IoT In Elevators Market Expectations and Growth Trends Highlighted Until 2028

The "IoT in Elevators Market" is expected to grow from US$ 1514.88 million in 2022 to US$ 2022.13 million by 2028; it is estimated to grow at a CAGR of 4.9% from 2022 to 2028.

According to a report on Sustainable Cities, Human Mobility, and International Migration by the United Nations, the annual migration of people from rural to urban areas is on the rise worldwide. The report suggests that the percentage of the world's population living in cities is expected to increase from 55% in 2018 to 60% by 2030. The United Nations Department of Economic and Social Affairs (UN DESA) predicts that the percentage of the world's population living in urban areas will rise to 68% by 2050, with India, China, and Nigeria experiencing the highest increase in the urban population.

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Companies Profiled in this report includes:
• Fujitec Co., Ltd.
• Hitachi, Ltd.
• KONE Corporation
• Mitsubishi Electric Corporation
• Otis Elevator Company Ltd.
• Bosch GmbH
• Schindler Group
• Schneider Electric SE
• Toshiba Elevators and Building Systems Corporation
• Hyundai Elevator Co., Ltd.

India, in particular, is expected to account for 35% of the projected growth of the world's urban population between 2018 and 2050, with China and Nigeria following closely behind with 255 million and 189 million urban dwellers, respectively. As a result, many developing and developed economies are investing in new infrastructure projects to accommodate this trend. Consequently, there will be a growing demand for IoT in elevators in the coming years due to rising urbanization.

The IoT in elevators market is categorized based on component, application, and end-user. On the basis of component, the market is segmented into hardware, software, and services. Based on application, the market is further classified 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. By geography, the IoT in elevators market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America.

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IoT In Elevators Market Segmentation:

By Component:
• Hardware
• Software
 On-Premise
 Cloud
• Services
 Designing and Engineering
 Installation
 Maintenance and Repair

By Application:
• Preventive Maintenance
• Remote Monitoring
• Fault Diagnosis and Prediction
• Advanced Reporting
• Connectivity Management

By End User:
• Residential
• Commercial
• Industrial

Impact of COVID-19 Pandemic on MEA IoT in Elevators Market

MEA countries such as Turkey, Iran, Iraq, Israel, Saudi Arabia, and the UAE have been significantly affected by the COVID-19 pandemic. Despite the pandemic, these countries are still implementing transformative technologies in various industries, particularly in construction and semiconductor & electronic industries. However, the pandemic has caused a decline in demand for construction equipment and halted construction activities due to government restrictions. The shortage of raw materials has also affected IoT in elevator manufacturers, leading to reduced manufacturing activities that negatively impacted data center, automotive, and telecommunication industries. Additionally, there has been a slowdown in the adoption of IoT devices, AI, and cloud platforms in the construction industry during the first half of the post-2020 pandemic period, hindering the completion of smart cities and smart infrastructure projects. The pandemic has resulted in the closure of production facilities, affecting the business dynamics of these countries.

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