IoT in Elevators Market to Reach US$ 2,022.13 Million, Globally, by 2028 at 4.9% CAGR: 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.

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Competitive Landscape: IoT in Elevators Market: 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 "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 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.

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 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).

In Market Segmentation by Geographical Regions, the report has analyzed the following regions-
• North America (USA, Canada and Mexico)
• Europe(Germany, France, UK, Russia and Italy)
• Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
• South America (Brazil, Argentina, Columbia etc.)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

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