South and Central America IoT in Elevators Market Forecast to 2028

South and Central America IoT in Elevators Market Forecast to 2028 - COVID-19 Impact and Regional Analysis -by Component (Hardware, Software, and Services), Application (Preventive Maintenance, Remote Monitoring, Fault Diagnosis and Prediction, Advanced Reporting, and Connectivity Management), and End -user (Residential, Commercial, and Industrial)

Report Code : BMIRE00025812 | Region : LAMEA | Industry : Electronics and Semiconductor | Published Date : 12/Sep/2022

The South & Central America IoT in elevators market is expected to grow from US$ 1,514.88 million in 2022 to US$ 2,022.13 million by 2028; it is estimated to grow at a CAGR of .9% from 2022 to 2028.

Large buildings require predictive analytics, continuous building optimization, demand response, automated building control, and enterprise integration. However, small buildings require historical billing analysis, incentive availability, and educational, behavioral, and retrofit suggestions. Thus, IoT integrations with buildings make the building intelligent as IoT can automate and control these building operations. In addition, automate and control the building operations like security, fire and safety, air conditioning, and ventilation. Therefore, IoT-based elevators are becoming popular in intelligent buildings. Moreover, rising trends toward energy-efficient products & services are further supporting the growth of IoT in the elevator market.

With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the South & Central America IoT in elevators market growth at a notable CAGR during the forecast period.

South & Central America IoT in Elevators Market Revenue and Forecast to 2028 (US$ Million)

South & Central America IoT in Elevators Market Segmentation

The South & Central America IoT in elevators market is segmented into component, application, end user, and country. Based on component, the market is segmented into hardware, software, and services. Based on application, the South & Central America IoT in elevators market is segmented into preventive maintenance, remote monitoring, fault diagnosis and prediction, advanced reporting, and connectivity management. Based on end user, the South & Central America IoT in elevators market is categorized into residential, commercial, and industrial. Based on country, the South & Central America IoT in elevators market is segmented into Brazil, Argentina, and the Rest of South & Central America.

South & Central America IoT in Elevators Market Companies Mentioned

Hitachi, Ltd.; Mitsubishi Electric Corporation; Otis Worldwide Corporation; HYUNDAIELEVATOR CO., LTD.; Robert Bosch GmbH; and Schneider Electric SE are a few major companies operating in the South & Central America IoT in elevators market.

At 4.9% CAGR, the South and Central America IoT in Elevators Market is speculated to be worth US$ 2,022.13 million by 2028, says The Insight Partners

According to The Insight Partners’ research, the South and Central America IoT in elevators market was valued at US$ 1,514.88 million in 2022 and is expected to reach US$ 2,022.13 million by 2028, registering an annual growth rate of 4.9% from 2022 to 2028. Rising in urbanization and governments initiatives towards green sustainability and rise in technological developments in construction industry for IoT in elevators are the critical factors attributed to the market expansion.

With the rapid urbanization, automation, and improving economic conditions worldwide, the global construction industry is experiencing significant growth. Real estate developers and construction companies or project builders are providing automated advanced technology features and functions in their projects due to increased competition. The projects also include elevator automation in smart connected buildings. Modern elevators with IoT capabilities are designed to intelligently respond in real-time, communicate with service teams to resolve technical issues, improve maintenance operations, reduce costs, and allow passengers to summon the elevator via mobile app. The increasing adoption of automation in the construction industry propels the demand for smart and connected elevators. As a result, the IoT in elevators market is witnessing growth. On June 08, 2022, Otis unveiled the Gen3 elevator and Gen360 elevator, the new generation of digitally native elevator platforms. The Otis eViewTM in-car display, which streams information to passengers and connects them with the OTISLINE customer support center via video chat in an emergency, is provided on the Gen3 elevator. Passengers can use their smartphones to call the elevator and log a destination, eliminating the need to press call buttons. The elevator is pre-programmed to sync with the Otis eCallTM app. The Otis Cab Air Purifier and various voice and gesture technologies are available to improve passenger health and well-being. In addition, Otis can integrate its technology with building management software, tenant apps, and even autonomous robots to make buildings efficient using cloud-based API technology. The Otis ReGenTM drive, LED lighting, and sleep mode are included in the Gen3 elevator to help reduce energy consumption and the elevator's carbon footprint. Connectivity to the Otis ONE IoT digital platform is one of the features of the Gen3 elevator. Otis ONE keeps track of equipment health and performance in real-time 24*7. The data is gathered, analyzed, and quickly made available to customers. Such advancements in an elevator are bolstering the IoT in elevator market growth.

On the contrary, high initial investments needed in elevator modernization and IoT integrations of South and Central America IoT in elevators market.

