Press release
Soaring Prospects for IoT in Elevators Market: CAGR of 17.1% (2024-2025) and 17.2% (2025-2029) Fueled by Smart Cities & Data-Driven Decision Making
IoT in Elevators Market Size
What Is The Projected Market Size Of The Global IoT in Elevators Market And Its Growth Rate?
The IoT in elevators market is projected to observe significant growth:
•Market Size in 2024: $27.56 billion
•Market Size in 2025: $32.27 billion (CAGR of 17.1%)
•Market Size in 2029: $60.94 billion (CAGR of 17.2%)
Driving factors include burgeoning smart city integration, data-driven decision-making, and energy efficiency requirements.
What Is Driving The Growth In The IoT in Elevators Market?
The accelerated growth in the IoT in elevators market is primarily stimulated by an increase in government initiatives aiming at the construction of smart cities. Smart cities make extensive use of information and communication technology to improve the efficiency of city operations, provide information to the public, and enhance the overall quality of life of its residents. In particular, they leverage IoT-enabled elevators to provide a continuous stream of real-time data, which enables technicians to remotely monitor equipment health and spot potential problems early on. This data is further utilized to improve city services, infrastructure, and public utilities.
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Who Are the Key Players Driving IoT in Elevators Market Growth?
Leading organizations in the IoT in elevators market include:
•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.
What Are The Key Trends In The IoT in Elevators Market?
Major trends forecasted to shape the IoT in elevators market include:
•Strategic partnerships
•Remote monitoring and maintenance
•Enhanced safety and security features
•Energy efficiency and sustainability
•Predictive analytics and maintenance
What Are The Segments Of The Global IoT in Elevators Market?
The market can be broken down into the following segments:
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
Which Region Leads The IoT in Elevators Market?
In 2024, North America was the largest region for the IoT in elevators market. The report also covers Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa with Asia-Pacific expected to experience the fastest growth in the forecast period.
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What Is Covered In The IoT in Elevators Market Global Market Report?
• Market Size Analysis
• Market Segmentation Analysis
• Key Player Focus
• Growth Trends Analysis
• Market Contribution
• Growth Drivers
• Industry Challenges
• Competitive Developments
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