IoT in Elevator Market Size, Industry Share | Forecast 2027

 

IoT in Elevators Market

The IoT in Elevators Market is expected to expand at a significant CAGR over the forecast period (2020-2027).

The factors driving the growth of IoT in Elevators Market includes rise in the number of smart cities, strict regulations imposed by Governments to promote green infrastructure, growing demand for energy efficient smart elevators and rapid growth in the construction sector around the world. According to the report published by Bloomberg, the Global Smart Cities Market was estimated around USD 390.13 billion in 2021 and is expected to reach USD 1874.83 billion by the end of 2029, growing at a CAGR of 21.68% over the forecast period (2022-2029), which will accelerate the market growth in the approaching years. Moreover, the emerging need to enhance the operational efficiency of elevators, growing adoption of advanced technologies such as Artificial Intelligence (AI), Big Data and Internet of Things (IoT) and increasing acceptance of remote surveillance in smart elevators, are some of the additional factors supplementing the IoT in Elevators Market Growth. In addition, the increasing investments by leading players on research and development, rising disposable incomes, expansion of the hospitality sector, rising disposable incomes and growing population growth rates, are further boosting the IoT in Elevators Market size.

Request a free sample of this report

However, the growth of IoT in Elevators Market is hindered due to high maintenance cost of smart elevators.

The leading players operating in the IoT in Elevators Market are KONE Corporation, Otis Elevator Corporation, Thyssenkrupp AG, Bosch GmbH, Honeywell International Inc., Huawei Technologies Ltd, Schneider Group SA, Schindler Group, Hyundai Elevator Co., Ltd, and Mitsubishi Electric Corporation among others.

Based on Component, the Software segment is predicted to grow at a remarkable CAGR during the forecast period

IoT enabled elevators manages huge amount of performance data and can monitor changes in the operating conditions such as heat, noise, and friction, are some of the factors responsible for the segment’s growth.

Based on End User, the Residential segment is projected to capture the largest market share over the forecast period

As per the IoT in Elevators Market Forecast, rise in the number of high-rise apartments and increase in construction projects, across the globe, are propelling the growth of the segment.

Based on Region, the North American region is anticipated to hold the highest market share during the forecast period

Rise in the number of construction projects, growing adoption of smart elevators at commercial areas, Government regulations mandating the installation of IoT enabled elevators, increasing population growth rates and high per capita incomes, are some of the important factors augmenting eh market growth in North America.

Key Developments

  • In 2019, KONE in partnership with IBM Wastson announced the lunch of KONECareTM 24×7 Connected Services which will provide faster repairs, fewer faults, and greater convenience for the consumers.

Market Segmentation

Segmentation by Component

  • Hardware
  • Software
  • Services

Segmentation by Application

  • Preventive Maintenance
  • Remote Monitoring
  • Connectivity Management
  • Advanced Reporting
  • Others

Segmentation by End User

  • Residential
  • Commercial
  • Industrial

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: https://www.gmiresearch.com/

Location: United States

Comments

Post a Comment

Popular posts from this blog

Seizing the Europe Smart Home Market Opportunity

Image
 The Europe smart home market presents a vast and promising opportunity for businesses and consumers alike. With advancements in technology, changing lifestyles, and increasing awareness about energy efficiency, the smart home industry in Europe is ripe with potential for growth and innovation. The opportunity in the Europe smart home market stems from several key factors. Firstly, the region boasts a large and affluent consumer base that is increasingly embracing connected technology to enhance their lifestyles. From smart thermostats and lighting systems to security cameras and voice-controlled assistants, the demand for smart home devices is on the rise across the continent. Moreover, supportive regulatory initiatives and incentives aimed at promoting energy efficiency and sustainability are creating a conducive environment for the adoption of smart home technology in Europe. Tax incentives, rebates, and subsidies for energy-efficient home upgrades are encouraging homeowners to...
Read more

Unlocking Opportunities: GCC Medical Packaging Market Growth in 2024

Image
The GCC medical packaging market is poised for substantial growth in 2024, driven by factors such as technological advancements, increasing healthcare spending, and a focus on patient safety. The region's growing population, coupled with rising demand for quality healthcare services, is fueling the expansion of the medical packaging sector. Let's explore the key drivers and opportunities contributing to the growth of the GCC medical packaging market this year. One of the primary drivers of market growth is the continuous innovation in medical packaging technologies. Companies are investing in advanced packaging materials, designs, and functionalities to meet the evolving needs of healthcare providers and patients. Smart packaging solutions equipped with sensors, RFID tags, and tracking capabilities are enhancing product safety, supply chain visibility, and real-time monitoring. This technological progress is driving the adoption of intelligent packaging solutions and fueling m...
Read more

Riding the Wave: India Wireless Earphone Market Surges Amidst Growing Demand

Image
 The India Wireless Earphone Market is witnessing remarkable growth, buoyed by an increasing demand for wireless audio solutions and a shift towards a wireless lifestyle. With consumers seeking convenience, mobility, and superior audio quality, wireless earphones have emerged as a must-have accessory in today's digital age, driving significant market expansion. One of the key drivers of growth in the India Wireless Earphone Market is the rising penetration of smartphones and smart devices. With smartphone ownership becoming ubiquitous across urban and rural areas, there is a growing need for wireless earphones that complement these devices seamlessly. As consumers look for hassle-free connectivity and on-the-go audio solutions, the demand for wireless earphones continues to surge, fueling market growth. Moreover, technological advancements in wireless audio technology are driving market expansion. Innovations such as true wireless earbuds, active noise cancellation, and advanced B...
Read more