AI to power IoT-enabled smarter elevators – Technologist

IoT Elevators are proving to be more efficient than traditional elevators in comparison with next-generation elevators. Fact.MR forecasts that the global IoT elevator market will reach US$93.9 billion by the end of 2032, up from US$26.7 billion in 2022.

FACT.MR says the hardware demand has boomed significantly in the past few years. Based on the data that is being collected from daily usage of elevators, artificial intelligence is currently being used to assist both operators and mechanical contractors in keeping up with their daily routines finding ways to better manage the flow of elevator traffic and find ways to 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 elevators market.

The growth of the market will be driven by the increase in urbanization and the increased demand for residential & commercial amenities will significantly rise the market for IoT in elevators markets.

It is likely that these trends will lead to traction for the IoT market in elevators. Devices powered by IoT technology can manage big data streams and perform predictive maintenance in elevators.

“With growing technology, AI and machine learning can be used to simulate the adoption and growth of smart elevators in the future,” remarks an analyst at Fact.MR.

Prominent manufacturers of IoT in elevators are eyeing technological innovations to provide the most accurate and precise elevator system arrangements to their customers. To enhance their presence across significant geographies, companies are forging collaborative agreements with government entities.

The need for smarter elevators has led to innovative IoT solutions being developed by several players in the current market landscape which will further boost various innovations over time.