PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1235865
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1235865
IoT In Elevators Market Forecasts to 2028 - Global Analysis By Component (Services, Software, Hardware), Application (Connectivity Management, Preventive Maintenance, Advanced Reporting and Remote Monitoring), End User and By Geography
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According to Stratistics MRC, the Global IoT In Elevators Market is accounted for $27.1 billion in 2022 and is expected to reach $71.8 billion by 2028 growing at a CAGR of 17.6% during the forecast period. IoT (Internet of Things) technology can increase elevator service, increase elevator safety, and make it easier to upgrade important parts. Additionally, it can aid with shorter wait times, mobile connectivity, and the adoption of more power-efficient devices. IoT-enabled elevators have special features including quick wait times, energy consumption, and mobile services. It can save overall energy consumption while effectively controlling traffic inside a building used for a home or company. Wait times can be reduced and traffic flow inside buildings can be managed more effectively with the help of automated elevator systems.
According to the United Nations Department of Economic and Social Affairs (UN DESA), an increase in the urban population is expected to be concentrated in India, China, and Nigeria. According to the United Nations, 55% of the world's population lives in urban areas, and the percentage is expected to increase to 68% by 2050.
Market Dynamics:
Driver:
Rising urbanization
Rapid urbanisation and rising demand for facilities in emerging market residential and commercial sectors will fuel market growth. Additionally, IoT technology helps to reduce elevator downtime, which presents appealing development potential for the sector in the following few years. The growing need for safe and energy-efficient systems will drive the growth of the market.
Restraint:
Maintaining and Servicing
These technological advancements in elevators require a substantial upfront expenditure, which might impede the market growth. The installation of connected and IoT-enabled elevators requires a significant capital expenditure that includes equipment prices, service fees, and maintenance, which may further slow the market growth.
Opportunity:
Growing adoption of new IT solutions
Growing adoption of innovative IT solutions in line with contemporary consumer trends in various enterprises are expected to boost the market. Moreover, IoT enabled elevators to display energy-saving features, cut waiting time, and connect with service providers. The expansion in the number of high-rise structures is projected to boost market growth.
Threat:
High cost of raw materials
High initial investments needed in elevator modernization and IoT integrations will hinder the market. However, obstacles such as lack of technical competence, high personnel costs for elevator operations, and the guarantee of performance are anticipated to limit the growth of the market.
COVID-19 Impact
The construction industry has been devastated by COVID-19. Building development has been put on hold ever since lockdowns were implemented all throughout the world. The building and construction industry has been significantly and severely impacted by the pandemic epidemic. Since the governments around the world began imposing temporary and permanent lockdowns, the construction and development of new structures has come to a major standstill. Due to the economy's instability and the deepening financial and economic crisis, consumers are also reluctant to invest significant sums of money in infrastructure properties.
The software segment is expected to be the largest during the forecast period
The software segment is estimated to have a lucrative growth, due to its advantages. The IoT technical capabilities allow for the management of massive volumes of performance data. The gadgets can detect and track progress in various operating circumstances in order to forecast when an elevator will need maintenance. These factors are enhancing the expansion of the segment.
The residential segment is expected to have the highest CAGR during the forecast period
The residential segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the high-rise residential structures are becoming more common, and maintaining security in a residential complex is vital. Furthermore, the factors including increasing disposable income among the consumers paired with increased migrants from rural to urban areas are fuelling the segment growth.
Region with Largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the growing penetration of technology and significant investments. With the increased accessibility of inexpensive IoT sensors, artificial intelligence, and distributed multi-cloud architecture, it is also embracing smart city initiatives at a quick rate. Factors such as rising urbanization and technological advancements are expected to strengthen the region growth.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, owing to the rising integration of automation and smart solutions in the construction industry. Technological developments, a rise in high-rise construction, and significant digitization will provide new potential market opportunities.
Key players in the market
Some of the key players profiled in the IoT In Elevators Market include: Bosch GmbH, ThyssenKrupp AG,, KONE Corporation,, Otis Elevator Company, Hyundai Elevator Co. Ltd., Schindler Group., Hitachi Ltd., Mitsubishi Electric Corporation, and, Fujitec Co., Ltd., Toshiba Elevators., Telefonica S.A., Electra Ltd., Liftinzicht, Robustel., Omega, Gruppo Millepiani, Doppler Manufacturing, Huawei Technologies Co. Ltd. and IBM Corporation.
