IoT in Elevators Market to Reach $52B by 2028 within Forecast Period 2024-2033, Driven by Smart Building Initiatives

The iot in elevators market size has grown rapidly in recent years. It will grow from $23.8 billion in 2023 to $28.14 billion in 2024 at a compound annual growth rate (CAGR) of 18.3%. The growth in the historic period can be attributed to work trends and building access, smart city integration, data-driven decision-making, enhanced user experience, energy efficiency requirements.

The iot in elevators market size is expected to see rapid growth in the next few years. It will grow to $52 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%. The growth in the forecast period can be attributed to rise in smart building initiatives, remote monitoring and predictive maintenance demand, flexible working trends, urbanization, data-driven decision-making capabilities. Major trends in the forecast period include strategic partnerships, remote monitoring and maintenance, enhanced safety and security features, energy efficiency and sustainability, predictive analytics and maintenance.

Market Overview -
IoT in elevators refers to the use of internet of things (IoT) for the purpose of monitoring operational conditions by gathering a large amount of data in elevators for streamlining operations.

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Government-Led Smart City Initiatives Fueling Iot Integration In Elevator Systems
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. For instance, according to a report shared by The Indian Brand Equity Foundation (IBEF), an India-based trust established by the Department of Commerce, Ministry of Commerce and Industry, India's Smart Cities Mission got INR. 6, 450 crores ($868 million) in the Union Budget 2021-22, up from INR. 3, 400 crores ($457 million) in FY21 (revised estimates). As of March 2021, the total budgeted investments for the Smart City Mission were INR 205, 018 crores (US$ 27.60 billion). Therefore, increasing government initiatives for the creation of smart cities are driving the growth of the IoT in the elevator market.

Competitive Landscape -
Major companies operating in the iot in elevators market report are Hyundai Elevator Co. Ltd., KONE Corporation, Otis Worldwide Corporation, Schindler Holding Ltd., Mitsubishi Electric Corporation, Toshiba Elevator and Building Systems Corporation, Hitachi Ltd., Huawei Technologies Co. Ltd., Fujitec Co. Ltd., Electra Ltd., Liftinzicht BV, Gruppo Millepiani SPA, Cygnet Infotech Pvt. Ltd., Doppler S.A., Robustel, Robert Bosch GmbH, Honeywell International Inc., Selcom Elevator, ThyssenKrupp AG, Carrier Global Corporation, Cisco Systems Inc., Delta Controls Inc., ALE International SAS, General Electric Company, United Technologies Corporation, International Business Machines Corporation, Johnson Controls International plc, LG Electronics Inc., NEC Corporation, Panasonic Corporation, Siemens AG, Schneider Electric SE

Technological Advancements Transforming The IOT In Elevators Market
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.

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Key Segments -
The iot in elevators market covered in this report 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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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