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.
Internet of things (IoT), artificial intelligence (AI), and other technologies are used in elevators for smooth, safe, and efficient transportation of people and freight. Elevators with IoT can save energy, reduce waiting times, and communicate with service providers via a mobile application. Therefore, they have become a lucrative option to support global government initiatives and programs regarding energy efficiency. Growing needs for advanced elevator solutions, emerging modern technologies such as AI and IoT, increasing demand for residential and commercial amenities, and rising awareness regarding the benefits of IoT are among the prominent factors propelling the IoT in elevators market growth.

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The IoT in elevator market has large number of small players engaged in the business which is holding a significant portion in the global market. The small players are also involved in R&D activities for developing the IoT and AI connection technologies which is further strengthening the market size over the coming years. For instance, in August 2021, On 18 June 2020, together with the development of 5G, IoT, and AI technologies, Haier Hainayun launches the Internet of Elevators for safer and smarter elevators. The elevator is owned by a company that is committed to Hainayun IoE Ecosystem focuses on IoE scenario ecosystems, integrating IoT technologies, elevator control, and co-labs, and employing a unique 1+3+N model and brand-new smart elevator concepts. Thus, such developments from the IoT in elevator manufacturers are driving the market outlook. The major end-users of the IoT in elevator market include residential, commercial, and industrial sector. These companies procure the IoT for connecting the elevators. These companies incorporate long-term contracts and supply agreements with the elevator manufacturing companies. The end users are the key stakeholders of the IoT in elevators market as it creates the demand for the product further, leveraging the market growth over the forecast period.

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Key Findings of Study
Europe with largest IoT in elevators market share is expected to endure with growth in the adoption of advanced technologies in IoT. Rapid pace of industrialization and increasing adoption of electronic components in IoT, artificial intelligence, and machine learning-based products. Europe is witnessing a rapid increase in cloud uptake and strong progress toward technological advancements, such as 5G and IoT. As per Cisco's annual internet report 2018–2023, Europe will have 388 million internet users (78% of the regional population) and 404 million mobile users (81% of the regional population) by 2023. Also, mobile connectivity will account for 48% of all networked devices in Europe, while the remaining 52% of the total will be wired or connected via Wi-Fi. This trend shows the rising popularity of high-speed internet uptake, devices, and connections. Big data, Machine Learning (ML), 5G (the next generation of mobile communications infrastructure), and artificial intelligence (AI) are all strongly related to the Internet of Things (IoT). These factors are contributing to the growth of the Europe IoT in elevators market.
Despite the high demand for IoT solutions and favorable conditions in the IoT community and most IoT end-use sectors, the pandemic and general supply chain interruptions pose obstacles for IoT industries. The megatrend toward urbanization is currently reversing. This is mostly because the virus spreads more easily in huge conurbations due to the high physical and social density of individuals living there. Being physically close to your office is no longer required for people who work from home. As a result, some segments of the population are foregoing urban life in favor of the benefits of living in rural areas, such as reduced rents and proximity to nature. However, the trend toward urbanization will continue in the medium to long term. By 2025, supply limitations are predicted to relax, resulting in a significant rise in IoT in elevators market. The report provides detailed market insights, which helps the key IoT in elevators market players strategize the growth.
Impact of COVID-19 Pandemic on MEA IoT in Elevators Market
The COVID-19 pandemic has had a significant impact on the MEA countries, including Turkey, Iran, Iraq, Israel, Saudi Arabia, and the UAE. Saudi Arabia, the UAE, Iran, and Turkey are on the verge of implementing transformative technologies in various industries. Before the pandemic, the MEA countries had significantly invested in developing advanced technologies in the construction and semiconductor & electronic industry. The emergence of the pandemic in 2020 declined the demand for construction equipment, these construction equipment’s came to a halt due to the restrictions implemented by governments across the region to limit the spread of the novel coronavirus. Further, the availability of raw materials was a major concern for IoT in elevator manufacturers. This factor reduced manufacturing activities, which negatively impacted the data center, automotive, and telecommunication industries. In addition, in the first half of the post-2020 pandemic period, efforts to complete smart cities and smart infrastructure projects thus, there was slowdown in IoT devices, AI, and cloud platforms adoptions in construction industry. The pandemic has forced the closure of production facilities, which hampered business dynamics.
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OTIS, Schindler Group, KONE Corporation, Hyundai Elevator Co., Ltd., Fujitec are the five key market players operating in the global IoT in elevators market. Due to highly consolidated nature of global IoT in elevators market with presence of few well-established & large players worldwide catering to the local demand, who are focusing only on one specific product category, the listing of five key players based on a common criterion such as revenue is not feasible. The global IoT in elevators market includes companies operating in a wide range of product portfolio. Each category has some well-established key players and owing to different markets in which they operate and compete it is not feasible to determine key five players in the overall IoT in elevators market. However, based on parameters such as overall revenue, brand image, current IoT in Elevators product portfolio, geographic reach, customer base, technology adoption & integration, new product/service/feature launches, partnerships, mergers & acquisitions, and other market-related activities, we have listed above five key players operating at a global level. The high and fast-growing number of start-ups in this market are anticipated to drive the growth of the market over the forecast period of 2022 to 2028.
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