Middle East and Africa 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)
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 Revenue and Forecast to 2028 (US$ Million)
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.
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. 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 Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. Middle East and Africa IoT in Elevators Market Revenue and Forecast to 2028 (US$ Million)
Table 2. MEA Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 – By Component (US$ Million)
Table 3. MEA Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 – By Hardware (US$ Million)
Table 4. MEA Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 – By Software (US$ Million)
Table 5. MEA Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 – By Services (US$ Million)
Table 6. MEA Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 – By Application (US$ Million)
Table 7. MEA Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 – By End-User (US$ Million)
Table 8. Saudi Arabia Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 – By Component (US$ Million)
Table 9. Saudi Arabia Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 – By Application (US$ Million)
Table 10. Saudi Arabia Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 – By End-User (US$ Million)
Table 11. UAE Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 – By Component (US$ Million)
Table 12. UAE Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 – By Application (US$ Million)
Table 13. UAE Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 – By End-User (US$ Million)
Table 14. South Africa Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 – By Component (US$ Million)
Table 15. South Africa Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 – By Application (US$ Million)
Table 16. South Africa Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 – By End-User (US$ Million)
Table 17. Rest of MEA Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 – By Component (US$ Million)
Table 18. Rest of MEA Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 – By Application (US$ Million)
Table 19. Rest of MEA Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 – By End-User (US$ Million)
Table 20. List of Abbreviation
LIST OF FIGURES
Figure 1. Middle East and Africa IoT in Elevators Market Segmentation
Figure 2. Middle East and Africa IoT in Elevators Market Overview
Figure 3. Middle East and Africa IoT in Elevators Market, by Component
Figure 4. Middle East and Africa IoT in Elevators Market, by Country
Figure 5. MEA – PEST Analysis
Figure 6. Middle East and Africa IoT in Elevators Market- Ecosystem Analysis
Figure 7. Middle East and Africa IoT in Elevators Market: Impact Analysis of Drivers and Restraints
Figure 8. Middle East and Africa IoT in Elevators Market Revenue Forecast and Analysis (US$ Million)
Figure 9. MEA Middle East and Africa IoT in Elevators Market Breakdown, By Component, 2021 & 2028 (%)
Figure 10. Hardware: Middle East and Africa IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)
Figure 11. Processor: Middle East and Africa IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)
Figure 12. Connectivity IC: Middle East and Africa IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)
Figure 13. Sensor: Middle East and Africa IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. Memory Device: Middle East and Africa IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)
Figure 15. Others: Middle East and Africa IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)
Figure 16. Software: Middle East and Africa IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. On-Premise: Middle East and Africa IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)
Figure 18. Cloud: Middle East and Africa IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)
Figure 19. Services: Middle East and Africa IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. Designing and Engineering: Middle East and Africa IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. Installation: Middle East and Africa IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. Maintenance and Repair: Middle East and Africa IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. Others: Middle East and Africa IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. MEA Middle East and Africa IoT in Elevators Market Breakdown, By Application, 2021 & 2028 (%)
Figure 25. Preventive Maintenance: Middle East and Africa IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. Remote Monitoring: Middle East and Africa IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. Fault Diagnosis and Prediction: Middle East and Africa IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)
Figure 28. Advanced Reporting: Middle East and Africa IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)
Figure 29. Connectivity Management: Middle East and Africa IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)
Figure 30. MEA Middle East and Africa IoT in Elevators Market Breakdown, By End-User, 2021 & 2028 (%)
Figure 31. Residential: Middle East and Africa IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)
Figure 32. Commercial: Middle East and Africa IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)
Figure 33. Industrial: Middle East and Africa IoT in Elevators Market – Revenue and Forecast to 2028 (US$ Million)
Figure 34. Overview MEA - Middle East and Africa IoT in Elevators Market -(US$ Million)
Figure 35. MEA Middle East and Africa IoT in Elevators Market Breakdown, By Country, 2021 & 2028 (%)
Figure 36. Saudi Arabia Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
Figure 37. UAE Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
Figure 38. South Africa Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
Figure 39. Rest of MEA Middle East and Africa IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
- 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 Middle East and Africa 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 Middle East and Africa 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 Middle East and Africa 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.