Report Ocean has released a research study titled “IoT in Elevators Market.” This study offers precise economic forecasts, global assessments, and country-level insights. It provides a comprehensive view of the competitive market and includes an in-depth supply chain analysis to identify significant industry changes. The study explores the current market status, anticipated future growth, technological advancements, investment opportunities, market economics, and financial data. It thoroughly examines the market and offers insights based on a SWOT analysis of the industry.
IoT in Elevators Market is valued approximately USD 12.1 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 16.00 % over the forecast period 2020-2027. Elevator companies have identified that elevator maintenance is one expense that costs huge amount to the companies. The emergence of internet of things (IoT) in application such as lighting control and HVAC towards a more granular approach payed the way for the IoT to be integrated with elevators and for efficiencies. Also, the capabilities of IoT technology allows to replicate predictive maintenance capabilities in the elevators and helps in managing large stream of performance data.
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Also, the IoT in elevators is gaining popularity for connectivity management, call management, preventive maintenance and advanced reporting. As a result, private companies are also making several efforts to launch new solutions for IoT in elevators market which would drive the growth of the market. Otis Elevator Company has launched its OTIS ONE IoT service platform. Within this new connected digital ecosystem, data is gathered directly from escalators and elevators via smart sensor technology. Rise in number of smart cities and smart construction projects along with the increasing focus on infrastructure development and modernization would drive the growth of the market during the forecast period of 2020-2027. According to the Open Connectivity Foundation in January 2019, as the internet of things continues to expand, the foundation to continue the mission of creating an open standard to ensure interoperability between these smart devices. The standards goals to bridge the gap between smart building by advancing the adoption of smart building IOT.
Major market player included in this report are:
Fujitec Co., Ltd
Honeywell International, Inc
Huawei Technologies Ltd
Hyundai Elevator Co., Ltd.
Otis Elevator Company
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- The IoT (Internet of Things) in elevators market has witnessed significant growth driven by technological advancements, increasing urbanization, and the demand for smarter, more efficient, and safer vertical transportation systems in buildings and infrastructure.
- IoT integration in elevators involves the implementation of sensors, connectivity, data analytics, and remote monitoring capabilities to enhance elevator performance, predictive maintenance, energy efficiency, and passenger experience.
- Elevator manufacturers and building management companies utilize IoT-enabled solutions to collect real-time data from elevators, monitor equipment health, track usage patterns, and identify potential issues before they become critical.
- IoT-connected sensors and devices installed in elevators enable predictive maintenance by analyzing data on elevator components’ performance, detecting anomalies, and scheduling maintenance tasks proactively, reducing downtime and enhancing reliability.
- Remote monitoring and diagnostics capabilities provided by IoT systems enable elevator technicians to access real-time data, perform troubleshooting, and address issues efficiently, improving service response times and reducing maintenance costs.
- Elevator IoT solutions focus on improving passenger experiences by providing features like predictive call allocation, destination control systems, personalized services, and touchless interfaces, enhancing convenience and efficiency for users.
- Challenges in the IoT in elevators market include concerns regarding data security and privacy, interoperability among different elevator systems, and the integration of IoT solutions into existing infrastructure.
- Ongoing technological innovations in IoT sensors, cloud computing, edge analytics, and machine learning algorithms drive the development of smarter and more autonomous elevator systems capable of adapting to usage patterns and optimizing operations.
- The future of IoT in elevators is poised for continued growth, with advancements focusing on improving energy efficiency, implementing more sophisticated predictive maintenance algorithms, and enhancing safety and security features.
- As buildings become smarter and more connected, the IoT in elevators market is expected to expand further, offering innovative solutions that optimize elevator performance, improve passenger experiences, and contribute to more efficient and sustainable vertical transportation systems within urban landscapes.
The detailed segments and sub-segment of the market are explained below:
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Rest of the World
Table of Contents:
- Executive Summary
- Market Overview
- Market Analysis
- Market Size and Forecast
- Market Trends
- Market Dynamics
- Market Segmentation
- Competitive Landscape
- Competitive Scenario
- Key Players
- Regional Analysis
- Regional Market Overview
- Market Size and Forecast by Region
- Product/Service Analysis
- Product/Service Overview
- Market Size and Forecast by Product/Service
- End-User Analysis
- End-User Overview
- Market Size and Forecast by End-User
- Industry Structure
- Key Findings and Recommendations
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