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 surveillan...