Elevator And Escalator Market Size Is Set To Grow By Usd 76.7 Billion From 2024-2028, Increasing Demand For Smart Elevators Boost The Market, Technavio

The global elevator and escalator market is expected to grow at a CAGR of almost 10.13% from 2024-2028, driven by increasing demand for smart elevators and the use of IoT platforms for maintenance. Key players in the market are investing in IoT and AI technology to improve efficiency and reduce downtimes. Despite security risks, continuous developments in IoT technology are expected to have a positive impact on the market’s growth.