IoT in Elevators Market Share, Size, Growth Rate, Trends Analysis And Forecast To 2033

The new report published by The Business Research Company, titled "IoT in Elevators Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, 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 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%.

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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.

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.

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

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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

Contents of the report:
1. Executive Summary
2. IoT in Elevators Market Report Structure
3. IoT in Elevators Market Trends And Strategies
4. IoT in Elevators Market - Macro Economic Scenario
5. IoT in Elevators Market Size And Growth
…..
27. IoT in Elevators Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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