May 02, 2022 09:45 ET | Source: FACT.MR FACT.MR
United States, Rockville, MD, May 02, 2022 (GLOBE NEWSWIRE) -- 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.
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Key Takeaways from the Market Study
“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.
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Prominent manufacturers of IoT in elevators are eyeing technological innovations in order to provide the most accurate and precise elevator system arrangements to their customers. 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.
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Fact.MR, in its new offering, presents an unbiased analysis of the global IoT in elevators market, presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032. Market growth is expected to be driven by increasing investment in metropolises and smart city developments within this region.
The study reveals essential insights on the basis of IoT in elevators component types (Hardware, Software(On-Premise, Cloud) Services (Designing and Engineering, Installation, Refurbishing, Maintenance and Repair, Manage Service)) by application (Preventive Maintenance, Remote Monitoring, Advanced Reporting, Connectivity Management, Others (Call Management) and by end-user (Residential, Commercial, Industrial) across five major regions (North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa).
Key Segments Covered in the IoT in Elevators Market Study
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