According to a new market report titled IoT in Elevators Market -Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026, published by Transparency Market Research, the global IoT in elevators market is expected to reach US$ 50.76 Bn by 2026, expanding at a CAGR of 16.1% from 2018 to 2026. According to the report, the global market is expected to continue to be influenced by a range of macroeconomic and industry-specific factors. North America is anticipated to continue to be at the forefront of global demand, with the market in the region expanding at a CAGR of 15.3% during the forecast period. Technical advancements, increased digitization, increasing number of high-rise buildings, and presence of a large number of IoT in elevator providers are anticipated to drive the IoT in elevators market in North America.
Increasing adoption of new IT solutions with modern consumer trends in different organizations and IT modernization is expected to boost the IoT in elevators market in the coming years. Moreover, increase in number of high-rise buildings is expected to fuel the growth of the market in the near future.
In terms of IoT in elevators, both North America and Europe are mature regions of the market, due to high awareness about IoT in elevators among users and technological developments. However, the market in Asia Pacific is expected to expand at a robust pace during the forecast period. Rise in penetration of technology as well as significant investments in the optimal utilization of IT solutions across countries such as the U.S., U.K., Germany, France, China, India, and Brazil are anticipated to offer lucrative opportunities for IoT in elevators providers in the near future.
Based on component, the global IoT in elevators market has been segmented into hardware, software, and services. The hardware segment held significant market share, followed by services and software segments in 2017. However, services segment is projected to witness significant growth in the coming years and will hold major share of the market by the end of the forecast period.
Hardware component includes M2M gateway or elevator gateway, designed for connectivity to the controller through data interfaces for remote monitoring of the elevator, which facilitates remote diagnostics to optimize work processes, time, and expenses. However, the software segment is expected to expand significantly over the forecast period due to the rapid increase in application of analytics software, IoT platforms, and security software. The report includes analysis of the IoT in elevators market by region, segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
By application, preventive maintenance segment occupied major market share in 2017 as it helps to maximize an elevator’s availability, efficiency, service quality, and customer satisfaction, while the remote monitoring application segment is likely to expand significantly over the forecast period. Remote monitoring solution, created with IoT, improves smart elevator maintenance and reduces disruption of service to customers.