About IoT in Elevators -
Integration of IoT technology in elevators, which is beneficial for the technicians in fixing the issues. IoT helps to minimize the cost of damage and repair charges. IoT is bridging the gap between information technology and operational technology. Elevator manufacturers have loaded their lifts with cloud-connected IoT devices and applying machine learning to the readings. And the market is moving towards using data drawn from sensor-rich elevators.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 20.3% |
In Sep 2018, KONE Chosen AT&T to Connect Smart Elevators and Escalators in North America, In Which They Enables Monitoring and Analysis of Real-Time Data from Elevators Analyst at AMA Research estimates that Germany Players will contribute the maximum growth to Global IoT in Elevators - market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
ThyssenKrupp AG (Germany), KONE Corporation (Finland), Otis Elevator Company (United States), Schindler Group (Asia Pacific), Mitsubishi Electric Corporation (Japan), Toshiba Johnson Elevators (Asia Pacific), Hyundai Elevator Co. Ltd. (South Korea) and Hitachi Ltd. (Japan) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Telefonica S.A. (Spain) and Electra Ltd. (Israel).
Segmentation Overview
AMA Research has segmented the market of Global IoT in Elevators - market by , Application (Preventive Maintenance, Remote Monitoring, Advanced Reporting and Connectivity Management) and Region.
On the basis of geography, the market of IoT in Elevators - has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Components, the sub-segment i.e. Hardware will boost the IoT in Elevators - market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment Mode, the sub-segment i.e. On-Premise will boost the IoT in Elevators - market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Interactive Touch Panels in Elevators
Market Growth Drivers:
Iot’s Ability to Reduce the Overall Downtime in Elevators
Challenges:
High cost of collecting real-time data
Restraints:
High cost
Opportunities:
Increasing Number of High-Rise Buildings Coupled With Growing Digitization and Technological Advancements
Market Leaders and their expansionary development strategies
In Jan 2019, An Elevator Firm Kone Joined Forces With IBM’s Watson Iot to Provide Predictive Maintenance Services. They Uses the Watson Iot Platform and Predictive Maintenance Insights to Bring Intelligent Services and Also Handle Traffic More Efficiently
In July 2018, KONE Announced the Launch of a New Range Of Elevators, Which Will Provide the Customers in Australia and New Zealand with Benefits Such As Improved Equipment Performance Along With Reliability
Key Target Audience
Commercial, Industrial and Residential
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.