

IoT in Elevators Market: Competitive Landscape and Key Developments

OTIS; Schindler Group; KONE Corporation; Hyundai Elevator Co., Ltd.; and Fujitec are among the key IoT in elevators market players profiled during this study. 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 help the key players strategize their growth.

Players operating in the IoT in elevators market analysis are mainly focused on the development of advanced and efficient products.

1. In December 2021, KONE, a multinational elevator and escalator manufacturer, partnered with Amazon Web Services (AWS), the world's most comprehensive and widely used cloud platform. AWS will deliver worldwide cloud capabilities to KONE, including the Internet of Things (IoT) and analytics. In addition, the firms will collaborate to create new technologies that will improve the scalability and performance of KONE's connected services and solutions.

2. In April 2021, Mitsubishi Electric Corporation announced that its subsidiary Mitsubishi Elevator India Private Limited (IMEC) received a signed contract to deliver elevators to the Commerzone Madhapur and Altimus luxury complexes owned by K RAHEJA CORP, a renowned developer in India.

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