Based on component market is segmented into hardware, software, and services .By hardware market is sub segmented into processor, connectivity IC, sensor, memory device, others. Based on technology, the market is divided into molecular assay technologies and non-molecular assay technologies. By software market is sub segmented into On-Premise, Cloud. By service market is sub segmented into designing and engineering services, installation, maintenance and repair and others. The Hardware segment held 43.0% market share in 2022, amassing US$ 651.41 million. It is projected to garner US$ 828.81 million by 2028 to expand at 4.1% CAGR during 2022–2028.

Based on application, the South and Central America IoT in elevators market is divided into preventive maintenance, remote monitoring, fault diagnosis and prediction, advanced reporting, connectivity management. The remote monitoring, segment held 34.6% market share in 2022, amassing US$ 524.29 million. It is projected to garner US$ 669.04 million by 2028 to expand at 4.1% CAGR during 2022–2028.

Based on end user, the South and Central America IoT in elevators market is divided into residential, commercial, and industrial. The residential segment held 46.6% market share in 2022, amassing US$ 705.71 million. It is projected to garner US$ 929.01 million by 2028 to expand at 4.7% CAGR during 2022–2028.

Based on country, the South and Central America IoT in elevators market has been categorised into the Brazil, Argentina and Rest of South and Central America. Our regional analysis states that Brazil captured 77.0% market share in 2022. It was assessed at US$ 1,165.81 million in 2022 and is likely to hit US$ 1,588.58 million by 2028, exhibiting a CAGR of 5.3% during the forecast period.

Key players dominating the South and Central America IoT in elevators market are Hitachi, Ltd.; Mitsubishi Electric Corporation; Otis Worldwide Corporation; HYUNDAIELEVATOR CO., LTD.; Robert Bosch GmbH; and Schneider Electric SE among others.

In 2022, KONE, a multinational elevator and escalator manufacturer, has partnered with Amazon Web Services (AWS), the world's most comprehensive and widely used cloud platform. AWS will deliver worldwide cloud capabilities to KONE, including Internet of Things (IoT) and analytics. In addition, the firms will collaborate to create new technologies that will improve the scalability and performance of KONE's connected services and solutions. In 2020, For more than a year, Schindler has successfully introduced 'SCHINDLER AHEAD,' the smart IoT platform for seamless networking of elevators and escalators in fast-moving metropolitan settings. Schindler, a global leader in elevators, escalators, and associated services, exhibits its DIGITAL OOH ADVERTISEMENT SOLUTIONS for elevators and escalators, as well as 'SCHINDLER AHEAD.'