Key Developments:
In May 2019, The Schindler Group, a manufacturer of moving walkways, elevators, and escalators headquartered in Switzerland, joined hands with Telefonica, multinational telecommunications company based in Spain. This partnership enables the latter to provide network and IoT connectivity to the former's wide range of smart escalators and elevators named Schindler Ahead.
In July 2018, KONE Announced the Launch of a New Range Of Elevators, Which Will Provide the Customers in Australia and New Zealand with Benefits Such As Improved Equipment Performance Along With Reliability
Components Covered:
- Services
- Software
- Hardware
Applications Covered:
- Connectivity Management
- Preventive Maintenance
- Advanced Reporting
- Remote Monitoring
End Users Covered:
- Industrial
- Residential
- Commercial
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 End User Analysis
- 3.8 Emerging Markets
- 3.9 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global IoT In Elevators Market, By Component
- 5.1 Introduction
- 5.2 Services
- 5.2.1 Designing and Engineering
- 5.2.2 Managed Services
- 5.2.3 Refurbishing
- 5.2.4 Installation
- 5.2.5 Maintenance & Repair
- 5.3 Software
- 5.3.1 Cloud
- 5.3.2 On-premise
- 5.4 Hardware
6 Global IoT In Elevators Market, By Application
- 6.1 Introduction
- 6.2 Connectivity Management
- 6.3 Preventive Maintenance
- 6.4 Advanced Reporting
- 6.5 Remote Monitoring
7 Global IoT In Elevators Market, By End user
- 7.1 Introduction
- 7.2 Industrial
- 7.3 Residential
- 7.4 Commercial
8 Global IoT In Elevators Market, By Geography
- 8.1 Introduction
- 8.2 North America
- 8.2.1 US
- 8.2.2 Canada
- 8.2.3 Mexico
- 8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 Italy
- 8.3.4 France
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 Japan
- 8.4.2 China
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 New Zealand
- 8.4.6 South Korea
- 8.4.7 Rest of Asia Pacific
- 8.5 South America
- 8.5.1 Argentina
- 8.5.2 Brazil
- 8.5.3 Chile
- 8.5.4 Rest of South America
- 8.6 Middle East & Africa
- 8.6.1 Saudi Arabia
- 8.6.2 UAE
- 8.6.3 Qatar
- 8.6.4 South Africa
- 8.6.5 Rest of Middle East & Africa
9 Key Developments
- 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 9.2 Acquisitions & Mergers
- 9.3 New Product Launch
- 9.4 Expansions
- 9.5 Other Key Strategies
10 Company Profiling
- 10.1 Bosch GmbH
- 10.2 ThyssenKrupp AG,
- 10.3 KONE Corporation,
- 10.4 Otis Elevator Company,
- 10.5 Hyundai Elevator Co. Ltd.
- 10.6 Schindler Group.
- 10.7 Hitachi Ltd.
- 10.8 Mitsubishi Electric Corporation, and
- 10.9 Fujitec Co., Ltd.
- 10.10 Toshiba Elevators.
- 10.11 Telefonica S.A.
- 10.12 Electra Ltd.
- 10.13 Liftinzicht
- 10.14 Robustel.
- 10.15 Omega
- 10.16 Gruppo Millepiani
- 10.17 Doppler Manufacturing
- 10.18 Huawei Technologies Co. Ltd.
