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Increasing government initiatives for the creation of smart cities are expected to drive innovation in IoT in elevators manufacturing, thus driving the market during the forecast period.

The global IoT in elevators market is expected to grow from $20.06 billion in 2022 to $23.73 billion in 2023 at a compound annual growth rate (CAGR) of 18.3%. The global IoT in elevators market size is expected to grow to $44.10 billion in 2027 at a CAGR of 16.8%.

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Global Iot In Elevators Market Segments Include:

• By Component:Hardware, Software, Services
• By Application:Preventive Maintenance, Remote Monitoring, Advanced Reporting, Connectivity Management, Other Applications
• By End User:Residential, Commercial, Industrial
• By Geography:The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global IoT in elevators market in 2021.

Major Market Players in the IoT in elevators market include Hyundai Elevator Co Ltd., KONE Corporation, Otis Worldwide Corporation, Schindler Holding Ltd., Mitsubishi Electric Corporation, Toshiba Elevator and Building Systems Corporation.

Technological advancements have emerged as a key trend gaining popularity in the IoT in elevators market. Major companies operating in the IoT in elevators market are focused on innovating new technologies to sustain their position in the market. For instance, in September 2022, Johnson Lifts, an India-based manufacturer of lifts and escalators, launched an IoT-based technological feature in its lifts named WATCH. This WATCH, which stands for Wireless Assessment to Troubleshoot Channelize & Host, carries out a number of tasks by connecting the elevators to the data center via the elevator’s IoT device. Customers may get immediate support when they need it since it senses, monitors, and informs technicians in real-time. The IoT WATCH function continuously improves lift performance while anticipating potential defects and monitoring lift behaviour and condition.

The IoT In Elevators Global Market Report 2023  provides a IoT in elevators market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The IoT in elevators market forecast analyzes IoT in elevators market size, IoT in elevators market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

IoT in elevators refers to the use of internet of things (IoT) for the purpose of monitoring operational conditions by gathering a large amount of data in elevators for streamlining operations.

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