Over the past few decades, due to the increasing focus on modernization and infrastructure development around the world, urban cities around the world have witnessed a consistent transformation. In addition, as environmental laws and regulations continue to pave the way for a greener and a sustainable future across the modern cities, considerable developments have been made at the urban landscape and development front. At present, trends suggest a growing adoption of novel technologies, including artificial intelligence, machine learning, the Internet of Things (IoT) across residential and commercial projects around the world. Over the past decade, the demand for IoT in elevators has witnessed an impressive growth due to a host of factors, including increasing government support for the development of ‘smart cities, awareness regarding the benefits of IoT, improved security and safety, ability to detect unusual technical faults, and remote monitoring.
At present, IoT in elevators is increasingly being used for call management, connectivity management, advanced reporting, preventive maintenance, etc. The trend is set to pick up pace over the forecast period of the study, as the development cost of IoT software is likely to decline as the technology matures. Increasing private investment, especially in developing regions of the world including Middle East & Africa and Asia Pacific toward urban and infrastructure development, is expected to provide a considerable boost to the IoT in elevators market during the assessment period. In addition, the economic growth of developing nations, along with the increasing focus on expanding industries is another factor that is likely to provide an impetus to the demand for IoT in elevators during the assessment period. At the back of these factors, the global IoT in elevators market is projected to surpass US$ 63.5 Bn mark by the end of 2030.
Request a sample to get extensive insights into the IoT in Elevators Market
Growing Demand for Smarter Elevator Systems to Aid Market Growth
As the development of ‘smart cities’ continues to gain noteworthy momentum around the world, with it, the demand for IoT in elevators has also increased at an impressive rate– a trend that is likely to set the wheels rolling for the growth of the global IoT in elevators market during the assessment period. Several escalator companies and market players are increasingly focusing on integrating IoT into their products and new line of escalator to capture a larger market and establish a solid foothold. While the residential sector is anticipated to provide lucrative opportunities for the stakeholders operating in the current IoT in elevator market, the growing demand for smart elevators in the commercial sector and central financial districts in both developed as well as developing regions is expected to increase the overall growth of the IoT in elevators market during the assessment period.
Advancements in artificial intelligence and IoT over the past decade have played a key role in transforming the current elevator and escalator market landscape. In addition, the adoption of IoT in elevators is expected to witness a further rise in the upcoming years as predictive and tailored maintenance of elevators due to IoT is gradually gaining traction. Moreover, advancements in application programming interfaces (API) have also played a pivotal role in increasing the adoption of IoT in elevators over the past few years– another factor that is likely to drive the growth of the global IoT in elevators market during the assessment period. In addition, several players operating in the current market landscape are increasingly investing resources toward the development of smarter elevators due to which, innovative IoT solutions are being developed.
To understand how our report can bring difference to your business strategy, Ask for a brochure
Demand to Remain Steady amid COVID-19 Pandemic
The onset of the novel COVID-19 pandemic is anticipated to have a short-term impact on the overall demand for IoT in elevators around the world. While the demand witnessed a considerable drop over the first two quarters of 2020 due to stringent lockdown measures imposed by governments, the tide is likely to change in favor of the stakeholders over the last two quarters of 2020. Moreover, as the construction projects that were on hold or delayed due to the lockdown restrictions continue to resume, the demand is likely to grow gradually. In addition, smart elevators are expected to gain immense traction in the COVID-free era due to the improved safety features, including touch-free operations due to which, the IoT in elevators market is likely to witness an impressive growth rate in upcoming years.
Stuck in a neck-to-neck competition with other brands? Request a custom report on IoT in Elevators Market
IoT in Elevators Market: Company Profile Snapshot
- The research study includes profiles of leading companies operating in the global IoT in elevators market
- Key players profiled in the report include
- Bosch GmbH
- DOPPLER Manufacturing
- Electra Ltd.
- Fujitec Co., Ltd.
- GRUPPO MILLEPIANI
- Hitachi, Ltd.
- Honeywell International, Inc.
- Huawei Technologies Ltd.
- Hyundai Elevator Co., Ltd.
- IBM Corporation
- KONE Corporation
- Microsoft Corporation
- Mitsubishi Electric Corporation
- Otis Elevator Company
- Schindler Group
- Schneider Electric SE
- Siemens, Telefonica S.A.
- ThyssenKrupp AG
- Toshiba Elevators
Read Our Latest Press Release:
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through ad-hoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
Transparency Market Research State Tower,
90 State Street,
Albany NY – 12207
USA – Canada Toll Free: 866-552-3453