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Middle East and Africa IoT in Elevators Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Component, Application, and End User

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    Report

  • 129 Pages
  • September 2022
  • Region: Africa, Middle East
  • The Insight Partners
  • ID: 5668552
UP TO OFF until Mar 31st 2024
The Middle East & Africa IoT in elevators market is expected to grow from US$ 2,476.34 million in 2022 to US$ 3,583.63 million by 2028; it is estimated to grow at a CAGR of 6.4% from 2022 to 2028.

Furthermore, several players in the current market landscape are increasingly devoting resources to developing smarter elevators, resulting in the development of innovative IoT solutions. For instance, Liftinzicht develops IoT-enabled smart apps to reduce maintenance costs; the company created a Minimum Viable Product (MVP) using PHP and low-level databases and launched the Lift manager elevator app. Lift manager app consists of features, such as the app collecting data from QR codes on elevators, making it easier for elevator managers on the go to enter registrations by simply opening their phones. In addition, to transform the application from a registration tool to a complete management tool, graphs and other business process intelligence such as alerts, emails, digests, and notifications on important events were added. The cutting-edge software anticipates when maintenance is required. The company has determined that elevators do not require as much maintenance as they did previously based on usage data. Smart cities access information and communication technologies (ICTs) in many aspects, including the economy, environment, mobility, health, living, and governance, to promote long-term economic development and high life quality to address growing urbanization challenges. The smart city mission's main goal is to boost economic growth and improve people's lifestyle by using many technologies, such as the IoT and AI that lead to smarter outcomes. Thus, many developing and developed governments are significantly investing in developing smart cities. For instance, with Saudi Arabia Vision 2030, the Saudi Authority planned to start the smart city project in 10 cities, including Makkah, Riyadh, Jeddah, AI-Madinah, and AI-Ahsa. On January 10, 2022, Crown Prince and Chairman of the NEOM Company announced THE LINE AT NEOM, in which the government is investing US$ 500 million to build 170km smart cities. The smart city is a linear development of hyper-connected AI-enabled communities powered by 100% clean energy. The government launched the 'Smart Dubai 2022 Strategy'. The objective of the strategy includes a smart, livable, and resilient city, leveraging ICT innovations, an interconnected society with easily accessible social services, and smooth transport driven by autonomous and shared mobility solutions. In addition, a clean environment is enabled by cutting-edge ICT innovations, and digital, lean, and connected government are the other objectives. Dubai Plan 2022 aims to transform the city into a smart and sustainable one. The Smart City project in Dubai follows a strategy that can transform ~1,000 government services into six key areas transportation, infrastructure, communications, financial services, urban planning, and electricity. Government initiatives are positively impacting the development of smart cities, which would create lucrative opportunities for the IoT in elevators market growth during the forecast period.

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

Middle East & Africa IoT in Elevators Market Segmentation

The Middle East & Africa 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 Middle East & Africa 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 Middle East & Africa IoT in elevators market is categorized into residential, commercial, and industrial.
  • Based on country, the Middle East & Africa IoT in elevators market is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa.

Middle East & Africa 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 Middle East & Africa IoT in elevators market.
Frequently Asked Questions about the Middle Eastern and African IoT in Elevators Market

What is the estimated value of the Middle Eastern and African IoT in Elevators Market?

The Middle Eastern and African IoT in Elevators Market was estimated to be valued at $2476.34 Million in 2022.

What is the growth rate of the Middle Eastern and African IoT in Elevators Market?

The growth rate of the Middle Eastern and African IoT in Elevators Market is 6.4%, with an estimated value of $3583.63 Million by 2028.

What is the forecasted size of the Middle Eastern and African IoT in Elevators Market?

The Middle Eastern and African IoT in Elevators Market is estimated to be worth $3583.63 Million by 2028.

Who are the key companies in the Middle Eastern and African IoT in Elevators Market?

Key companies in the Middle Eastern and African IoT in Elevators Market include Hitachi, Ltd., Mitsubishi Electric Corporation, Otis Worldwide Corporation, HYUNDAIELEVATOR CO., LTD. and Robert Bosch GmbH.

