IoT in Artificial Lifts and Elevators Market Size, Share, Growth, Trends, and Global Industry Analysis: By Component (Hardware, Software, and Services), By Application (Connectivity Management, Advanced Reporting, Remote Monitoring, Preventive Maintenance, and Others), By End User (Residential, Commercial, Industrial), and Region

IoT in Artificial Lifts and Elevators Market was valued at US$ 19,698 million in 2023 and is poised to grow at an 11.2% CAGR from 2024 to 2030. IoT in Artificial Lifts and Elevators Smart elevators operate by the user pushing a button setting their destination, and then an indicator directing them to the elevator that will take them there in the shortest amount of time. This is faster and more efficient, reducing costs and potentially, the number, size, or speed of elevators required. The help of artificial intelligence and the Internet of Things fascinate passengers for vertical movement making it easy to transfer people and goods from one floor to another.

Rising trends in providing amenities in residential and commercials in an emerging economy drive the market, speed elevators become new technology and commercials need such technology for movement. However, an increase in the adoption of technology will boost the opportunity of the Internet of Things in artificial lifts and elevators. The high cost of installation and maintenance restricts people from buying and adopting smart lifts in the building. Also, the lack of skilled professionals and awareness about the IoT leads to lower demand in the market. Geographically, North America held the major market share in 2022 and is expected to dominate the IoT in the Artificial Lifts and Elevators market in the forecasted years.

IoT in Artificial Lifts and Elevators Market Key Developments:

• In September 2022, Johnson Lifts launched an IoT-based technological feature in its lifts named “WATCH”, This “WATCH” (Wireless Assessment to Troubleshoot Channelize & Host) is wireless software that connects your lifts to the data center through the IoT device in the lift. This new technology will enable real-time monitoring of lifts, sense and alert a team of highly skilled technicians to provide immediate assistance to customers, and also maintain a trouble-free performance of the lift thereby improving its reliability.
• In June 2021, Otis Unveiled a New Generation of Digitally Native Elevator Platforms named “Otis ONE™”, The Otis ONE™ IoT digital platform is native to both platforms, providing the connected intelligence that defines these elevators. By collecting and analyzing massive amounts of data from the elevators' smart sensors, the Otis ONE platform can deliver real-time performance information, proactive communication, and predictive insights.