The market value of IoT in elevators is expected to reach nearly US$ 94 billion by 2032

June 30, 2022 4:56 pm

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%, according to Fact.MR. By 2022, the market is expected to be worth US$ 26.7 Billion, representing a dollar opportunity worth US$ 67.2 Billion in 2016-2021. IoT Elevators are proving to be more efficient than traditional elevators in comparison with 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 and finding ways to better manage the flow of elevator traffic and find 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 elevators market. The growth of the market will be driven by the increase in urbanization and the increased demand for residential & commercial amenities will significantly rise the market for IoT in elevators markets. It is likely that these trends will 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.

Key Takeaways from the Market Study

• India to emerge as the dominant IoT in elevators market, reaching US$ 6.0 Billion by 2032
• China to be the fastest-growing market, registering a CAGR of 14.6% across the decade
• U.S. are likely to yield $ opportunities worth US$ 17.9 Billion respectively
• By component type, hardware to register maximum IoT in elevators 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.