Elevator companies have identified that elevator maintenance is one expense that costs huge amounts to the companies. Emergence of Internet of Things (IoT) in applications such as HVAC and lighting control towards a more granular approach paved the way for IoT to be integrated with elevators and drive efficiencies. The capabilities of IoT technology allows devices for managing large streams of performance data and thereby replicate predicative maintenance capabilities in the elevators. The IoT enabled elevators use Artificial Intelligence (AI) for their efficient and effective operations.
Growing needs for modernization of elevator solutions coupled with emergence of modern technologies such as AI and IoT are anticipated to boost the demands for the IoT in elevators market globally. Higher initial investments required in the elevator modernization and IoT integrations coupled with concerns on elevator downtimes are some of the major restraining factors for the IoT in elevators market. Encouraging constructions in developing economies and urban areas of the world is further anticipated to provide good opportunities to the players operating in the IoT in elevators market.
The "Global IoT in Elevators Market Analysis to 2027" is a specialized and in-depth study of technology, media and telecommunication industry with a special focus on the global market trend analysis. The report aims to provide an overview of the IoT in elevators market with detailed market segmentation by component, application, end-user and geography. The global IoT in elevators market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading IoT in elevators market players and offers key trends and opportunities in the market.
The global IoT in elevators market is segmented on the basis of component, application and end-user. On the basis of component, the IoT in elevators market is segmented into software, hardware and services. The IoT in elevators market on the basis of the application is classified into preventive maintenance, remote monitoring, fault diagnosis and prediction, advanced reporting and connectivity management. Based on end-user, the IoT in elevators market is segmented into residential, commercial and industrial.
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global IoT in elevators market based on various segments. It also provides market size and forecast estimates from the year 2018 to 2027 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The IoT in elevators market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of eighteen countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the IoT in elevators market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South America after evaluating political, economic, social and technological factors affecting the IoT in elevators market in these regions.
The reports cover key developments in the IoT in elevators market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions and partnership & collaborations. These activities have paved the way for the expansion of business and customer base of market players. The market players from IoT in elevators market are anticipated to lucrative growth opportunities in the future with the rising demand for IoT in elevators in the global market. Below mentioned is the list of few companies engaged in the IoT in elevators market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the IoT in elevators market. In addition, the report focuses on leading industry players with information such as company profiles, products and services offered, financial information of the last three years, the key development in the past five years.
- Hitachi Ltd.
- Huawei Technologies Co. Ltd.
- Kone Corporation
- Mitshubishi Electric Corporation
- OTIS Elevator Company
- Schindler Group
- Telefonica S.A.
- Thyssenkrupp AG
- Toshiba Elevators and Building Systems Corporation
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