According to the new research report on "IoT in Elevators Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 2,022.13 million by 2028, registering a CAGR of 4.9% from 2022 to 2028.
The market for elevators with IoT technology and artificial intelligence is expanding due to the desire for safe, efficient transportation of people and goods. By utilizing IoT technology, elevators can reduce energy usage, shorten wait times, and communicate with service providers via mobile applications, making them an attractive option for government energy efficiency programs. Increasing demand for advanced elevator solutions, coupled with the benefits of IoT technology and growing awareness of these advantages, are contributing to the growth of the IoT in elevators market.
North America has favorable government policies that promote innovation and enhance infrastructure capabilities. The region has a high acceptance rate of emerging technologies, making any adverse impact on the industry detrimental to its economic growth. However, the outbreak of COVID-19 in 2020 severely affected the United States, resulting in the shutdown of manufacturing plants and delays in construction projects, leading to a decline in the construction sector's performance. The pandemic has also increased the demand for automated and hygienic elevators to ensure safety, leading elevator manufacturers to integrate advanced features in their products. These factors are expected to contribute to the growth of the IoT in elevators market.
Hitachi introduced a touchless elevator with multi-dimensional features that can be controlled through voice recognition, QR codes, and smartphones. These developments in IoT technology, particularly in response to the COVID-19 pandemic, have had a positive effect on the IoT in elevators market. As the world moves beyond the pandemic, the demand for sustainable IoT solutions, a shift towards cloud-based platforms, and a gradual recovery of the construction industry are key factors contributing to the growth of the IoT in elevators market.
The Asia Pacific region is experiencing the fastest growth in the global IoT in elevators market, fueled by rapid technological advancements, government initiatives to enhance various industries, and an increase in disposable income among the middle-income group. With substantial investments from governments and key vendors in cloud computing and information technology infrastructure development, the adoption of cloud computing is on the rise in Asia Pacific. As large and small enterprises generate increasing volumes of data, the demand for cloud computing solutions has become an essential part of the IoT ecosystem, requiring the installation of routers, modems, smart displays, and high-performance telecom electronic components in the infrastructure backbone. Smart IoT devices, hyper-scale computing, and AI are the primary areas of focus for the central governments in the region, with initiatives such as the Unique Identification Development Authority of India (UIDAI) and the National eGovernance Programs (NeGP) encouraging corporate participation in the development of a large-scale IT infrastructure. Numerous companies are investing heavily in cloud computing development in the region, which is witnessing rapid uptake of IoT in elevators due to its economic stability and growing per capita income. In August 2021, India's Union Ministry of Electronics and Information Technology set a target of US$ 400 billion in IT exports by March 2022, indicating the positive impact of such initiatives on the APAC IoT in elevators market.
The analysis of the IoT in elevators market is divided into three segments: component, application, and end-user. The component segment is further categorized into hardware, software, and services. The application segment of the IoT in elevators market includes preventive maintenance, remote monitoring, fault diagnosis and prediction, advanced reporting, and connectivity management. Lastly, the end-user segment of the IoT in elevators market comprises residential, commercial, and industrial users.
Key Findings of Study
Europe currently holds the largest share in the IoT in elevators market and is expected to continue growing due to its adoption of advanced technologies. The region is experiencing rapid industrialization, which has led to an increase in the use of electronic components in IoT, AI, and machine learning-based products. Additionally, Europe has made significant progress in the adoption of cloud computing, 5G technology, and IoT. According to Cisco's annual internet report, Europe is expected to have 388 million internet users and 404 million mobile users by 2023, accounting for 78% and 81% of the regional population, respectively. The report also highlights the growing popularity of high-speed internet uptake, devices, and connections, with mobile connectivity accounting for 48% of all networked devices in Europe. These factors, along with the rise of big data, machine learning, 5G, and AI, are contributing to the growth of the IoT in elevators market in Europe.
The North American IoT in elevators market is facing obstacles due to the COVID-19-induced chip shortage and disruptions in the supply chain. Although the IoT community and most end-use sectors are favorable for IoT solutions, the pandemic is hindering the growth of the industry. The pandemic has also caused a reversal in the megatrend of urbanization, as people are opting for rural areas due to the virus spreading easily in densely populated areas. However, the trend towards urbanization is expected to continue in the medium to long term, and by 2025, supply constraints are predicted to ease, leading to significant growth in the IoT in elevators market. The report offers in-depth market insights to assist key players in the IoT in elevators market in devising growth strategies.
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