Fact.MR forecasts the global IoT elevator market is set to reach US$93.9 Billion by the end of 2022-2032 with a CAGR of 13.4%. It estimated the IoT elevator market at US$26.7 billion in 2022, concluding a dollar opportunity worth US$67.2 Billion in 2016-2021.
Getting better with time
IoT elevators are proving to be more efficient than traditional elevators compared to next-generation elevators.
With a growth rate valued at US$18.4 Billion, in 2022 the hardware demand has boomed significantly in the past few years. Based on the data that is being collected from daily usage of elevators, artificial intelligence is currently being used to assist both operators and mechanical contractors in keeping up with their daily routines finding ways to manage the flow of elevator traffic better and finding ways to prevent problems before they occur.
The integration of third-party systems with elevators is expected to become more prevalent as technology develops in the future. In addition, construction companies are raising their demands for efficient and safe technologies in the global elevator market.
The growth of the market will be driven by the increase in urbanization and the increased demand for residential & commercial amenities will significantly raise the market for IoT in elevators markets. These trends will likely lead to traction for the IoT market in elevators.
Devices powered by IoT technology can manage big data streams and perform predictive maintenance in elevators.
- India to emerge as the dominant IoT in elevators market, reaching US$ 6.0 Billion by 2032
- China is the fastest-growing market, registering a CAGR of 14.6% across the decade
By component type, hardware to register maximum IoT in elevator usage, growing at a 12.1% CAGR
Preventive maintenance to emerge as the top application, growing at a rate of 13.9% through 2032
“With growing technology, AI and machine learning can be used to simulate the adoption and growth of smart elevators in the future,” remarks an analyst at Fact.MR.
Prominent manufacturers of IoT in elevators are eyeing technological innovations to provide their customers with the most accurate and precise elevator system arrangements. To enhance their presence across significant geographies, companies are forging collaborative agreements with government entities.
The need for smarter elevators has led to innovative IoT solutions being developed by several players in the current market landscape which will further boost various innovations over time.