IoT In Elevators Market Expected To Grow At A Remarkable Speed And Cross USD 98,464.66 million by 2030
As per a new report published by Zion Market Research, the global internet of things (IoT) in elevators market was USD 26,284.32 million in 2022, and is expected to reach USD 98,464.66 million by 2030, and is expected to undergo a CAGR of 17.95% during the forecast period of 2023 to 2030
As per the report, the global IoT in elevators market is anticipated to carry on to be affected by a series of industry-specific and macroeconomic factors. North America is expected to carry on being at the vanguard of global demand, with the regional market growing at a CAGR of almost 16% in the years to come. Technical developments, elevated digitization, existence of a huge number of IoT in elevator suppliers, and rising amount of high-rise buildings are some of the factors that are predicted to drive the North American IoT in elevators market.
Technological Development All Over The Globe And Increasing Significance Of Automation In Construction Sector To Boost The Global IoT In Elevators Market
Rising acceptance of new IT solutions with new user trends in different agencies and IT modernization is projected to power the IoT in elevators market in the years to come. In addition to this, elevation in number of high-rise buildings is predicted to power the development of the global market in the long run.
Europe and North America are developed regions of the global market, owing to technological improvements and increased awareness about IoT in elevators amongst consumers. On the other hand, the Asia Pacific market is predicted to grow at a solid speed in the years to come. Increase in penetration of tech as well as noteworthy spending in the optimal usage of IT solutions all over nations such as the UK, the US, France, Germany, India, China, and Brazil are expected to provide lucrative growth avenues for IoT in elevators suppliers in the coming future.
North America has a major share of the global IoT in elevators market in 2019. The market in the area is expected to grow at a CAGR of almost 16% in the coming years. The US held a major share in 2017 in terms of income of the global market in North America, after Canada. On the other hand, the market in South America and Asia Pacific is expected to grow at a noteworthy CAGR in the years to come.
Some of the major companies in the IoT in elevators market listed in the report are -
- Toshiba Elevators
- ThyssenKrupp AG
- Otis Elevator Company
- KONE Corporation
- Mitsubishi Electric Corporation
- Schindler Group
The global IoT in elevators market is segmented as follows:
By Component
- Hardware (M2M Gateway/Elevator Gateway)
- SoftwareOn-PremiseCloud
- ServicesDesigning and EngineeringInstallationRefurbishingMaintenance and RepairManaged Services
By Application
- Preventive Maintenance
- Remote Monitoring
- Advanced Reporting
- Connectivity Management
- Others (Call Management)
By End-user
- Residential
- Commercial
- Industrial
By Region
- North AmericaThe U.S.Canada
- EuropeFranceThe UKSpainGermanyItalyRest of Europe
- Asia PacificChinaJapanIndiaSouth KoreaSoutheast AsiaRest of Asia Pacific
- Latin AmericaBrazilMexicoRest of Latin America
- Middle East & AfricaGCCSouth AfricaRest of Middle East & Africa
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