Table of Contents

1. Introduction
1.1 Study Scope
1.2 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. Middle East and Africa IoT in Elevators Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 MEA
4.2.2 Ecosystem Analysis
4.3 Expert Opinions
5. Middle East and Africa 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. Middle East and Africa IoT in Elevators Market -Market Analysis
6.1 Middle East and Africa IoT in Elevators Market Revenue Forecast and Analysis
7. Middle East and Africa IoT in Elevators Market - By Component
7.1 Overview
7.1.1 MEA Middle East and Africa IoT in Elevators Market Breakdown, By Component
7.1.1.1 MEA Middle East and Africa IoT in Elevators Market Breakdown, By Hardware
7.1.1.2 MEA Middle East and Africa IoT in Elevators Market Breakdown, By Software
7.1.1.3 MEA Middle East and Africa IoT in Elevators Market Breakdown, By Services
7.2 Hardware
7.2.1 Overview
7.2.2 Hardware: Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
7.2.2.1 Processor Overview
7.2.2.1.1 Processor: Middle East and Africa 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: Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
7.2.2.3 Sensor Overview
7.2.2.3.1 Sensor: Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
7.2.2.4 Memory Device
7.2.2.4.1 Memory Device: Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
7.2.2.5 Others Overview
7.2.2.5.1 Others: Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
7.3 Software
7.3.1 Overview
7.3.2 Software: Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
7.3.3 On-Premise
7.3.3.1 On-Premise: Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
7.3.4 Cloud
7.3.4.1 Cloud: Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
7.4 Services
7.4.1 Overview
7.4.2 Services: Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
7.4.3 Designing and Engineering
7.4.3.1 Designing and Engineering: Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
7.4.4 Installation
7.4.4.1 Installation: Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
7.4.5 Maintenance and Repair
7.4.5.1 Maintenance and Repair: Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
7.4.6 Others
7.4.6.1 Others: Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
8. Middle East and Africa IoT in Elevators Market Analysis - by Application
8.1 Overview
8.1.1 MEA Middle East and Africa IoT in Elevators Market Breakdown, By Application
8.2 Preventive Maintenance
8.2.1 Overview
8.2.2 Preventive Maintenance: Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
8.3 Remote Monitoring
8.3.1 Overview
8.3.2 Remote Monitoring: Middle East and Africa 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: Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
8.5 Advanced Reporting
8.5.1 Overview
8.5.2 Advanced Reporting: Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
8.6 Connectivity Management
8.6.1 Overview
8.6.2 Connectivity Management: Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
9. Middle East and Africa IoT in Elevators Market Analysis - by End User
9.1 Overview
9.1.1 MEA Middle East and Africa IoT in Elevators Market Breakdown, By End-User
9.2 Residential
9.2.1 Overview
9.2.2 Residential: Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
9.3 Commercial
9.3.1 Overview
9.3.2 Commercial: Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
9.4 Industrial
9.4.1 Overview
9.4.2 Industrial: Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
10. Middle East and Africa IoT in Elevators Market - Country Analysis
10.1 MEA: Middle East and Africa IoT in Elevators Market
10.1.1 Overview
10.1.2 MEA Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
10.1.3 MEA Middle East and Africa IoT in Elevators Market Breakdown, By Country
10.1.3.1 Saudi Arabia Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
10.1.3.1.1 Saudi Arabia Middle East and Africa IoT in Elevators Market Breakdown, By Component
10.1.3.1.2 Saudi Arabia Middle East and Africa IoT in Elevators Market Breakdown, By Application
10.1.3.1.3 Saudi Arabia Middle East and Africa IoT in Elevators Market Breakdown, By End-User
10.1.3.2 UAE Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
10.1.3.2.1 UAE Middle East and Africa IoT in Elevators Market Breakdown, By Component
10.1.3.2.2 UAE Middle East and Africa IoT in Elevators Market Breakdown, By Application
10.1.3.2.3 UAE Middle East and Africa IoT in Elevators Market Breakdown, By End-User
10.1.3.3 South Africa Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
10.1.3.3.1 South Africa Middle East and Africa IoT in Elevators Market Breakdown, By Component
10.1.3.3.2 South Africa Middle East and Africa IoT in Elevators Market Breakdown, By Application
10.1.3.3.3 South Africa Middle East and Africa IoT in Elevators Market Breakdown, By End-User
10.1.3.4 Rest of MEA Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
10.1.3.4.1 Rest of MEA Middle East and Africa IoT in Elevators Market Breakdown, By Component
10.1.3.4.2 Rest of MEA Middle East and Africa IoT in Elevators Market Breakdown, By Application
10.1.3.4.3 Rest of MEA Middle East and Africa 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 Publisher
13.2 Word Index

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Hitachi, Ltd.
  • Mitsubishi Electric Corporation
  • Otis Worldwide Corporation
  • HYUNDAIELEVATOR CO., LTD.
  • Robert Bosch GmbH