The GMI Research’s latest analysis reveals that the IoT in Elevators Market is slated to register a significant CAGR over the forecast period. This is attributed to the introduction of automation technologies, the strong adoption of automation technologies in the construction industry, improved economic conditions, the increasing requirement for high-end residential and commercial amenities, and rapid urbanization.
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IoT in Elevators Market’s leading Manufacturers:
- Bosch GmbH
- Honeywell International Inc.
- Huawei Technologies Ltd
- Hyundai Elevator Co., Ltd
- KONE Corporation
- Otis Elevator Corporation
- Thyssenkrupp AG
- Schneider Group SA
- Schindler Group
- Mitsubishi Electric Corporation
IoT in Elevators Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)
Key Drivers
The strong adoption of automation technologies in the construction industry globally is a key driver contributing to the growth of the IoT in elevators market size. The introduction of automation technologies, improved economic conditions, and rapid urbanization are creating various new growth opportunities for the market. Over the last few years, advancements in IoT and artificial intelligence technologies have drastically changed the way elevators function. Moreover, the increasing requirement for high-end residential and commercial amenities, rising urbanization, and growing need to enhance operational efficiency are some other factors surging the growth of the IoT in elevators market share in terms of revenue. Governments around the world are increasingly emphasizing the infrastructure that is energy effective. The growing focus on the conservation of energy has fuelled the demand for IoT in elevators market. With the rapid development of smart cities gaining exceptional momentum at a global level, the demand for smart elevators has increased. The commercial, residential, and industrial sectors worldwide have continuously deploying IoT solutions in their spaces to save long-term cost, enhance operational efficiency, and improve energy efficiency. On the other hand, the high maintenance and initial cost will hinder the growth of the global IoT in elevators market over the coming years.
Component Segment Drivers
The software segment is predicted to dominate the market over the coming years due to the various technical abilities of IoT allows the devices to anticipate the maintenance needs and imminent failure and manage large performance data. The devices in a smart elevator system can control and track the changes in numerous operating conditions, such as noise, heat, or friction, and use the changes to tell when an elevator needs maintenance.
End-User Segment Drivers
Based on the end-user, the residential is anticipated to rise at a higher CAGR in the upcoming years due to rising disposable income among the consumers and growing migrants from rural to urban areas. Moreover, the high-rise buildings in the residential sector have been rising over the past years, and offering security in a residential building is important.
IoT in Elevators 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:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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