TABLE OF CONTENTS

1. Introduction

1.1 Study Scope

1.2 The Insight Partners Research Report Guidance

1.3 Market Segmentation

2. Key Takeaways

3. Research Methodology

3.1 Coverage

3.2 Secondary Research

3.3 Primary Research

4. South and Central America IoT in Elevators Market Landscape

4.1 Market Overview

4.2 PEST Analysis

4.2.1 SAM

4.2.2 Ecosystem Analysis

4.3 Expert Opinions

5. South and Central America IoT in Elevators Market – Key Market Dynamics

5.1 Market Drivers

5.1.1 Rise In Urbanization and Governments Initiatives Towards Green Sustainability

5.1.2 Rise in Technological Developments in Construction Industry

5.2 Market Restraints

5.2.1 High Initial Investments Needed in Elevator Modernization and IoT Integrations

5.3 Market Opportunities

5.3.1 Companies Initiatives in developing IoT in Elevators and Government Support for Smart City Development

5.4 Future Trends

5.4.1 Rising Trend Towards Energy Efficient Products & Services in Intelligent Buildings

5.5 Impact Analysis of Drivers and Restraints

6. South and Central America IoT in Elevators Market –Market Analysis

6.1 South and Central America IoT in Elevators Market Revenue Forecast and Analysis

7. South and Central America IoT in Elevators Market – By Component

7.1 Overview

7.1.1 SAM South and Central America IoT in Elevators Market Breakdown, By Component

7.1.1.1 SAM South and Central America IoT in Elevators Market Breakdown, By Hardware

7.1.1.2 SAM South and Central America IoT in Elevators Market Breakdown, By Software

7.1.1.3 SAM South and Central America IoT in Elevators Market Breakdown, By Services

7.2 Hardware

7.2.1 Overview

7.2.2 Hardware: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

7.2.2.1 Processor Overview

7.2.2.1.1 Processor: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

7.2.2.2 Connectivity IC Overview

7.2.2.2.1 Connectivity IC: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

7.2.2.3 Sensor Overview

7.2.2.3.1 Sensor: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

7.2.2.4 Memory Device

7.2.2.4.1 Memory Device: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

7.2.2.5 Others Overview

7.2.2.5.1 Others: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

7.3 Software

7.3.1 Overview

7.3.2 Software: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

7.3.3 On-Premise

7.3.3.1 On-Premise: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

7.3.4 Cloud

7.3.4.1 Cloud: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

7.4 Services

7.4.1 Overview

7.4.2 Services: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

7.4.3 Designing and Engineering

7.4.3.1 Designing and Engineering: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

7.4.4 Installation

7.4.4.1 Installation: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

7.4.5 Maintenance and Repair

7.4.5.1 Maintenance and Repair: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

7.4.6 Others

7.4.6.1 Others: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

8. South and Central America IoT in Elevators Market Analysis – by Application

8.1 Overview

8.2 Preventive Maintenance

8.2.1 Overview

8.2.2 Preventive Maintenance: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

8.3 Remote Monitoring

8.3.1 Overview

8.3.2 Remote Monitoring: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

8.4 Fault Diagnosis and Prediction

8.4.1 Overview

8.4.2 Fault Diagnosis and Prediction: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

8.5 Advanced Reporting

8.5.1 Overview

8.5.2 Advanced Reporting: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

8.6 Connectivity Management

8.6.1 Overview

8.6.2 Connectivity Management: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

9. South and Central America IoT in Elevators Market Analysis – by End User

9.1 Overview

9.1.1 SAM South and Central America IoT in Elevators Market Breakdown, By End-User

9.2 Residential

9.2.1 Overview

9.2.2 Residential: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

9.3 Commercial

9.3.1 Overview

9.3.2 Commercial: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

9.4 Industrial

9.4.1 Overview

9.4.2 Industrial: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

10. South and Central America IoT in Elevators Market – Country Analysis

10.1 SAM: South and Central America IoT in Elevators Market

10.1.1 Overview

10.1.2 SAM South and Central America IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)

10.1.3 SAM South and Central America IoT in Elevators Market Breakdown, by Country

10.1.3.1 Brazil South and Central America IoT in Elevators Market - Revenue and Forecast to 2028

10.1.3.1.1 Brazil South and Central America IoT in Elevators Market Breakdown, By Component

10.1.3.1.2 Brazil South and Central America IoT in Elevators Market Breakdown, By Application

10.1.3.1.3 Brazil South and Central America IoT in Elevators Market Breakdown, By End-User

10.1.3.2 Argentina South and Central America IoT in Elevators Market - Revenue and Forecast to 2028

10.1.3.2.1 Argentina South and Central America IoT in Elevators Market Breakdown, By Component

10.1.3.2.2 Argentina South and Central America IoT in Elevators Market Breakdown, By Application

10.1.3.2.3 Argentina South and Central America IoT in Elevators Market Breakdown, By End-User

10.1.3.3 Rest of SAM South and Central America IoT in Elevators Market - Revenue and Forecast to 2028

10.1.3.3.1 Rest of SAM South and Central America IoT in Elevators Market Breakdown, By Component

10.1.3.3.2 Rest of SAM South and Central America IoT in Elevators Market Breakdown, By Application

10.1.3.3.3 Rest of SAM South and Central America IoT in Elevators Market Breakdown, By End-User

11. Industry Landscape

11.1 Overview

11.2 Market Initiative

11.3 New Product Development

11.4 Merger and Acquisition

12. Company Profiles

12.1 Hitachi, Ltd.

12.1.1 Key Facts

12.1.2 Business Description

12.1.3 Products and Services

12.1.4 Financial Overview

12.1.5 SWOT Analysis

12.1.6 Key Developments

12.2 Mitsubishi Electric Corporation

12.2.1 Key Facts

12.2.2 Business Description

12.2.3 Products and Services

12.2.4 Financial Overview

12.2.5 SWOT Analysis

12.2.6 Key Developments

12.3 Otis Worldwide Corporation

12.3.1 Key Facts

12.3.2 Business Description

12.3.3 Products and Services

12.3.4 Financial Overview

12.3.5 SWOT Analysis

12.3.6 Key Developments

12.4 HYUNDAIELEVATOR CO., LTD.

12.4.1 Key Facts

12.4.2 Business Description

12.4.3 Products and Services

12.4.4 Financial Overview

12.4.5 SWOT Analysis

12.4.6 Key Developments

12.5 Robert Bosch GmbH

12.5.1 Key Facts

12.5.2 Business Description

12.5.3 Products and Services

12.5.4 Financial Overview

12.5.5 SWOT Analysis

12.5.6 Key Developments

12.6 Schneider Electric SE

12.6.1 Key Facts

12.6.2 Business Description

12.6.3 Products and Services

12.6.4 Financial Overview

12.6.5 SWOT Analysis

12.6.6 Key Developments

13. Appendix

13.1 About The Insight Partners

13.2 Word Index

LIST OF TABLES.

