IoT in Elevators Market – A Snapshot

According to the newly released report by TMR, the IoT in elevators market is likely to reach $50.76 bn by 2026. The market is expected to grow at a notable 16.1% CAGR, thanks to the rising demand for skyscrapers in Asia Pacific, technical advancements in IoTs, and global initiatives like smart infrastructure projects. Among regions, despite tremendous new opportunities in Asia Pacific, the market report will likely feature prominent growth in North America due to its conventional appeal. The region is likely to grow at a robust 15.3% CAGR during 2018-2026.

Rising urbanization, increased incentives for large infrastructure projects in Asia Pacific, and rising demand for modern amenities in residential and commercial complexes continues to drive growth for IoT in elevators market.

iot in elevators market

Construction Industry Remains Largest End-Sector

Players in the IoT in elevators market continue to remain on the lookout for several high-end applications. Among these hotels, parking buildings, commercial complexes, hospitals, and industrial sector will be studied in the IoT in elevators market. The growing need to modernise infrastructure to reduce costs, and avail new technologies are expected to drive commercial entities to shift towards IoT in elevators products. However, high costs of adoption remains a significant challenge.  Among various end-segments, the construction remains most prominent in its use of IoT in elevators technology.

Preventive Maintenance Segment Will Likely Occupy the Largest Share

Among various segments in the market, the preventing maintenance is likely to emerge as the strongest application. Other segments like monitoring application also promises new opportunities for players in the IoT in elevators market. The rising demand for reliability in services in commercial complexes, and residential areas will likely drive growth of the IoT in elevators market. However, remote monitoring solution promises opportunities in new sectors like public organizations, and in defence sector. One of the key promise of this new opportunity is its ability to absorb high-costs required for adoption of IoT applications.

Hardware Segment Unsurprisingly Remains on Top

The IoT in elevators market report will also feature growth based on various components. Among these, the hardware component is likely to emerge on top, unsurprisingly. The growth of this sector has remained far ahead of other segments like software and services. However, in some ways – software and service present far more lucrative opportunity for players in the IoT in elevators market.  The rising demand for features like remote monitoring, and growing need for energy-efficiency in elevators for commercial complexes will drive major growth for software component in the near future. Additionally, the service segment is also expected to make several headways, thanks to the rise of power fluctuations, and need for installation, refurbishment, repair, maintenance, and emergence care. The service segment is broken into these further applications, and studied. Among these segments, the service maintenance is expected to remain most promising for players in the IoT in elevators market.

The software segment continues to undergo innovation to provide more opportunities for end-consumers. Currently, cloud-based monitoring services, analytics software, and security software remain at the forefront of growth in the IoT in elevators market. The growing demand for connected solutions, and additional flexibility, and scalability provided by these solutions remains a promising draw for end-sectors in the IoT in elevators market.

Prominent players identified in the IoT in elevators market and profiled in the study include, KONE Corporation, ThyssenKrupp AG, Schindler Group, Otis Elevator Company, and Toshiba Elevators, Mitsubishi Electric Corporation. 

IoT in Elevators Market: Overview

This comprehensive report titled IoT in Elevators Market-Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026, by Transparency Market Research analyzes and provides growth forecast for the IoT in elevators market at the global and regional level. In terms of region, the market has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The report provides analysis for the period 2016–2026, wherein 2018 to 2026 is the forecast period and the base year is 2017. An in-depth and unbiased market assessment has been made to offer readers insightful and accurate analysis. The report emphasizes on all the major trends and services that play a key role in the expansion of the IoT in elevators market between 2018 and 2026. It also focuses on market drivers, restraining factors, and opportunities of the IoT in elevators market during the forecast period.

The report includes a detailed value chain analysis and opportunity analysis, which is focused on providing anextensiveview of the global IoT in elevators market. Porter’s Five Forces analysisis also provided to understand the competitive scenario in the market. The study incorporates IoT in elevators market attractiveness analysis, in which market segments based on componentsuch as hardware, software, and services are benchmarked based on their market size, growth rate, and attractiveness in terms of opportunity.In order to provide a complete analysis of the overall competitive scenario in the IoT in elevators market, attractiveness analysis of every geographic region mentioned in the reporthas been provided.

An overview of the IoT in elevators market detailing key trends and dynamics has been included to providea clear understanding of market driving forces. The dynamics include impact analysis of market drivers, restraining factors, and opportunities of the IoT in elevators market. Additionally, the report provides analysis of business strategies adopted by market leaders in the IoT in elevators market. Trends and services related to IoT in elevator systems along with their applications have also been explained in the report.

Global IoT in Elevators Market: Scope of the Report

The study provides a decisive view of the global IoT in elevators market, broadly segmentedbased on componentinto hardware, software, and services; based on application into preventive maintenance, remote monitoring, advanced reporting, connectivity management, and others; and in terms of end-user into residential, commercial, and industrial. Further, the report provides a detailed breakdown of the IoT in elevators market across geographic regions, which include North America, Europe, Asia Pacific, Middle East & Africa, and South America, thus providing valuable insights at the micro and macro levels.

The report highlights the competitive scenario within the IoT in elevators market, ranking all the major players according to key recent developmentsand their geographic presence. The insights into the IoT in elevators market are a result of our extensive primary interviews, secondary research, and in-house expert panel reviews. Thesemarket estimates have been analyzed byconsidering the impact of differenteconomic, political, social, legal,and technological factors.

The market in North America has been segmented into the U.S., Canada, and Rest of North America. Furthermore, the market in Europe has been analyzed across France, Germany, the U.K., and Rest of Europe. The IoT in elevators market in Asia Pacific has been segmented at country level into China, Japan, India, and Rest of Asia Pacific. The Middle East & Africa region covers GCC countries, South Africa, and Rest of Middle East & Africa. Similarly, South America includes Brazil and Rest of South America. This report provides all the strategic information required to understand the IoT in elevators market along with component, application, and end-user.

Global IoT in Elevators Market: Research Methodology

The research methodology is a perfect combination of primary research, secondary research, and expert panel reviews. Secondary sources such as annual reports, company websites, SEC filings and investor presentations, internal and external proprietary databases, statistical databases, relevant patent and regulatory databases, market reports, government publications, World Bank database, and industry white papers are usually referred to for developing a preliminary understanding of the market.

Primary research involves telephonic interviews, e-mail interactions, and face-to-face interviews for detailed and unbiased reviews of the IoT in elevators market across geographies. Primary interviews are usually conducted on an ongoing basis with industry experts and participants in order to obtain the latest market insights and validate existing data and analysis. Primary interviews offer new and fresh information on important factors such as market trends, market size, competitive landscape,growth trends, etc. These factors help validate and strengthen secondary research findings. Moreover, the data collected and analyzed from secondary and primary research is again discussed and examined by our expert panel.

Global IoT in Elevators Market: Competitive Dynamics

The research study includes profiles of major companies operating in the global IoT in elevators market. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments. Parameters such as investment and spending and developments by major players of the market are tracked. Some of the key players in the IoT in elevators market are ThyssenKrupp AG, KONE Corporation, Otis Elevator Company,Schindler Group, Mitsubishi Electric Corporation, and Toshiba Elevatorsamong others.

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