IoT in Elevators Market Worth $2Bn by 2028 at 4.9% CAGR Driven by “Smart Cities” Developments, New Research Study Published by The Insight Partners

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New York, June 23, 2022 (GLOBE NEWSWIRE) — The Insight Partners published latest research study on “IoT in Elevators Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Component (Hardware, Software, and Services), Application (Preventive Maintenance, Remote Monitoring, Fault Diagnosis and Prediction, Advanced Reporting, and Connectivity Management), and End-User (Residential, Commercial, and Industrial)”, the global IoT in elevators market size is expected to grow from $1.51 billion in 2022 to $2.02 billion by 2028; it is expected to grow at a CAGR of 4.9% from 2022 to 2028.

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IoT in Elevators Market Report Scope & Strategic Insights:

Report Coverage Details
Market Size Value in US$ 1.51 Billion in 2022
Market Size Value by US$ 2.02 Billion by 2028
Growth rate CAGR of 4.9% from 2022 to 2028
Forecast Period 2022-2028
Base Year 2022
No. of Pages 199
No. Tables 98
No. of Charts & Figures 93
Historical data available Yes
Segments covered Component, Application, and End-User
Regional scope North America; Europe; Asia Pacific; Latin America; MEA
Country scope US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends

IoT in Elevators Market: Competitive Landscape and Key Developments
Fujitec Co., Ltd.; Hitachi, Ltd; KONE Corporation; Mitsubishi Electric Corporation; Otis Elevator Company Ltd.; Bosch GmbH; Schindler Group; Schneider Electric SE; Toshiba Elevators and Building Systems Corporation; and Hyundai Elevator Co., Ltd. are among the key players profiled in the IoT in elevators market forecast report. In addition, several other essential market players were studied and analyzed to get a holistic view of the market and its ecosystem. The report provides detailed market insights, which helps the key IoT in elevators market players to strategize the growth in the coming years.

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In June 2021, Otis Worldwide Corp., the business that helped make the vertical city a reality and altered how people live and work, introduced a new generation of digitally native elevators. The elevators are designed to provide flexibility to people to connect and prosper in a taller, faster, and smarter world. Otis launched the Otis Gen3 and Gen360 digital elevator platforms at Welcome to Tomorrow, a worldwide virtual event attended by customers, colleagues, and industry stakeholders from over 100 countries.

In April 2021, Mitsubishi Electric Corporation announced that its subsidiary Mitsubishi Elevator India Private Limited (IMEC) received a signed contract to deliver elevators to the Commerzone Madhapur and Altimus luxury complexes owned by K RAHEJA CORP, a renowned developer in India.

IoT in Elevators Market: Key Insights
The IoT in elevators market growth driven by the integration of elevator systems with smart technologies and the rise in the number of construction projects in urban areas across the world, rising trends toward energy-efficient products & services. Elevator’s functions have changed significantly over the last decade owing to the advances in IoT and AI.

The IoT in elevators market is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and South America.

Europe held the largest IoT in elevators market share in 2021 and is expected to continue its dominance during the forecast period. The growth of the largest IoT in elevators market in European countries is attributed to an increase in adoption of automated operations in the industrial sector, which led to a major transition in the way companies manage their operations. Additionally, governments of European countries are continuously promoting R&D activities, especially focused on energy saving technologies, propelling the adoption of energy efficient products and services across the region.

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Many companies are strengthening their market position, and key vendors are introducing new cloud solutions, services, and workloads and upgrading the capabilities of their current offerings. IoT in elevator manufacturing vendors frequently form partnerships and collaborations to strengthen market position and expand capabilities. For instance, in 2021, KONE, a multinational elevator and escalator manufacturer, partnered with Amazon Web Services (AWS), the world’s most comprehensive and widely used cloud platform. AWS is expected to deliver worldwide cloud capabilities to KONE, including IoT and analytics. In addition, the firms will collaborate to create new technologies to improve the scalability and performance of KONE’s connected services and solutions. Thus, such initiatives by the companies are augmenting the IoT in elevators market size over the coming years.

After Europe, North America accounted for the second largest share of the IoT in elevators market in 2021. The IoT is widely used in commercial building for energy saving. In addition, the IoT provides a basis for buildings to integrate advanced-value added services to improve efficiency, safety, security, and convenience for inhabitants. More than 70% of homes in North America have a network-connected gadget. Many individuals use elevators in their everyday commutes to work and in workplaces and retail malls. The elevators are evolving, new advanced carbon fiber ropes and more durable technology integration has attracted commercial building construction companies to adopted IoT in elevators. The design has been advanced with the IoT technology. IoT is transforming elevators in ways that go beyond just carrying passengers up and down buildings quickly and comfortably. Smart elevators now collect data, monitor traffic trends, and serve as effective advertising platforms.

OTIS, a leading company in elevators and lifts, created the Otis ONE platform to provide customers and technicians visibility into the maintenance lifecycle. Otis ONE and other similar technologies aid in developing a service platform that is long-lasting and adaptable enough to keep up with technological advances. Also, MAX, TK Elevator’s cloud-based, real-time monitoring and predictive maintenance software was launched in Canada in May 2022. MAX collects data on components, systems, and performance to assist building owners and managers in increasing elevator and escalator uptime. MAX also assists facility staff in monitoring and controlling their equipment and boosts passenger safety through digital emergency services.

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The IoT in elevators market analysis in North America is growing due to the increasing deployment of 5G, machine learning, and artificial intelligence, which expanded the IoT in elevators applications. Real-time updates, transparent information sharing, proactive communication tools, and predictive maintenance insights are part of this connected solution’s personalization of the service experience. The system meticulously monitors the elevator’s mechanical, electrical, and electronic components. It also keeps track of factors that can foreshadow the need for maintenance before problems arrive. The platform has developed a way to send data from elevators to a centralized cloud environment. Such advancements in IoT applications are positively impacting the IoT in elevators market growth. Further, deployment of 5G is supporting the IoT in elevators market growth.

The IoT in elevators market in the MEA is expected to witness significant growth during the forecast period. The acceleration in per capita income, recovery in economic conditions, and government spending on infrastructure development of various industries in the region are among the factors driving the adoption of the IoT in elevators and thus supporting the MEA IoT in elevators market.

In South America (SAM), the adoption of hybrid cloud models is becoming gradually crucial among IT companies. Therefore, spending on the same is increasing. With the expansion of digital infrastructure in South America, the demand for smart connected and service-based solutions is growing. Along with these factors, the demand for predictive maintenance services is likely to boost the growth of the IoT in elevators market in SAM during the forecast period.

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IoT in Elevators Market: Application Overview
Based on application, the IoT in elevators market is segmented into preventive maintenance, remote monitoring, fault diagnosis and prediction, advanced reporting, and connectivity management. In 2021, the remote monitoring segment dominated the IoT in elevators market. Also, the segment is expected to retain its dominance during the forecast period. However, the connectivity management segment is expected to register the highest CAGR during the forecast period.

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