Middle East and Africa IoT in Elevators Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Component (Hardware, Software, and Services), Application (Preventive Maintenance, Remote Monitoring, Fault Diagnosis and Prediction, Advanced Rep

Middle East and Africa IoT in Elevators Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Component (Hardware, Software, and Services), Application (Preventive Maintenance, Remote Monitoring, Fault Diagnosis and Prediction, Advanced Reporting, and Connectivity Management), and End User (Residential, Commercial, and Industrial)

The Middle East & Africa IoT in elevators market is expected to grow from US$ 2,476.34 million in 2022 to US$ 3,583.63 million by 2028; it is estimated to grow at a CAGR of 6.4% from 2022 to 2028.
Furthermore, several players in the current market landscape are increasingly devoting resources to developing smarter elevators, resulting in the development of innovative IoT solutions. For instance, Liftinzicht develops IoT-enabled smart apps to reduce maintenance costs; the company created a Minimum Viable Product (MVP) using PHP and low-level databases and launched the Lift manager elevator app. Lift manager app consists of features, such as the app collecting data from QR codes on elevators, making it easier for elevator managers on the go to enter registrations by simply opening their phones. In addition, to transform the application from a registration tool to a complete management tool, graphs and other business process intelligence such as alerts, emails, digests, and notifications on important events were added. The cutting-edge software anticipates when maintenance is required. The company has determined that elevators do not require as much maintenance as they did previously based on usage data. Smart cities access information and communication technologies (ICTs) in many aspects, including the economy, environment, mobility, health, living, and governance, to promote long-term economic development and high life quality to address growing urbanization challenges. The smart city mission's main goal is to boost economic growth and improve people's lifestyle by using many technologies, such as the IoT and AI that lead to smarter outcomes. Thus, many developing and developed governments are significantly investing in developing smart cities. For instance, with Saudi Arabia Vision 2030, the Saudi Authority planned to start the smart city project in 10 cities, including Makkah, Riyadh, Jeddah, AI-Madinah, and AI-Ahsa. On January 10, 2022, Crown Prince and Chairman of the NEOM Company announced THE LINE AT NEOM, in which the government is investing US$ 500 million to build 170km smart cities. The smart city is a linear development of hyper-connected AI-enabled communities powered by 100% clean energy. The government launched the 'Smart Dubai 2022 Strategy'. The objective of the strategy includes a smart, livable, and resilient city, leveraging ICT innovations, an interconnected society with easily accessible social services, and smooth transport driven by autonomous and shared mobility solutions. In addition, a clean environment is enabled by cutting-edge ICT innovations, and digital, lean, and connected government are the other objectives. Dubai Plan 2022 aims to transform the city into a smart and sustainable one. The Smart City project in Dubai follows a strategy that can transform ~1,000 government services into six key areas transportation, infrastructure, communications, financial services, urban planning, and electricity. Government initiatives are positively impacting the development of smart cities, which would create lucrative opportunities for the IoT in elevators market growth during the forecast period.
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Middle East & Africa IoT in elevators market growth at a notable CAGR during the forecast period.
Exhibit: Middle East & Africa IoT in Elevators Market Revenue and Forecast to 2028 (US$ Million)
Middle East & Africa IoT in Elevators Market Segmentation
The Middle East & Africa IoT in elevators market is segmented into component, application, end user, and country. Based on component, the market is segmented into hardware, software, and services. Based on application, the Middle East & Africa IoT in elevators market is segmented into preventive maintenance, remote monitoring, fault diagnosis and prediction, advanced reporting, and connectivity management. Based on end user, the Middle East & Africa IoT in elevators market is categorized into residential, commercial, and industrial. Based on country, the Middle East & Africa IoT in elevators market is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa.
Middle East & Africa IoT in Elevators Market Companies Mentioned
Hitachi, Ltd.; Mitsubishi Electric Corporation; Otis Worldwide Corporation; HYUNDAIELEVATOR CO., LTD.; Robert Bosch GmbH; and Schneider Electric SE are a few major companies operating in the Middle East & Africa IoT in elevators market.

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