Table 1.             South and Central America IoT in Elevators Market Revenue and Forecast to 2028 (US$ Million)

Table 2.             SAM South and Central America IoT in Elevators Market - Revenue and Forecast to 2028 – By Component (US$ Million)

Table 3.             SAM South and Central America IoT in Elevators Market - Revenue and Forecast to 2028 – By Hardware (US$ Million)

Table 4.             SAM South and Central America IoT in Elevators Market - Revenue and Forecast to 2028 – By Software (US$ Million)

Table 5.             SAM South and Central America IoT in Elevators Market - Revenue and Forecast to 2028 – By Services (US$ Million)

Table 6.             SAM South and Central America IoT in Elevators Market - Revenue and Forecast to 2028 – By Application (US$ Million)

Table 7.             SAM South and Central America IoT in Elevators Market - Revenue and Forecast to 2028 – By End-User (US$ Million)

Table 8.             Brazil South and Central America IoT in Elevators Market - Revenue and Forecast to 2028 – By Component (US$ Million)

Table 9.             Brazil South and Central America IoT in Elevators Market - Revenue and Forecast to 2028 – By Application (US$ Million)

Table 10.          Brazil South and Central America IoT in Elevators Market - Revenue and Forecast to 2028 – By End-User (US$ Million)

Table 11.          Argentina South and Central America IoT in Elevators Market - Revenue and Forecast to 2028 – By Component (US$ Million)

Table 12.          Argentina South and Central America IoT in Elevators Market - Revenue and Forecast to 2028 – By Application (US$ Million)

Table 13.          Argentina South and Central America IoT in Elevators Market - Revenue and Forecast to 2028 – By End-User (US$ Million)

Table 14.          Rest of SAM South and Central America IoT in Elevators Market - Revenue and Forecast to 2028 – By Component (US$ Million)

Table 15.          Rest of SAM South and Central America IoT in Elevators Market - Revenue and Forecast to 2028 – By Application (US$ Million)

Table 16.          Rest of SAM South and Central America IoT in Elevators Market - Revenue and Forecast to 2028 – By End-User (US$ Million)

Table 17.          List of Abbreviation

LIST OF FIGURES.

Figure 1.           South and Central America IoT in Elevators Market Segmentation

Figure 2.           South and Central America IoT in Elevators Market Overview

Figure 3.           South and Central America IoT in Elevators Market, by Component

Figure 4.           South and Central America IoT in Elevators Market, by Country

Figure 5.           SAM – PEST Analysis

Figure 6.           South and Central America IoT in Elevators Market- Ecosystem Analysis

Figure 7.           South and Central America IoT in Elevators Market: Impact Analysis of Drivers and Restraints

Figure 8.           SAM South and Central America IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)

Figure 9.           SAM South and Central America IoT in Elevators Market Breakdown, By Component, 2021 & 2028 (%)

Figure 10.        Hardware: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

Figure 11.        Processor: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

Figure 12.        Connectivity IC: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

Figure 13.        Sensor: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

Figure 14.        Memory Device: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

Figure 15.        Others: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

Figure 16.        Software: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

Figure 17.        On-Premise: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

Figure 18.        Cloud: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

Figure 19.        Services: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

Figure 20.        Designing and Engineering: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

Figure 21.        Installation: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

Figure 22.        Maintenance and Repair: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

Figure 23.        Others: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

Figure 24.        Preventive Maintenance: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

Figure 25.        Remote Monitoring: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

Figure 26.        Fault Diagnosis and Prediction: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

Figure 27.        Advanced Reporting: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

Figure 28.        Connectivity Management: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

Figure 29.        SAM South and Central America IoT in Elevators Market Breakdown, By End-User, 2021 & 2028 (%)

Figure 30.        Residential: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

Figure 31.        Commercial: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

Figure 32.        Industrial: South and Central America IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)

Figure 33.        Overview SAM -South and Central America IoT in Elevators Market (US$ Million)

Figure 34.        SAM South and Central America IoT in Elevators Market Breakdown, by Country, 2021 & 2028 (%)

Figure 35.        Brazil South and Central America IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)

Figure 36.        Argentina South and Central America IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)

Figure 37.        Rest of SAM South and Central America IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)

The List of Companies - South and Central America IoT in Elevators Market

● Hitachi, Ltd.                                                       

● Mitsubishi Electric Corporation                 

● Otis Worldwide Corporation                      

● HYUNDAIELEVATOR CO., LTD.                   

● Robert Bosch GmbH

● Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the South and Central America IoT in Elevators Market.

● Highlights key business priorities in order to assist companies to realign their business strategies.

● The key findings and recommendations highlight crucial progressive industry trends in South and Central America IoT in Elevators Market, thereby allowing players across the value chain to develop effective long-term strategies.

● Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.

● Scrutinize in-depth South and Central America market trends and outlook coupled with the factors driving the market, as well as those hindering it.

● Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.

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