- 10.19 IBM Corporation
List of Tables
- Table 1 Global IoT In Elevators Market Outlook, By Region (2020-2028) ($MN)
- Table 2 Global IoT In Elevators Market Outlook, By Component (2020-2028) ($MN)
- Table 3 Global IoT In Elevators Market Outlook, By Services (2020-2028) ($MN)
- Table 4 Global IoT In Elevators Market Outlook, By Designing and Engineering (2020-2028) ($MN)
- Table 5 Global IoT In Elevators Market Outlook, By Managed Services (2020-2028) ($MN)
- Table 6 Global IoT In Elevators Market Outlook, By Refurbishing (2020-2028) ($MN)
- Table 7 Global IoT In Elevators Market Outlook, By Installation (2020-2028) ($MN)
- Table 8 Global IoT In Elevators Market Outlook, By Maintenance & Repair (2020-2028) ($MN)
- Table 9 Global IoT In Elevators Market Outlook, By Software (2020-2028) ($MN)
- Table 10 Global IoT In Elevators Market Outlook, By Cloud (2020-2028) ($MN)
- Table 11 Global IoT In Elevators Market Outlook, By On-premise (2020-2028) ($MN)
- Table 12 Global IoT In Elevators Market Outlook, By Hardware (2020-2028) ($MN)
- Table 13 Global IoT In Elevators Market Outlook, By Application (2020-2028) ($MN)
- Table 14 Global IoT In Elevators Market Outlook, By Connectivity Management (2020-2028) ($MN)
- Table 15 Global IoT In Elevators Market Outlook, By Preventive Maintenance (2020-2028) ($MN)
- Table 16 Global IoT In Elevators Market Outlook, By Advanced Reporting (2020-2028) ($MN)
- Table 17 Global IoT In Elevators Market Outlook, By Remote Monitoring (2020-2028) ($MN)
- Table 18 Global IoT In Elevators Market Outlook, By End user (2020-2028) ($MN)
- Table 19 Global IoT In Elevators Market Outlook, By Industrial (2020-2028) ($MN)
- Table 20 Global IoT In Elevators Market Outlook, By Residential (2020-2028) ($MN)
- Table 21 Global IoT In Elevators Market Outlook, By Commercial (2020-2028) ($MN)
- Table 22 North America IoT In Elevators Market Outlook, By Country (2020-2028) ($MN)
- Table 23 North America IoT In Elevators Market Outlook, By Component (2020-2028) ($MN)
- Table 24 North America IoT In Elevators Market Outlook, By Services (2020-2028) ($MN)
- Table 25 North America IoT In Elevators Market Outlook, By Designing and Engineering (2020-2028) ($MN)
- Table 26 North America IoT In Elevators Market Outlook, By Managed Services (2020-2028) ($MN)
- Table 27 North America IoT In Elevators Market Outlook, By Refurbishing (2020-2028) ($MN)
- Table 28 North America IoT In Elevators Market Outlook, By Installation (2020-2028) ($MN)
- Table 29 North America IoT In Elevators Market Outlook, By Maintenance & Repair (2020-2028) ($MN)
- Table 30 North America IoT In Elevators Market Outlook, By Software (2020-2028) ($MN)
- Table 31 North America IoT In Elevators Market Outlook, By Cloud (2020-2028) ($MN)
- Table 32 North America IoT In Elevators Market Outlook, By On-premise (2020-2028) ($MN)
- Table 33 North America IoT In Elevators Market Outlook, By Hardware (2020-2028) ($MN)
- Table 34 North America IoT In Elevators Market Outlook, By Application (2020-2028) ($MN)
- Table 35 North America IoT In Elevators Market Outlook, By Connectivity Management (2020-2028) ($MN)
- Table 36 North America IoT In Elevators Market Outlook, By Preventive Maintenance (2020-2028) ($MN)
- Table 37 North America IoT In Elevators Market Outlook, By Advanced Reporting (2020-2028) ($MN)
- Table 38 North America IoT In Elevators Market Outlook, By Remote Monitoring (2020-2028) ($MN)
- Table 39 North America IoT In Elevators Market Outlook, By End user (2020-2028) ($MN)
- Table 40 North America IoT In Elevators Market Outlook, By Industrial (2020-2028) ($MN)
- Table 41 North America IoT In Elevators Market Outlook, By Residential (2020-2028) ($MN)
- Table 42 North America IoT In Elevators Market Outlook, By Commercial (2020-2028) ($MN)
- Table 43 Europe IoT In Elevators Market Outlook, By Country (2020-2028) ($MN)
