Dublin, Feb. 16, 2024 (GLOBE NEWSWIRE) -- The "IoT in Elevators Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.
The Global IoT in Elevators Market has showcased a remarkable surge, valued at USD 20.58 Billion in 2022, and is projected to continue its robust expansion with a compound annual growth rate (CAGR) of 14.17% until 2028.
As the industry for high-tech elevator solutions experiences a revolution with emerging technologies such as Artificial Intelligence (AI) and the Internet of Things (IoT), the demand for advanced residential and commercial amenities has significantly inflated, stimulating this market growth.
Key Market Drivers
The market growth is underpinned by a pressing need for improved safety and security in elevator operations. IoT advancements in elevators are enhancing real-time monitoring, predictive maintenance, and remote control capabilities, forming the cornerstone for heightened safety protocols and operational efficiency. The embracing of IoT technology in elevators is increasingly being influenced by the continuous demand for innovative and safer smart building solutions.
Regional Insights
With a robust infrastructure and high technological adoption rate, North America spearheads the Global IoT in Elevators Market, holding a significant revenue share in 2022. The concentration of prominent market players in this region, along with advanced infrastructure facilities, have significantly fueled the market growth.
However, the Asia-Pacific region is anticipated to witness consistent expansion during the forecast period, propelled by technological advancements in emerging economies.
Segmental Insights
When segmented by components, the hardware category reigns supreme, expected to maintain this dominance in the forecast period. Rapidly expanding needs for aesthetically appealing hardware integrated with AI for operational and traffic flow efficiency are contributing factors to this trend. In terms of applications, remote monitoring continues to govern the market, indicative of its sustained prominence throughout the forecasted timeline.
Market Challenges
Despite the promising growth, the market encounters hurdles such as high initial implementation costs and pressing data privacy and security concerns. The substantial upfront investment required for the integration of IoT technology in elevator systems poses a financial barrier, potentially hampering its swift adoption.
Moreover, the management of sensitive data within IoT systems necessitates stringent cybersecurity measures, posing an ongoing challenge to ensure user privacy and compliance with regulations.
Market Trends
Emerging trends underscore the significance of enhanced user experience and touchless technology amid a health-conscious landscape. IoT is revolutionizing the elevator landscape with voice-activated controls, smart assistants, and touchless access, transcending conventional interaction methods.
These advancements assure a frictionless, hygienic, and efficient user journey, earmarking them as key market trendsetters. In light of these insightful observations on the IoT in Elevators Market, the trends and data mapped out promise a comprehensive understanding of the market's trajectory, conducive for stakeholders and investors in decision-making processes.
The market's dynamics paint a portrait of resilience and progressive innovation on the panoramic canvas of the IoT in Elevators landscape.
Report Scope:
In this report, the Global IoT in Elevators Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
IoT in Elevators Market, By Component:
- Hardware
- Processor
- Connectivity IC
- Sensor
- Memory Device
- Other
- Software
- On-Premises
- Cloud
- Services
- Designing and Engineering
- Installation
- Maintenance and Repair
- Others
IoT in Elevators Market, By Application:
- Preventive Maintenance
- Remote Monitoring
- Fault Diagnosis and Prediction
- Advanced Reporting
- Connectivity Management
IoT in Elevators Market, By End User:
- Residential
- Commercial
- Industrial
Companies Profiled
- ThyssenKrupp
- KONE Corporation
- Fujitec Co.
- Hitachi Ltd.
- Hyundai Elevator Co., Ltd.
- Otis Elevator Company
- Schindler Group
- Mitsubishi Electric Corporation
- Toshiba Elevators.
For more information about this report visit https://www.researchandmarkets.com/r/a2rsl5
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