IoT in Elevators Market Trends That Will Shape the Next Decade: Insights from Technological Advancements Transforming The IoT In Elevators Market

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How Large Will the IoT in Elevators Market Size By 2025?
In recent times, there has been a swift expansion in the market size of IoT in elevators. The market, which is anticipated to surge from $27.56 billion in 2024 to $32.27 billion in 2025, will witness a compound annual growth rate (CAGR) of 17.1%. Factors contributing to this growth in the historic era include evolving workplace trends and building entry, incorporation with intelligent cities, decisions influenced by data, bolstered user experience, and the demand for energy efficiency.

How Big Is the IoT in Elevators Market Size Expected to Grow by 2029?
In the coming years, the IoT in elevators market size is projected to witness significant growth, reaching $60.94 billion by 2029. This represents a compound annual growth rate (CAGR) of 17.2%. Factors contributing to this growth during the forecast period include increasing smart building initiatives, demand for remote monitoring and predictive maintenance, evolving working patterns, urbanization, and the ability to make decisions based on data. Key trends during this period will involve strategic alliances, remote monitoring and maintenance, improved safety and security features, sustainability and energy efficiency, along with predictive analytics and maintenance.

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Which Key Market Drivers Powering IoT in Elevators Market Expansion and Growth?
The expansion of the IoT in the elevator market is being driven by intensifying government efforts towards the establishment of smart cities. Smart cities exploit ICT (information and communication technology) to improve operational efficiency, disseminate public information, and elevate the quality of life for inhabitants. Smart cities use IoT-enabled elevators to generate and communicate uninterrupted real-time data, enabling service technicians to monitor the condition of the equipment and recognize potential issues before they escalate. This data facilitates improvements in infrastructure, public utilities, and services within smart cities. For example, a report published by The Indian Brand Equity Foundation (IBEF) disclosed that the Smart Cities Mission in India received an allocation of INR. 6, 450 crores ($868 million) from the Union Budget 2021-22, an increase from INR. 3, 400 crores ($457 million) in FY21's revised estimates. As of March 2021, the total budget for the Smart City Mission was estimated at INR 205, 018 crores (US$ 27.60 billion). Hence, the accelerating government endeavors towards the development of smart cities are fuelling the growth of the IoT in the elevator market.

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Which Fast-Growing Trends Are Poised to Disrupt the IoT in Elevators Market?
The surge in technological breakthroughs has become a notable trend in the IoT in elevators market. Several of the dominant firms in this sector are focusing on technological innovation to maintain their market position. For instance, Johnson Lifts, a manufacturer of lifts and escalators based in India, unveiled an IoT-centred feature known as WATCH for its lifts in September 2022. Wireless Assessment to Troubleshoot Channelize & Host, or WATCH, links lifts to the data center through the IoT device in the elevator, thus enabling the performance of a variety of tasks. It facilitates real-time notifications for technicians, providing customers with prompt assistance when required. The WATCH function of IoT enhances lift efficiency while simultaneously identifying potential faults and examining lift functionality and status.

What Are the Emerging Segments in the IoT in Elevators Market?
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

Subsegments:
1) By Hardware: Sensors, Control Systems, Connectivity Devices, Communication Interfaces
2) By Software: Elevator Monitoring Software, Predictive Maintenance Software, Data Analytics Platforms, User Interface Applications
3) By Services: Installation Services, Maintenance And Support Services, Consulting Services, Training Services

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Who Are the Global Leaders in the IoT in Elevators Market?
Major companies operating in the IoT in elevators market 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

Which are the Top Profitable Regional Markets for the IoT in Elevators Industry?
North America was the largest region in the IoT in elevators market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the IoT in elevators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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