IoT in Elevators Market

Analysts at GMI Research estimates that the IoT in Elevators Market is projected to grow at CAGR of more than 6.1% during the forecast period from 2022-2029.

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Market Dynamic

Key Drivers and Emerging Trends

The factors driving the global IoT elevators market include the increasing adoption of automation technologies in the construction sector across the world. The construction industry has witnessed prominent growth opportunities toward the integration of automation technologies, urbanization, and enhanced economic conditions. Over the past few years, advancements in IoT and artificial intelligence technologies have radically transformed the way the elevators function. Furthermore, the factors such as surge in urbanization, rising need for high-end residential and commercial amenities and increasing need to improve the operational efficiency supplement the growth of the market. Governments across the world are robustly focused on the infrastructure that is energy efficient. Smart elevators are projected to garner higher prominence over the coming years, increasing demand for safer and more power-efficient solutions. The rising focus on the conservation of energy has steered the demand for IoT in elevators market. With the continuous development of smart cities gaining remarkable momentum across the world, the demand for smart elevators has notably increased at a significant rate. The residential, commercial, and industrial sectors across the world are increasingly deploying IoT solutions in their spaces in order to save long term costs, improve operational efficiency, and for enhancing the overall energy efficiency.

Restraint in the IoT in Elevators Market

Factors including high maintenance and initial costsare projected to hamper the global IoT in elevators market growth over the forecast period.

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Component- Segment Analysis

The software segment is projected to witness a lucrative growth rate in the global IoT in elevators market based on the component. The technical capabilities of IoT enable the devices to manage large amounts of performance data and to predict the maintenance requirements and imminent failures. The devices in a smart elevator system can monitor and track the changes in various operating conditions, including heat, noise, or friction, and utilize the changes to predict when an elevator requires maintenance.

End User- Segment Analysis

Based on the end-user, the residential segment is expected to grow at the highest CAGR over the forecast period in the global IoT in elevators market. The high-rise buildings in the residential sector have been increasing over the past two decades, and providing security in a residential building is critical. Furthermore, the factors including increasing disposable income among the consumers paired with increased migrants from rural to urban areas are fuelling the construction and development projects in the residential sector.

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Regional – Segment Analysis:

Based on the region, the North America region is expected to hold the largest market share over the forecast period in the global IoT in elevators market. The region holds a significant market share due to a prominent number of construction projects in the region and the rapid adoption of smart elevators owing to the rising integration of automation and smart solutions in the construction industry. Further, the Asia-Pacific region is projected to witness a lucrative growth rate over the forecast period because of the rising development of smart city projects and residential sector developments. Asia Pacific is also embracing smart city developments at a rapid rate with the wider availability of low-cost IoT sensors, AI, and distributed multi-cloud architecture. The factors, including growth in urbanization, economic advancements, and increasing technological developments, are projected to strengthen IoT in elevators market.

Top Market Players

Various notable players operating in the market, include, Bosch GmbH, Honeywell International Inc., Huawei Technologies Ltd, Hyundai Elevator Co., Ltd, KONE Corporation, Otis Elevator Corporation, Thyssenkrupp AG, Schneider Group SA, Schindler Group, and Mitsubishi Electric Corporation among others. 

Key Developments:

• • In 2019, KONE announced the launch of KONECareTM 24×7 Connected Services in collaboration with IBM Watson. This was aimed to bring about faster repairs, fewer faults, and greater convenience for the consumers.

Segments covered in the Report

The global IoT in Elevators Market has been segmented on the basis of component, application, end user, and key regions. Based on component, the market is segmented into hardware, software, and services. Based on Application, the market is segmented into preventive maintenance, remote monitoring, connectivity management, advanced reporting, others.By end user, the market is bifurcated into residential, commercial, and industrial. 

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Key questions answered in this research report:

• • At what pace is global IoT in Elevators Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in IoT in Elevators Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the Global IoT in Elevators Market?
  • Which Component generated maximum revenues in 2021 and identifies the most promising during the forecast period?
  • What are the various Application areas of Global IoT in Elevators Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2021)	USD Billion
Market Base Year	2021
Market Forecast Period	2022-2029
Base Year & Forecast Units	Revenues (USD Billion)
Market Segment	By Component, By Application, By End User, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Bosch GmbH, Honeywell International Inc., Huawei Technologies Ltd, Hyundai Elevator Co., Ltd, KONE Corporation, Otis Elevator Corporation, Thyssenkrupp AG, Schneider Group SA, Schindler Group, and Mitsubishi Electric Corporation among others., a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global IoT in Elevators Market by Component

• • Hardware
  • Software
  • Services

Global IoT in Elevators Market by Application

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

Global IoT in Elevators Market by End User

• • Residential
  • Commercial
  • Industrial

Global IoT in Elevators Market by Region

• • North America IoT in Elevators Market (Option 1: As a part of the free 25% customization)
    • By Component
    • By Application
    • By End User
    • US Market All-Up
    • Canada Market All-Up
  • Europe IoT in Elevators Market (Option 2: As a part of the free 25% customization)
    • By Component
    • By Application
    • By End User
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific IoT in Elevators Market (Option 3: As a part of the free 25% customization)
    • By Component
    • By Application
    • By End User
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW IoT in Elevators Market (Option 4: As a part of the free 25% customization)
    • By Component
    • By Application
    • By End User
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the IoT in Elevators Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Bosch GmbH
  • Honeywell International Inc.
  • Huawei Technologies Ltd
  • Hyundai Elevator Co., Ltd
  • KONE Corporation
  • Otis Elevator Corporation
  • Thyssenkrupp AG
  • Schneider Group SA
  • Schindler Group
  • Mitsubishi Electric Corporation