IoT in Elevators Market is expected to reach US$ 2,022.13 Million by 2028

"IoT in Elevators Market" study by "The Insight Partners" provides details about the market dynamics affecting the market, Market scope, Market segmentation and overlays shadow upon the leading market players highlighting the favorable competitive landscape and trends prevailing over the years.

The IoT in elevators market size is expected to grow from US$ 1514.88 million in 2022 to US$ 2022.13 million by 2028; it is expected to grow at a CAGR of 4.9% from 2022 to 2028.

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Small and medium-sized enterprises (SMEs) and large enterprises rely heavily on smart solutions. The adoption of IoT in these enterprises is becoming popular, which drives the IoT in elevators market growth. In addition, with the rising competition, many enterprises are investing significantly in smart solutions and services. Thus, there are lucrative opportunities for the key vendors of IoT in elevator as these enterprises have increasingly relied on safeguarding and protecting their property from internal or external threats. Many governments are also investing in urban development projects. As per the Ministry of Housing and Urban Affairs, the Government of India has invested US$ 160 billion in developing and upgrading urban infrastructure since 2014. Compared to 2004-2014, India's investment in the urban sector increased by over 600% from 2014 to 2021. The Indian government has established a National Infrastructure Pipeline (NIP) worth US$ 1.5 trillion for infrastructure projects that are expected to be completed between 2020 and 2025

The "smart cities" developments are gaining traction across the world. The IoT in elevator manufacturing companies, several escalator companies, and market players are increasingly focusing on integrating IoT into their products and new lines of escalators to capture a larger market share and establish a solid foothold. Artificial intelligence and IoT have played a key role in transforming the elevator and escalator market landscape in recent years. Furthermore, predictive, and tailored elevator maintenance, aided by IoT, is gradually gaining traction. Moreover, over the last a few years, advancements in application programming interfaces (API) have increased the adoption of IoT in elevators which in turn Is impacting the overall IoT in elevators market.

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The COVID-19 pandemic had a significant impact on the global economy. The pandemic was at its peak in 2020, which led many manufacturing companies to a financial crisis and posed numerous challenges to business operations. Before the COVID-19 outbreak, the IoT in elevators market witnessed exponential growth owing to increased urbanization, surged demand for secure and energy-efficient systems, increased demand for residential and commercial amenities, and advancement of the Internet of Things (IoT). Before the pandemic, there were significant investments in the pipeline of IoT adoption in small, medium, and large enterprises and energy-efficient buildings. However, the eruption of the COVID-19 pandemic slowed down the deployment of IoT and AI, which hampered the IoT in elevator companies' businesses. During the initial phase of the outbreak, collaborations, partnerships, and all business deals were restricted, which significantly shattered the IoT in elevators market.

The report is a combination of qualitative and quantitative analysis of the virtual reality industry. The global market majorly considers five major regions, namely, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America (SACM). The report also focuses on the exhaustive PEST analysis and extensive market dynamics during the forecast period.
IoT in Elevators Market: Competitive Landscape and Key Developments
• Fujitec Co., Ltd.
• Hitachi, Ltd.
• KONE Corporation
• Mitsubishi Electric Corporation
• Otis Elevator Company Ltd.
• Bosch GmbH
• Schindler Group
• Schneider Electric SE
• Toshiba Elevators and Building Systems Corporation
• Hyundai Elevator Co., Ltd.
Key Elements that the report acknowledges:
• Market size and growth rate during forecast period.
• Key factors driving the "IoT in Elevators market" market.
• Key market trends cracking up the growth of the "IoT in Elevators market" market.
• Challenges to market growth.
• Key vendors of "IoT in Elevators market" market.
• Detailed SWOT analysis.
• Opportunities and threats faces by the existing vendors in Global "XYZ" market.
• Trending factors influencing the market in the geographical regions.
• Strategic initiatives focusing the leading vendors.
• PEST analysis of the market in the five major regions.
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