The IoT in elevator market has large number of small players engaged in the business which is holding a significant portion in the global market. The small players are also involved in R&D activities for developing the IoT and AI connection technologies which is further strengthening the market size over the coming years. For instance, in August 2021, On 18 June 2020, together with the development of 5G, IoT, and AI technologies, Haier Hainayun launches the Internet of Elevators for safer and smarter elevators. The elevator is owned by a company that is committed to Hainayun IoE Ecosystem focuses on IoE scenario ecosystems, integrating IoT technologies, elevator control, and co-labs, and employing a unique 1+3+N model and brand-new smart elevator concepts. Thus, such developments from the IoT in elevator manufacturers are driving the market outlook. The major end-users of the IoT in elevator market include residential, commercial, and industrial sector. These companies procure the IoT for connecting the elevators. These companies incorporate long-term contracts and supply agreements with the elevator manufacturing companies. The end users are the key stakeholders of the IoT in elevators market as it creates the demand for the product further, leveraging the market growth over the forecast period.
OTIS, Schindler Group, KONE Corporation, Hyundai Elevator Co., Ltd., Fujitec. – Prominent Market Participants in IoT in Elevators Market
OTIS, Schindler Group, KONE Corporation, Hyundai Elevator Co., Ltd., Fujitec are the five key market players operating in the global IoT in elevators market. Due to highly consolidated nature of global IoT in elevators market with presence of few well-established & large players worldwide catering to the local demand, who are focusing only on one specific product category, the listing of five key players based on a common criterion such as revenue is not feasible. The global IoT in elevators market includes companies operating in a wide range of product portfolio. Each category has some well-established key players and owing to different markets in which they operate and compete it is not feasible to determine key five players in the overall IoT in elevators market. However, based on parameters such as overall revenue, brand image, current IoT in Elevators product portfolio, geographic reach, customer base, technology adoption & integration, new product/service/feature launches, partnerships, mergers & acquisitions, and other market-related activities, we have listed above five key players operating at a global level. The high and fast-growing number of start-ups in this market are anticipated to drive the growth of the market over the forecast period of 2022 to 2028.
Most of the market initiatives were observed in Asia Pacific (APAC) region, which has a high potential for IoT in elevators providers. Few of the important market initiatives and product developments from the industry are mentioned below:
| Year | News | Country |
| 2020 | Hitachi, Ltd. Announced the development of an IoT platform that provides buildings with the high added value necessary for the new normal, such as increased building management efficiency and better comfort for building users. In Japan, Hitachi will introduce the IoT platform in 2020 as a new Lumada solution in the sector of building. | APAC |
| 2020 | Hitachi Elevator (Thailand) Co., Ltd., a joint venture between Hitachi, Ltd. And Siam Motors Group, which is Thailand’s exclusive sales and service company for elevators and escalators, announced that it had launched a full-scale Smart Building Solution business for the first time in Thailand and Southeast Asia, aiming to provide value to buildings with Physical Security System and Digital Service for the New Normal utilizing Lumada IoT Platform. | APAC |
