IoT in Elevators Market Key Highlights:
- Market Size (2024): USD 16.41 Billion
- Projected Market Size (2034): USD 40.68 Billion
- CAGR (2023-2034): 9.5%
Pricing Analysis:
- Price Growth
- Regional Variations
Market Historic Sales
- Total sales volume, year-over-year growth, product categories, and market share.
Revenue Estimation
- Forecasting future revenues based on historical data, market trends, and economic indicators.
Sales by Region
- Breakdown of sales performance across different geographical areas.
Revenue by Manufacturer
- Analysis of revenue contributions from different manufacturers in the market.
IoT in Elevators Market Definition
The IoT in elevators market deals with providing internet-based solutions for elevators operating across the world. The various components of this industry consist of hardware, software, and services. The software segment is further divided into on-premise and cloud. The services segment is further bifurcated into designing & engineering, installation, refurbishing, maintenance & repair, and managed services. The rising trend of using smart equipment in buildings, along with the growing demand for smart living, has boosted industrial expansion. This market is anticipated to rise exponentially with the growth of the construction industry across the world.
A rise in the number of residential and commercial constructions around the world has increased the demand for IoT-enabled elevators, thereby driving market growth. Also, the increasing emphasis of government on promoting green infrastructure along with rising investments in smart city projects has shaped the industry in a positive way. Moreover, the several applications of IoT in elevators, such as predictive maintenance, remote monitoring, advanced reporting, connectivity management, and some others, are expected to propel the growth of the IoT in the elevators market.
Advancements in data analytics along with numerous developments associated with 5G technology is expected to create ample growth opportunities for the market players in the future. In July 2024, Johnson Lifts launched an IoT-enabled wireless software device. This new device helps in connecting elevators with data centers.
IoT in Elevators Market Segmentation:
By Type
- Hardware
- Software
- Services
By Application
- Residential
- Commercial
- Industrial
IoT in Elevators Market Companies:
- ThyssenKrupp AG
- KONE Corporation
- Otis Elevator Company
- Schindler Group
- Mitsubishi Electric Corporation
- Toshiba Elevator
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