IoT in Elevators Market is Expected to Grow at a 6.1% CAGR during the forecast period 2022-2029 | Research Report Size, Growth, Share & Forecast

IoT in Elevators Market

IoT in Elevators Market is projected to grow at a significant 6.1% CAGR during the forecast period from 2022-2029.

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The factors driving the growth of IoT in Elevators Market includes rise in the number of smart cities, strict regulations imposed by Governments to promote green infrastructure, growing demand for energy efficient smart elevators and rapid growth in the construction sector around the world. According to the report published by Bloomberg, the Global Smart Cities Market was estimated around USD 390.13 billion in 2021 and is expected to reach USD 1874.83 billion by the end of 2029, growing at a CAGR of 21.68% over the forecast period (2022-2029), which will accelerate the market growth in the approaching years. Moreover, the emerging need to enhance the operational efficiency of elevators, growing adoption of advanced technologies such as Artificial Intelligence (AI), Big Data and Internet of Things (IoT) and increasing acceptance of remote surveillance in smart elevators, are some of the additional factors supplementing the IoT in Elevators Market Growth. In addition, the increasing investments by leading players on research and development, rising disposable incomes, expansion of the hospitality sector, rising disposable incomes and growing population growth rates, are further boosting the IoT in Elevators Market size.

However, the growth of IoT in Elevators Market is hindered due to high maintenance cost of smart elevators.

The leading players operating in the IoT in Elevators Market are KONE Corporation, Otis Elevator Corporation, Thyssenkrupp AG, Bosch GmbH, Honeywell International Inc., Huawei Technologies Ltd, Schneider Group SA, Schindler Group, Hyundai Elevator Co., Ltd, and Mitsubishi Electric Corporation among others.

Based on Component, the Software segment is predicted to grow at a remarkable CAGR during the forecast period

IoT enabled elevators manages huge amount of performance data and can monitor changes in the operating conditions such as heat, noise, and friction, are some of the factors responsible for the segment's growth.

Based on End User, the Residential segment is projected to capture the largest market share over the forecast period

As per the IoT in Elevators Market Forecast, rise in the number of high-rise apartments and increase in construction projects, across the globe, are propelling the growth of the segment.

Based on Region, the North American region is anticipated to hold the highest market share during the forecast period

Rise in the number of construction projects, growing adoption of smart elevators at commercial areas, Government regulations mandating the installation of IoT enabled elevators, increasing population growth rates and high per capita incomes, are some of the important factors augmenting eh market growth in North America.

Key Developments

In 2019, KONE in partnership with IBM Wastson announced the lunch of KONECareTM 24×7 Connected Services which will provide faster repairs, fewer faults, and greater convenience for the consumers.

Market Segmentation

Segmentation by Component

Hardware
Software
Services

Segmentation by Application

Preventive Maintenance
Remote Monitoring
Connectivity Management
Advanced Reporting
Others

Segmentation by End User

Residential
Commercial
Industrial

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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