- Table 44 Europe IoT In Elevators Market Outlook, By Component (2020-2028) ($MN)
- Table 45 Europe IoT In Elevators Market Outlook, By Services (2020-2028) ($MN)
- Table 46 Europe IoT In Elevators Market Outlook, By Designing and Engineering (2020-2028) ($MN)
- Table 47 Europe IoT In Elevators Market Outlook, By Managed Services (2020-2028) ($MN)
- Table 48 Europe IoT In Elevators Market Outlook, By Refurbishing (2020-2028) ($MN)
- Table 49 Europe IoT In Elevators Market Outlook, By Installation (2020-2028) ($MN)
- Table 50 Europe IoT In Elevators Market Outlook, By Maintenance & Repair (2020-2028) ($MN)
- Table 51 Europe IoT In Elevators Market Outlook, By Software (2020-2028) ($MN)
- Table 52 Europe IoT In Elevators Market Outlook, By Cloud (2020-2028) ($MN)
- Table 53 Europe IoT In Elevators Market Outlook, By On-premise (2020-2028) ($MN)
- Table 54 Europe IoT In Elevators Market Outlook, By Hardware (2020-2028) ($MN)
- Table 55 Europe IoT In Elevators Market Outlook, By Application (2020-2028) ($MN)
- Table 56 Europe IoT In Elevators Market Outlook, By Connectivity Management (2020-2028) ($MN)
- Table 57 Europe IoT In Elevators Market Outlook, By Preventive Maintenance (2020-2028) ($MN)
- Table 58 Europe IoT In Elevators Market Outlook, By Advanced Reporting (2020-2028) ($MN)
- Table 59 Europe IoT In Elevators Market Outlook, By Remote Monitoring (2020-2028) ($MN)
- Table 60 Europe IoT In Elevators Market Outlook, By End user (2020-2028) ($MN)
- Table 61 Europe IoT In Elevators Market Outlook, By Industrial (2020-2028) ($MN)
- Table 62 Europe IoT In Elevators Market Outlook, By Residential (2020-2028) ($MN)
- Table 63 Europe IoT In Elevators Market Outlook, By Commercial (2020-2028) ($MN)
- Table 64 Asia Pacific IoT In Elevators Market Outlook, By Country (2020-2028) ($MN)
- Table 65 Asia Pacific IoT In Elevators Market Outlook, By Component (2020-2028) ($MN)
- Table 66 Asia Pacific IoT In Elevators Market Outlook, By Services (2020-2028) ($MN)
- Table 67 Asia Pacific IoT In Elevators Market Outlook, By Designing and Engineering (2020-2028) ($MN)
- Table 68 Asia Pacific IoT In Elevators Market Outlook, By Managed Services (2020-2028) ($MN)
- Table 69 Asia Pacific IoT In Elevators Market Outlook, By Refurbishing (2020-2028) ($MN)
- Table 70 Asia Pacific IoT In Elevators Market Outlook, By Installation (2020-2028) ($MN)
- Table 71 Asia Pacific IoT In Elevators Market Outlook, By Maintenance & Repair (2020-2028) ($MN)
- Table 72 Asia Pacific IoT In Elevators Market Outlook, By Software (2020-2028) ($MN)
- Table 73 Asia Pacific IoT In Elevators Market Outlook, By Cloud (2020-2028) ($MN)
- Table 74 Asia Pacific IoT In Elevators Market Outlook, By On-premise (2020-2028) ($MN)
- Table 75 Asia Pacific IoT In Elevators Market Outlook, By Hardware (2020-2028) ($MN)
- Table 76 Asia Pacific IoT In Elevators Market Outlook, By Application (2020-2028) ($MN)
- Table 77 Asia Pacific IoT In Elevators Market Outlook, By Connectivity Management (2020-2028) ($MN)
- Table 78 Asia Pacific IoT In Elevators Market Outlook, By Preventive Maintenance (2020-2028) ($MN)
- Table 79 Asia Pacific IoT In Elevators Market Outlook, By Advanced Reporting (2020-2028) ($MN)
- Table 80 Asia Pacific IoT In Elevators Market Outlook, By Remote Monitoring (2020-2028) ($MN)
- Table 81 Asia Pacific IoT In Elevators Market Outlook, By End user (2020-2028) ($MN)
- Table 82 Asia Pacific IoT In Elevators Market Outlook, By Industrial (2020-2028) ($MN)
- Table 83 Asia Pacific IoT In Elevators Market Outlook, By Residential (2020-2028) ($MN)
- Table 84 Asia Pacific IoT In Elevators Market Outlook, By Commercial (2020-2028) ($MN)
- Table 85 South America IoT In Elevators Market Outlook, By Country (2020-2028) ($MN)
- Table 86 South America IoT In Elevators Market Outlook, By Component (2020-2028) ($MN)
