IoT in Elevators Market Size and Forecast 2024-2033|Hyundai Elevator Co. Ltd., KONE Corporation, Otis Worldwide Corporation, Schindler Holding Ltd., Mitsubishi Electric Corporation

Overview and Scope

IoT in elevators refers to the use of internet of things (IoT) for the purpose of monitoring operational conditions by gathering a large amount of data in elevators for streamlining operations.

Sizing and Forecast

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 growth in the historic period can be attributed to work trends and building access, smart city integration, data-driven decision-making, enhanced user experience, energy efficiency requirements.

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%. The growth in the forecast period can be attributed to rise in smart building initiatives, remote monitoring and predictive maintenance demand, flexible working trends, urbanization, data-driven decision-making capabilities.. Major trends in the forecast period include strategic partnerships, remote monitoring and maintenance, enhanced safety and security features, energy efficiency and sustainability, predictive analytics and maintenance.

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Segmentation & Regional Insights

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

North America was the largest region in the IoT in elevators market in 2023. 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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Major Driver Impacting Market Growth

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.

Key Industry Players

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

The iot in elevators market report table of contents includes:

1. Executive Summary

2. IoT in Elevators Market Characteristics

3. IoT in Elevators Market Trends And Strategies

4. IoT in Elevators Market – Macro Economic Scenario

5. Global IoT in Elevators Market Size and Growth

26. South America IoT in Elevators Market

27. Brazil IoT in Elevators Market

28. Middle East IoT in Elevators Market

29. Africa IoT in Elevators Market

30. IoT in Elevators Market Competitive Landscape And Company Profiles

Top Major Players: