IoT in Elevators Market Size, Share, Trends, Growth 2032

IoT in Elevators Market Insights

According to Zion Market Research, the global IoT in Elevators Market was worth USD 23.83 Billion in 2023. The market is forecast to reach USD 88.95 Billion by 2032, growing at a compound annual growth rate (CAGR) of 15.76% during the forecast period 2024-2032.

The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the IoT in Elevators industry over the next decade.

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IoT in Elevators Market Overview

IoT or connected things are utilized in elevators for facilitating vertical passenger transport as well as effective commodity transportation with the help of artificial intelligence. Additionally, it facilitates upgradation of key components of elevator, enhances the service efficiency of elevators, and improves elevator safety & maintenance facility. IoT enabled elevators are embedded with unique features such as low waiting periods, power efficiency, and mobile connectivity. The IoT in elevators market is likely to gain traction in the coming years due to its massive use in malls, high-rise buildings, hospitals, and hotels.

IoT in Elevators Market: Growth Dynamics

Surge in urbanization and rising need for amenities in the residential & commercial sectors in emerging economies will drive the growth of the market over the forecasting years. Apparently, installation of predictive maintenance facility in elevators for monitoring heat changes, noise fluctuations, and friction will drive the market trends. Additionally, IoT technology assist in reducing total downtime in elevators and this will create lucrative growth avenues for the market over the forthcoming years. In addition to this, escalating need for secured as well as power proficient systems will define the surge of IoT in elevators market over the forthcoming years.

Furthermore, large-scale need for smart services by the organizations for protecting assets as well as securing them against external & internal challenges will steer the expansion of market in the years to come. Apparently, growing need for remote monitoring will drive the business trends.

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North America To Contribute Major Market Revenue Share By 2026

The growth of the market in North American sub-continent over 2020-2026 is owing to presence of major players in the countries like the U.S. and availability of strong IoT infrastructure in the region. Apart from this, rise in the high-rise constructions, immense proportion of digitization, and technological breakthroughs in the countries like Canada and the U.S. will offer new growth avenues for the market in the region over the forecast timespan.

IoT in Elevators Market: Report Scope

Key players profiled in the report include Otis Elevator Company, Toshiba Elevators, Mitsubishi Electric Corporation, ThyssenKrupp AG, KONE Corporation, and Schindler Group.

The global IoT in elevators market is segmented as follows:

By Component

• Hardware (M2M Gateway/Elevator Gateway)
• Software
  • On-Premise
  • Cloud
• Services
  • Designing and Engineering
  • Installation
  • Refurbishing
  • Maintenance and Repair
  • Managed Services

By Application

• Preventive Maintenance
• Remote Monitoring
• Advanced Reporting
• Connectivity Management
• Others (Call Management)

By End-user

• Residential
• Commercial
• Industrial

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa