Global IoT Elevators Market

Posted by ashwini on January 21st, 2021

Global IoT Elevators Market was valued at USD 14.20 billion in 2019 and is expected to reach at USD 51.10 billion by 2027 at a CAGR of 17.36% during forecast period 2019-2027.

The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.

Global IoT elevators Market Drivers:

• Growing adoption of new IT solutions with modern consumer trends in different organizations and IT modernization is anticipated to propel the IoT in elevators market in the coming years.
• Increase in number of high-rise buildings is expected to fuel the growth of the market in the near future.
• The growing requirement of high-speed and energy-efficient elevators in Hotels, hospitals, parking buildings, commercial, residential, and industrial sector will boosting demand for IoT in elevators market.
• Increasing demand for safe and power efficient technologies from the construction industry is expected to fuel the growth of the market in the near future.
• IoT authorized elevators to show features of energy efficiency, reduce waiting time, and communicate with service.
• Rapidly increasing urbanization in developing countries like China, India creates ample of demand.

Global IoT elevators Market Restrains:

However, factors such as high initial investment, shortage of technical expertise and high costs of labor for elevator operations, and guarantee of performance are likely to restrain the growth of IoT elevators market.
Global IoT elevators Market Recent Developments:
• Recently Robustel introduced the ‘Smart Elevator’ solution. Connecting elevators to Robustel’s state of the art wireless IoT Gateways to maximize the intelligence of elevator systems.
• On 19 July 2018 Kone India, has tied up with IBM Watson to harness IoT (internet of things) in the elevators.
• Recently Huawei incollaboration with Schindler Group started to co-develop smart elevators, tapping Internet of Things (IoT) technology to improve the maintenance and reduce the cost of managing such systems.
• ThyssenKrupp, in collaboration with Microsoft Corporation (U.S.), launched MAX, an IoT-enabled predictive maintenance solution for elevators.

Global IoT elevators Market Regional Analysis:

Thanks to large base of existing users in North America, the region is expected to lead the IOT elevator market in forecast period.Additionally, factors such as Technical awareness among users, in North America many small and large scale vendors are investing in IoT in elevators in order to improve elevator maintenance and reduce the chances of accidents.
Moreover, the market in APAC, is likely to expand at a xx% CAGR in the forecast period 2018-2026 attributed to, rapid urbanization increasing population base, increasing disposable income will propel the market in APAC.

The objective of the report is to present comprehensive assessment projections with a suitable set of assumptions and methodology. The report helps in understanding Global IoT elevators Market dynamics, structure by identifying and analyzing the market segments and projecting the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, growth strategies, and regional presence. To understand the market dynamics and by region, the report has covered the PEST analysis by region and key economies across the globe, which are supposed to have an impact on market in forecast period. PORTER’s analysis, and SVOR analysis of the market as well as detailed SWOT analysis of key players has been done to analyze their strategies. The report will to address all questions of shareholders to prioritize the efforts and investment in the near future to the emerging segment in the Global IoT elevators Market.
Scope of Report in Global IoT elevators Market

Global IoT elevators Market segmentation by Component

• Hardware
• Software
• Services
Global IoT elevators Market segmentation by Application

• Preventive Maintenance
• Remote Monitoring
• Advanced Reporting
• Connectivity Management
Global IoT elevators Market segmentation by End user

• Residential
• Commercial
• Industrial
Global IoT elevators Market segmentation by Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
key players Global IoT elevators Market

• ThyssenKrupp AG,
• KONE Corporation,
• Otis Elevator Company,
• Schindler Group.
• Mitsubishi Electric Corporation, and
• Toshiba Elevators.
• Hitachi Ltd. (Japan).
• Hyundai Elevator Co. Ltd.
• Fujitec Co., Ltd.
• Electra Ltd.
• Telefonica S.A.
• KONE Corporation.
• Omega
• Robustel.

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