Market Overview:
The global elevator IoT market is expected to grow at a CAGR of 10.5% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for smart elevators and rising awareness about the benefits of elevator IoT among end users. The global elevator IoT market is segmented on the basis of type, application, and region. On the basis of type, it is divided into hardware, software, and services. Hardware dominates this market with a share of more than 60%. Software is expected to grow at a higher CAGR during the forecast period as compared to other segments owing to its growing demand for real-time monitoring and analytics across different applications such as residential, commercial, and industrial sectors. Services are further sub-segmented into installation & commissioning services; maintenance & support services; consulting & training services; and others (system integration). Maintenance & support service dominates this sub-segment with a share of more than 50%.
Product Definition:
Elevator IoT is a term used to describe the usage of internet-connected sensors and devices in elevators. The purpose of Elevator IoT is to improve the safety and efficiency of elevators by collecting data about how they are used. This data can be used to improve maintenance schedules, diagnose problems, and make sure that people are getting where they need to go safely and quickly.
Hardware:
Hardware is the part of elevator industry which includes devices like sensors, actuators and controls. Hardware has been witnessing significant growth over the past few years owing to its increasing demand in residential as well as commercial building automation. The hardware segment accounted for a major market share in 2017 and is expected to continue this trend over the forecast period.
Software:
Software is the set of tools and processes that help to communicate between computers or machines. In other words, software helps in making machines interoperable so that they can share data with each other. Elevator Software is used for controlling elevator systems using smartphones or tablets with an app. It allows users to gain access to their building’s elevator through a mobile device instead of entering security codes every time they want to use the elevators.
Application Insights:
The commercial segment accounted for the largest revenue share of over 60% in 2017. The growth can be attributed to the increasing adoption of these devices across office buildings, shopping malls, hospitals and hotels among other public buildings. Furthermore, a rise in the number of Malls around the world has led to an increased demand for smart elevators as they offer several advanced features such as Wi-Fi connectivity and control systems which enables users to manage multiple floors with ease. Moreover, growing concerns regarding safety & security among building owners have resulted in an increased focus on installing Elevator IoT solutions across various commercial structures globally.
The residential segment is expected to witness significant growth over the forecast period owing to rising consumer preference for technologically advanced products and services resulting in high adoption rates of these devices worldwide.
Regional Analysis:
North America accounted for the largest market share in 2017. The region is expected to maintain its lead over the forecast period, owing to early adoption of elevator technologies and a large number of construction projects taking place across U.S., which will drive demand for IoT-based solutions. Europe is also estimated to witness significant growth over the next eight years owing to increasing investments in smart cities initiatives by various governments across countries such as France, Germany, Italy and U.K.
Asia Pacific region is anticipated to grow at a lucrative CAGR during the forecast period due to increasing government initiatives towards implementation of smart city projects that include building automation systems (BAS) and intelligent transportation systems (ITS).
Growth Factors:
- Increasing demand for smart buildings and smart cities
- Growing demand for data-driven decision making
- Proliferation of low-cost sensors and wireless connectivity technologies
- Emergence of cloud-based platforms and services 5. Rapid advancements in artificial intelligence and machine learning
Scope Of The Report
Report Attributes
Report Details
Report Title
Elevator IoT Market Research Report
By Type
Hardware, Software, Services
By Application
Residential, Commercial, Industrial
By Companies
Otis Elevator Company, KONE Corporation, Schindler Group, ThyssenKrupp AG, Mitsubishi Electric Corporation, Toshiba Elevator, Hitachi, Fujitec, Hyundai Elevator, Digi International, IBM, General Electric, Telefónica, Microsoft, Huawei, Bosch, Siemens
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
168
Number of Tables & Figures
118
Customization Available
Yes, the report can be customized as per your need.
Global Elevator IoT Market Report Segments:
The global Elevator IoT market is segmented on the basis of:
Types
Hardware, Software, Services
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Residential, Commercial, Industrial
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Otis Elevator Company
- KONE Corporation
- Schindler Group
- ThyssenKrupp AG
- Mitsubishi Electric Corporation
- Toshiba Elevator
- Hitachi
- Fujitec
- Hyundai Elevator
- Digi International
- IBM
- General Electric
- Telefónica
- Microsoft
- Huawei
- Bosch
- Siemens
Highlights of The Elevator IoT Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Hardware
- Software
- Services
- By Application:
- Residential
- Commercial
- Industrial
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Elevator IoT Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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- Correctly Positioning New Products
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Elevator IoT is a term used to describe the use of elevator technology in order to improve the efficiency and safety of elevators. Elevator IoT can be used for things like monitoring elevator status, managing reservations, and providing real-time updates on elevator conditions.
Some of the major players in the elevator iot market are Otis Elevator Company, KONE Corporation, Schindler Group, ThyssenKrupp AG, Mitsubishi Electric Corporation, Toshiba Elevator, Hitachi, Fujitec, Hyundai Elevator, Digi International, IBM, General Electric, Telef³nica, Microsoft, Huawei, Bosch, Siemens.
The elevator iot market is expected to grow at a compound annual growth rate of 10.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Elevator IoT Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Elevator IoT Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Elevator IoT Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Elevator IoT Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Elevator IoT Market Size & Forecast, 2020-2028
4.5.1 Elevator IoT Market Size and Y-o-Y Growth
4.5.2 Elevator IoT Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Hardware
5.2.2 Software
5.2.3 Services
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Residential
6.2.2 Commercial
6.2.3 Industrial
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Elevator IoT Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Elevator IoT Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Hardware
9.6.2 Software
9.6.3 Services
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Residential
9.10.2 Commercial
9.10.3 Industrial
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Hardware
10.6.2 Software
10.6.3 Services
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Residential
10.10.2 Commercial
10.10.3 Industrial
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Hardware
11.6.2 Software
11.6.3 Services
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Residential
11.10.2 Commercial
11.10.3 Industrial
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Hardware
12.6.2 Software
12.6.3 Services
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Residential
12.10.2 Commercial
12.10.3 Industrial
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Hardware
13.6.2 Software
13.6.3 Services
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Residential
13.10.2 Commercial
13.10.3 Industrial
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Elevator IoT Market: Competitive Dashboard
14.2 Global Elevator IoT Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Otis Elevator Company
14.3.2 KONE Corporation
14.3.3 Schindler Group
14.3.4 ThyssenKrupp AG
14.3.5 Mitsubishi Electric Corporation
14.3.6 Toshiba Elevator
14.3.7 Hitachi
14.3.8 Fujitec
14.3.9 Hyundai Elevator
14.3.10 Digi International
14.3.11 IBM
14.3.12 General Electric
14.3.13 Telefónica
14.3.14 Microsoft
14.3.15 Huawei
14.3.16 Bosch
14.3.17 Siemens
