Market Overview:
The global elevator IoT solution market is expected to grow at a CAGR of 10.8% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for smart elevators and rising awareness about the benefits of elevator IoT solutions among end-users. The global elevator IoT solution market is segmented on the basis of type, application, and region. On the basis of type, the market is segmented into hardware, software, and services. Hardware dominates the global elevator IoT solution market with a share of more than 60%. This can be attributed to factors such as growing demand for advanced safety features in elevators and increasing installation base of smart elevators across various regions worldwide. Software is expected to grow at a higher CAGR during the forecast period owing to its ability to provide real-time monitoring and analytics for elevators along with other benefits such as improved safety & security and reduced downtime & maintenance costs. Services are also expected witness high growth duringthe forecast period due their abilityto provide value-added services such as system design & integration, support & maintenance,and training& consultingto end users. Onthe basisofapplication , there are three segments in thismarket: residential buildings commercial buildings industrial buildings .
Product Definition:
The Elevator IoT Solution is a comprehensive system that enables elevators to communicate with each other and the central control room. This allows for better monitoring and management of elevators, which can lead to increased efficiency and safety.
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 used for elevators can be broadly segmented into two categories namely vertical transportation and horizontal transportation. Horizontal transportation includes escalators while vertical transportation involves lifts, stairs or conveyor belts etc.
Software:
Software is a set of instructions, which when followed by machines or devices cause the desired outcome. In other words, it is used to tell computers what to do and how to do it. It consists of algorithms that are used in all types of digital devices including smartphones, tablets PCs as well as smart appliances such as washing machines and air conditioners among others.
Software can be classified into two types: embedded software & cloud-based software.
Application Insights:
The commercial segment accounted for the largest revenue share of over 60% in 2017. The growth can be attributed to increasing adoption of these systems at multiple locations, such as shopping malls, office buildings, hotels and hospitals. Moreover, the need for maintaining elevator operations efficiently is driving system integration & development services to build robust solutions with enhanced features and functionalities.
The industrial segment is expected to witness a CAGR exceeding 12% from 2018 to 2030 owing to rising demand from manufacturing facilities across various regions including Asia Pacific and Middle East & Africa. These systems are used in hazardous environments with heavy equipment movement because they offer reliable connectivity that helps operators monitor & control the entire plant from a single location. Furthermore, they provide real-time information on floor conditions so that maintenance personnel can act quickly if there is any issue with the machinery or floors themselves.
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. Europe is also anticipated 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, Italy, and U.K.
Asia Pacific region is projected to register a CAGR exceeding 20% from 2018 to 2030 due rising demand for advanced elevator systems from commercial buildings and high penetration of smartphones resulting into higher adoption rates of IoT-based solutions among users In China, more than 90%of all new installations are done with cloud based management systems or integrated building automation systems (IBS).
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 Solution Market Research Report
By Type
Hardware, Software, Services
By Application
Residential, Commercial, Industrial
By Companies
Otis Elevator, KONE, Schindler, ThyssenKrupp, Mitsubishi Electric, 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
232
Number of Tables & Figures
163
Customization Available
Yes, the report can be customized as per your need.
Global Elevator IoT Solution Market Report Segments:
The global Elevator IoT Solution 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
- KONE
- Schindler
- ThyssenKrupp
- Mitsubishi Electric
- Toshiba Elevator
- Hitachi
- Fujitec
- Hyundai Elevator
- Digi International
- IBM
- General Electric
- Telefónica
- Microsoft
- Huawei
- Bosch
- Siemens
Highlights of The Elevator IoT Solution 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 Solution 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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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 Solution is a platform that helps elevator operators to manage their elevators and keep them in good working condition. It also provides insights into the usage patterns of the elevators, so that they can make informed decisions about maintenance and upgrades.
Some of the key players operating in the elevator iot solution market are Otis Elevator, KONE, Schindler, ThyssenKrupp, Mitsubishi Electric, Toshiba Elevator, Hitachi, Fujitec, Hyundai Elevator, Digi International, IBM, General Electric, Telef³nica, Microsoft, Huawei, Bosch, Siemens.
The elevator iot solution market is expected to grow at a compound annual growth rate of 10.8%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Elevator IoT Solution 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 Solution Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Elevator IoT Solution 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 Solution 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 Solution Market Size & Forecast, 2018-2028
4.5.1 Elevator IoT Solution Market Size and Y-o-Y Growth
4.5.2 Elevator IoT Solution Market Absolute $ Opportunity
Chapter 5 Global Elevator IoT Solution 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 Elevator IoT Solution 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 Elevator IoT Solution 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 Elevator IoT Solution 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 Solution 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 Solution 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 Elevator IoT Solution Analysis and Forecast
9.1 Introduction
9.2 North America Elevator IoT Solution 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 Elevator IoT Solution 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 Elevator IoT Solution 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 Elevator IoT Solution Analysis and Forecast
10.1 Introduction
10.2 Europe Elevator IoT Solution 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 Elevator IoT Solution 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 Elevator IoT Solution 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 Elevator IoT Solution Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Elevator IoT Solution 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 Elevator IoT Solution 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 Elevator IoT Solution 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 Elevator IoT Solution Analysis and Forecast
12.1 Introduction
12.2 Latin America Elevator IoT Solution 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 Elevator IoT Solution 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 Elevator IoT Solution 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) Elevator IoT Solution Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Elevator IoT Solution 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) Elevator IoT Solution 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) Elevator IoT Solution 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 Solution Market: Competitive Dashboard
14.2 Global Elevator IoT Solution Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Otis Elevator
14.3.2 KONE
14.3.3 Schindler
14.3.4 ThyssenKrupp
14.3.5 Mitsubishi Electric
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
