Global IoT Elevator Market Expected To Continue To Grow

Fact.MR forecasts the global Internet of Things (IoT) elevator market is set to reach US$93.9 billion by the end of 2022-2032 with a compound annual growth rate (CAGR) of 13.4%. It estimated the IoT elevator market at US$26.7 billion in 2022, concluding a dollar opportunity worth US$67.2 billion in 2016-2021, FutureIoT reports. With a growth rate valued at US$18.4 billion, in 2022 the hardware demand has boomed. Based on data collected from daily elevator use, AI is helping to better manage the flow of elevator traffic and 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 elevator market. Urbanization and the increased demand for residential and commercial amenities will raise the market for IoT in elevator markets. Devices powered by IoT technology can manage big data streams and perform predictive maintenance in elevators. Key takeaways include: India emerging as dominant IoT in elevator market, reaching US$6 billion by 2032; China being the fastest-growing market, registering a CAGR of 14.6% across the decade; hardware to register maximum IoT in elevator usage growing at a 12.1% CAGR; and preventive maintenance emerging as the top application, growing at a rate of 13.9% through 2032.