Global Iot Elevators Market

August 26, 2021 5 Min read Views 203 SPORTS

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

The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.

Global IoT Elevators Market

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Global IoT elevators Market Dynamics:

• Growing adoption of new IT solutions with modern consumer trends in different organizations and IT modernization is anticipated to propel the IoT in the elevators market in the coming years.

• Increase in the 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, the commercial, residential, and industrial sectors will boost demand for IoT in the 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 demand.
However, factors such as high initial investment, shortage of technical expertise and high costs of labor for elevator operations, and the guarantee of performance are likely to restrain the growth of the 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 in collaboration 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:

In view to a large base of existing users in North America, the region is expected to lead the IoT elevator market in the 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 an xx% CAGR in the forecast period 2019-2027 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. The report will 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.
Global IoT elevators Market, Key Highlights:

• Global IoT elevators Market analysis and forecast, in terms of value.

• Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the Global IoT elevators Market

• Global IoT elevators Market segmentation on the basis of type, source, end-user, and region (country-wise) has been provided.

• Global IoT elevators Market strategic analysis with respect to individual growth trends, future prospects along with the contribution of various sub-market stakeholders have been considered under the scope of study.

• Global IoT elevators Market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Latin America along with country-wise segmentation.

• Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.

• Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the Global IoT elevators Market are also profiled.
Scope of the Global IoT elevators Market Report:
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Global IoT elevators Market, by Component

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

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

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

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key Players Operating in the 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.
• Liftinzicht
• Huawei Technologies Co. Ltd.
• IBM Corporation
• DOPPLER Manufacturing
• Bosch GmbH
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