Global IoT In Elevators Market Competitive Landscape, Top Market Segments, And Fastest Growing Regions
8 May, 2023
The global IoT in elevators market size is expected to grow from $20.06 billion in 2022 to $23.73 billion in 2023 at a compound annual growth rate (CAGR) of 18.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global IoT in elevators market size is expected to grow to $44.10 billion in 2027 at a CAGR of 16.8%.
Global IoT In Elevators Market Key Driver
Increasing government initiatives for the creation of smart cities are expected to propel the growth of the IoT in the elevator market going forward. A smart city refers to a city or town that makes use of information and communication technology (ICT) to enhance operational effectiveness, disseminate information to the public, and enhance the welfare of its residents. IoT-enabled elevators are used in smart cities to deliver a continuous stream of real-time data that allows service technicians to remotely check the equipment's health and identify issues before they become serious. This data is used by smart cities to enhance their infrastructure, public utilities, and services, among other things.
Get a Sample of the global IoT in elevators market reportGlobal IoT In Elevators Market Segments
The global IoT in elevators market is segmented:
1) By Component: Hardware, Software, Services
2) By Application: Preventive Maintenance, Remote Monitoring, Advanced Reporting, Connectivity Management, Other Applications
3) By End User: Residential, Commercial, Industrial
4) By Geography: The regions covered in the IoT in elevators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global IoT in elevators market.
Major IoT In Elevators Industry Players
Hyundai Elevator Co Ltd., KONE Corporation, Otis Worldwide Corporation, Schindler Holding Ltd., Mitsubishi Electric Corporation, Toshiba Elevator and Building Systems Corporation, Hitachi Ltd., Huawei Technologies Co Ltd., Fujitec Co Ltd., Electra Ltd.
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IoT In Elevators Market Overview
IoT in elevators refers to the use of internet of things (IoT) for the purpose of monitoring operational conditions by gathering a large amount of data in elevators for streamlining operations.
IoT In Elevators Global Market Report 2023 provides data on the global IoT in elevators market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The IoT in elevators market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.