IoT in Elevators Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026

Report Code: ZMR-3943 | Report Format : | Status : Upcoming |

Abstract

Global IoT in Elevators Market: Overview

IoT-enabled elevators utilize artificial intelligence for enabling transportation of passengers and commodities vertically. Integrating IoT-enabled elevators in one’s daily life involves upgrading the essential parts of an elevator for handling new technology, so as to improve performance, ensure the presence of latest aesthetics, and enhance safety. An IoT-enabled elevator is energy-efficient in nature that ensures proper communicates with service providers with the help of a mobile app along with reducing the waiting time. The demand and popularity of the IoT in elevators market across the globe can be attributed to the rising need for the adoption of new IT solutions that meets the requirements of the modern-day consumers.

Global IoT in Elevators Market: Growth Factors

The major growth driver of the global IoT in elevators market in the future is the growing demand for safe and power-efficient technology options by the construction sector. Other factors that are anticipated to contribute notably toward the expansion of the IoT in elevators market globally over the estimated timeframe include the rising need for the adoption of new IT solutions that meet the requirements of the modern-day consumers and substantial technological advancements related to IoT-enabled elevators. Furthermore, the remote monitoring feature of IoT-enabled elevators offers reduced disruption of service and improved smart elevator maintenance, which, in turn, is projected to positively impact the market for IoT in elevators in the years ahead.

Global IoT in Elevators Market: Segmentation

The global IoT in elevators market is categorized into the component, application, and end-user. By component, the IoT in elevators market includes services (managed services, maintenance and repair, refurbishing, installation, and designing and engineering), software (cloud-based and on-premises), and hardware (elevator or M2M gateway). The cloud-based software segment is projected to grow significantly over the estimated timeframe, as it enables users to access various resources via the internet along with providing more scalability and flexibility. On the basis of application, the market for IoT in elevators is classified into connectivity management, advanced reporting, remote monitoring, preventive maintenance, and others (call management). The remote monitoring segment is likely to grow significantly in the upcoming years, due to its ability to offer reduced disruption of service and improved smart elevator maintenance. Based on end-user, the market is segmented into industrial, commercial, and residential. The commercial industry is the major end-user of IoT in elevators, whereas the residential sector is anticipated to grow rapidly in the future.

Global IoT in Elevators Market: Regional Analysis

By region, this global market is primarily divided into Asia Pacific, North America, the Middle East and Africa, Europe, and Latin America. The European and North American regions are projected to contribute major shares toward the global IoT in elevators market over the estimated time period. This can be attributed to the various technological advancements related to the IoT-enabled elevators and a large base of product consumers. Additionally, the IoT in elevators markets in the Middle East and Africa, Asia Pacific, and Latin America are likely to grow considerably in the coming years, owing to the continuous product innovations and research and development activities, particularly in the developing nations, such as Brazil, China, India, etc.

Global IoT in Elevators Market: Competitive Players

Some important participants of the IoT in elevators market are Toshiba Elevators, Mitsubishi Electric Corporation, Schindler Group, Otis Elevator, KONE Corporation, and ThyssenKrupp AG, among others.

Global IoT in Elevators Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • The UK
    • France
    • Germany
  • The Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

What Reports Provides

  • Full in-depth analysis of the parent market
  • Important changes in market dynamics
  • Segmentation details of the market
  • Former, on-going, and projected market analysis in terms of volume and value
  • Assessment of niche industry developments
  • Market share analysis
  • Key strategies of major players
  • Emerging segments and regional markets
  • Testimonials to companies in order to fortify their foothold in the market.

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