- Table 87 South America IoT In Elevators Market Outlook, By Services (2020-2028) ($MN)
- Table 88 South America IoT In Elevators Market Outlook, By Designing and Engineering (2020-2028) ($MN)
- Table 89 South America IoT In Elevators Market Outlook, By Managed Services (2020-2028) ($MN)
- Table 90 South America IoT In Elevators Market Outlook, By Refurbishing (2020-2028) ($MN)
- Table 91 South America IoT In Elevators Market Outlook, By Installation (2020-2028) ($MN)
- Table 92 South America IoT In Elevators Market Outlook, By Maintenance & Repair (2020-2028) ($MN)
- Table 93 South America IoT In Elevators Market Outlook, By Software (2020-2028) ($MN)
- Table 94 South America IoT In Elevators Market Outlook, By Cloud (2020-2028) ($MN)
- Table 95 South America IoT In Elevators Market Outlook, By On-premise (2020-2028) ($MN)
- Table 96 South America IoT In Elevators Market Outlook, By Hardware (2020-2028) ($MN)
- Table 97 South America IoT In Elevators Market Outlook, By Application (2020-2028) ($MN)
- Table 98 South America IoT In Elevators Market Outlook, By Connectivity Management (2020-2028) ($MN)
- Table 99 South America IoT In Elevators Market Outlook, By Preventive Maintenance (2020-2028) ($MN)
- Table 100 South America IoT In Elevators Market Outlook, By Advanced Reporting (2020-2028) ($MN)
- Table 101 South America IoT In Elevators Market Outlook, By Remote Monitoring (2020-2028) ($MN)
- Table 102 South America IoT In Elevators Market Outlook, By End user (2020-2028) ($MN)
- Table 103 South America IoT In Elevators Market Outlook, By Industrial (2020-2028) ($MN)
- Table 104 South America IoT In Elevators Market Outlook, By Residential (2020-2028) ($MN)
- Table 105 South America IoT In Elevators Market Outlook, By Commercial (2020-2028) ($MN)
- Table 106 Middle East & Africa IoT In Elevators Market Outlook, By Country (2020-2028) ($MN)
- Table 107 Middle East & Africa IoT In Elevators Market Outlook, By Component (2020-2028) ($MN)
- Table 108 Middle East & Africa IoT In Elevators Market Outlook, By Services (2020-2028) ($MN)
- Table 109 Middle East & Africa IoT In Elevators Market Outlook, By Designing and Engineering (2020-2028) ($MN)
- Table 110 Middle East & Africa IoT In Elevators Market Outlook, By Managed Services (2020-2028) ($MN)
- Table 111 Middle East & Africa IoT In Elevators Market Outlook, By Refurbishing (2020-2028) ($MN)
- Table 112 Middle East & Africa IoT In Elevators Market Outlook, By Installation (2020-2028) ($MN)
- Table 113 Middle East & Africa IoT In Elevators Market Outlook, By Maintenance & Repair (2020-2028) ($MN)
- Table 114 Middle East & Africa IoT In Elevators Market Outlook, By Software (2020-2028) ($MN)
- Table 115 Middle East & Africa IoT In Elevators Market Outlook, By Cloud (2020-2028) ($MN)
- Table 116 Middle East & Africa IoT In Elevators Market Outlook, By On-premise (2020-2028) ($MN)
- Table 117 Middle East & Africa IoT In Elevators Market Outlook, By Hardware (2020-2028) ($MN)
- Table 118 Middle East & Africa IoT In Elevators Market Outlook, By Application (2020-2028) ($MN)
- Table 119 Middle East & Africa IoT In Elevators Market Outlook, By Connectivity Management (2020-2028) ($MN)
- Table 120 Middle East & Africa IoT In Elevators Market Outlook, By Preventive Maintenance (2020-2028) ($MN)
- Table 121 Middle East & Africa IoT In Elevators Market Outlook, By Advanced Reporting (2020-2028) ($MN)
- Table 122 Middle East & Africa IoT In Elevators Market Outlook, By Remote Monitoring (2020-2028) ($MN)
- Table 123 Middle East & Africa IoT In Elevators Market Outlook, By End user (2020-2028) ($MN)
- Table 124 Middle East & Africa IoT In Elevators Market Outlook, By Industrial (2020-2028) ($MN)
- Table 125 Middle East & Africa IoT In Elevators Market Outlook, By Residential (2020-2028) ($MN)
- Table 126 Middle East & Africa IoT In Elevators Market Outlook, By Commercial (2020-2028) ($MN)
