Smart Elevator Market Set for Rapid Growth and Innovation by 2027

GNAI Visual Synopsis: An image featuring a modern, sleek smart elevator with a voice-controlled interface, showcasing the integration of advanced technology and user-friendly design, with bustling city scenes in the background symbolizing urban infrastructure and technological innovation.

One-Sentence Summary
The smart elevators market is projected to experience significant growth, reaching USD 38.27 billion by 2027, driven by increased demand for efficient elevators and the integration of autonomous technology, with companies implementing strategies like product launches and partnerships to enhance their market position (source: Globe Newswire). Read The Full Article

Key Points

  • 1. The smart elevators market is expected to exhibit a Compound Annual Growth Rate (CAGR) of 9.1% between 2020 and 2027, with the market value projected to increase from USD 18.75 billion to USD 38.27 billion during this period.
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  • 2. Factors contributing to this growth include the increasing focus on autonomous technology, surging demand for efficient smart elevators that reduce operational costs, and the introduction of voice-controlled systems in response to the COVID-19 pandemic.
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  • 3. The market is characterized by the dominance of major companies such as KONE, with key developments including the introduction of the KONE Care smart elevator system equipped with IoT technology in India, and the launch of a voice-controlled elevator and intercom system by Picovoice.

Key Insight
The integration of advanced technologies like IoT, machine learning, and AI in smart elevators is not only improving operational efficiency and reducing energy consumption but is also addressing emerging needs such as hygiene and health safety, demonstrating the broader impact of AI and innovation in enhancing everyday experiences and addressing real-world concerns.

Why This Matters
The advancements in smart elevator technology reflect a broader trend of integrating AI and IoT into everyday infrastructure, promising improved efficiency, sustainability, and user experiences in various sectors. The increased focus on health and safety features also demonstrates how technology continues to adapt to address new challenges, including those posed by public health concerns.

Notable Quote
“The emergence of advanced technologies such as machine learning, internet of things (IoT), and artificial intelligence (AI) is propelling the manufacturers to phase out old conventional elevators and introduce advanced smart elevators.” – Globe Newswire.

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