Global Internet of Things (IoT) in Elevators Market – Industry Trends and Forecast to 2030

Global Internet of Things (IoT) in Elevators Market, By Component (Services, Software, Hardware), Application (Connectivity Management, Advanced Reporting, Remote Monitoring, Preventive Maintenance, Others), End-Users (Industrial, Commercial, Residential) - Industry Trends and Forecast to 2030.

Internet of Things (IoT) in Elevators Market Analysis and Size

The rise and development and with the help of artificial intelligence, internet of things (IoT) or connected things are used in elevators to facilitate vertical passenger movement as well as effective commodities transfer. It also makes it easier to upgrade essential elevator components, improves elevator service efficiency, and improves elevator safety and maintenance facilities and results in some of the major key aspects to drive the growth of the global internet of things (IoT) in elevators market. The rise in demand for connect devices across the globe is one of the major factors driving the growth of the global internet of things (IoT) in elevators market.

Data Bridge Market Research analyses that the global internet of things (IoT) in elevators market was USD 26,284.32 million in 2022, and is expected to reach USD 98,464.66 million by 2030, and is expected to undergo a CAGR of 17.95% during the forecast period of 2023 to 2030. “Hardware” dominates the component segment of the global internet of things (IoT) in elevators market due to demand from growing markets. Rising demand for amenities in residential and commercial sectors is expected to influence the growth of global internet of things (IoT) in elevators market over the forecast period of 2023 to 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Internet of Things (IoT) in Elevators Market Scope and Segmentation

Market Definition

With the help of artificial intelligence, internet of things (IoT) or connected things are used in elevators to facilitate vertical passenger movement as well as effective commodities transfer. It also makes it easier to upgrade essential elevator components, improves elevator service efficiency, and improves elevator safety and maintenance facilities. Elevators with IoT capabilities include characteristics such as short wait times, energy efficiency, and mobile communication.

Global Internet of Things (IoT) in Elevators Market Dynamics

Drivers

• Rising Demand for Amenities in Residential and Commercial Sectors

The global internet of things (IoT) in elevators market is being driven by the rising demand for amenities in residential and commercial sectors in emerging economies. Installation of predictive maintenance facility in elevators for monitoring heat changes, noise fluctuations and friction is a major factor driving the market's growth. The rising need for secured and power proficient systems is driving up demand for global internet of things (IoT) in elevators market. Other significant factors such as growing urbanization and the rising demand for remote monitoring will cushion the growth rate of global internet of things (IoT) in elevators market.

• Increasing Awareness about the Benefits of IoT in Elevators

The increasing awareness about the benefits of IoT in elevators such as decreased waiting time and communicate with service will accelerate the growth of global internet of things (IoT) in elevators market. Furthermore, technological advancements and increase in the demand for safe and power-efficient technologies from construction industry will influence the global internet of things (IoT) in elevators market.

Opportunity

• Increase in the Adoption Rate of New Technological Solutions

The increase in the adoption rate of new technological solutions will boost the beneficial opportunities for the global internet of things (IoT) in elevators market growth. Due to the strong demand from various end-use industries and widespread use in malls, high-rise buildings, hospitals, and hotels, the IoT in elevators market is expected to grow in the forecasted years of 2023 to 2030.

Restraint/Challenge

• High Initial Investments needed in Elevator Modernization and IoT Integrations

High initial investments needed in elevator modernization and IoT integrations will hinder the growth of the global internet of things (IoT) in elevators market. Also, the lack of skilled professions and rising concerns on elevator downtimes will further pose a challenge to the market. Other factors including less user awareness act as market restrain and will further obstruct the growth rate of global internet of things (IoT) in elevators market.

This global internet of things (IoT) in elevators market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global internet of things (IoT) in elevators market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In September 2023, Thyssenkrupp Elevator announced the launch of its MAX predictive maintenance system. This system uses AI and machine learning to analyze data from elevator sensors to identify potential problems before they cause a breakdown. The system can help to reduce downtime by up to 50%In August 2023, KONE announced the launch of its KONE Access elevator security solution. This solution uses facial recognition to control access to elevators. KONE Access can help to improve the security of elevators and their passengers by preventing unauthorized access

Global Internet of Things (IoT) in Elevators Market Scope

The global internet of things (IoT) in elevators market is segmented on the basis of type, deployment component, application, and end-users. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Services
• Managed Services
• Maintenance and Repair
• Refurbishing
• Installation
• Designing and Engineering
• Software
• Cloud-Based
• On-Premises
• Hardware
• Elevator
• M2M Gateway

Application

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

End-Users

• Industrial
• Commercial
• Residential

Global Internet of Things (IoT) in Elevators Market Region Analysis/Insights

The global internet of things (IoT) in elevators market is analysed and market size insights and trends are provided by region, component, application and end-users as referenced above.

The countries covered in the global internet of things (IoT) in elevators market report are U.S., Canada, Mexico, Brazil, Argentina, the Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, and Rest of the Middle East and Africa

North America dominates the global internet of things (IoT) in elevators market due to the home to renowned research institutions, universities, and technology companies that conduct cutting-edge research in photonics and integrated circuit technologies. This strong R&D ecosystem fosters innovation and drives advancements in internet of things (IoT) in elevators circuits.

Asia-Pacific is expected to be fastest growing country in the G global internet of things (IoT) in elevators market due to the large and rapidly growing population, along with a significant increase in internet usage and data consumption. This drives the demand for high-speed and efficient communication networks, which can benefit from the use of internet of things (IoT) in elevators circuits. PICs are capable of integrating multiple optical components on a single chip, making them well-suited for high-speed data transmission and communication applications.

The region section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the region data.   

Competitive Landscape and Global Internet of Things (IoT) in Elevators Market Share Analysis

The global internet of things (IoT) in elevators market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the global internet of things (IoT) in elevators market.

Some of the major players operating in the global internet of things (IoT) in elevators market are:

• Liftinzicht B.V. (Netherlands)
• Otis Worldwide Corporation (U.S.)
• KONE Corporation (Finland)
• Cygnet Infotech. (India)
• thyssenkrupp AG (Germany)
• Toshiba Elevator and Building Systems Corporation (Japan)
• Mitsubishi Electric Corporation (Japan)
• Schindler (Switzerland)
• Otis Elevator Company (U.S.)
• Kone (Finland)
• Robustel (China)
• Omega Elevators (India)
• Telefónica S.A. (Spain)
• HYUNDAIELEVATOR CO., LTD. (South Korea)
• CYGNET INFOTECH (India)
• Huawei Technologies Co., Ltd. (China)
• ThyssenKrupp AG (Germany)
• SORACOM, INC (Japan)
• Hitachi Ltd. (Japan)
• FUJITEC CO., LTD. (Japan)