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IoT in Elevators Market Worth $2Bn by 2028 at 4.9% CAGR Driven by “Smart Cities” Developments, New Research Study Published by The Insight Partners

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New York, June 23, 2022 (GLOBE NEWSWIRE) — The Insight Partners published latest research study on “IoT in Elevators Market Forecast to 2028 – COVID-19 Impact and Global 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 global IoT in elevators market size is expected to grow from $1.51 billion in 2022 to $2.02 billion by 2028; it is expected to grow at a CAGR of 4.9% from 2022 to 2028.

Request Sample PDF Brochure of IoT in Elevators Market Size – COVID-19 Impact and Global Analysis with Strategic Developments at: https://www.theinsightpartners.com/sample/TIPRE00006251/

IoT in Elevators Market Report Scope & Strategic Insights:

Report Coverage Details
Market Size Value in US$ 1.51 Billion in 2022
Market Size Value by US$ 2.02 Billion by 2028
Growth rate CAGR of 4.9% from 2022 to 2028
Forecast Period 2022-2028
Base Year 2022
No. of Pages 199
No. Tables 98
No. of Charts & Figures 93
Historical data available Yes
Segments covered Component, Application, and End-User
Regional scope North America; Europe; Asia Pacific; Latin America; MEA
Country scope US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends

IoT in Elevators Market: Competitive Landscape and Key Developments
Fujitec Co., Ltd.; Hitachi, Ltd; KONE Corporation; Mitsubishi Electric Corporation; Otis Elevator Company Ltd.; Bosch GmbH; Schindler Group; Schneider Electric SE; Toshiba Elevators and Building Systems Corporation; and Hyundai Elevator Co., Ltd. are among the key players profiled in the IoT in elevators market forecast report. In addition, several other essential market players were studied and analyzed to get a holistic view of the market and its ecosystem. The report provides detailed market insights, which helps the key IoT in elevators market players to strategize the growth in the coming years.

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In June 2021, Otis Worldwide Corp., the business that helped make the vertical city a reality and altered how people live and work, introduced a new generation of digitally native elevators. The elevators are designed to provide flexibility to people to connect and prosper in a taller, faster, and smarter world. Otis launched the Otis Gen3 and Gen360 digital elevator platforms at Welcome to Tomorrow, a worldwide virtual event attended by customers, colleagues, and industry stakeholders from over 100 countries.

In April 2021, Mitsubishi Electric Corporation announced that its subsidiary Mitsubishi Elevator India Private Limited (IMEC) received a signed contract to deliver elevators to the Commerzone Madhapur and Altimus luxury complexes owned by K RAHEJA CORP, a renowned developer in India.

IoT in Elevators Market: Key Insights
The IoT in elevators market growth driven by the integration of elevator systems with smart technologies and the rise in the number of construction projects in urban areas across the world, rising trends toward energy-efficient products & services. Elevator’s functions have changed significantly over the last decade owing to the advances in IoT and AI.

The IoT in elevators market is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and South America.

Europe held the largest IoT in elevators market share in 2021 and is expected to continue its dominance during the forecast period. The growth of the largest IoT in elevators market in European countries is attributed to an increase in adoption of automated operations in the industrial sector, which led to a major transition in the way companies manage their operations. Additionally, governments of European countries are continuously promoting R&D activities, especially focused on energy saving technologies, propelling the adoption of energy efficient products and services across the region.

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Many companies are strengthening their market position, and key vendors are introducing new cloud solutions, services, and workloads and upgrading the capabilities of their current offerings. IoT in elevator manufacturing vendors frequently form partnerships and collaborations to strengthen market position and expand capabilities. For instance, in 2021, KONE, a multinational elevator and escalator manufacturer, partnered with Amazon Web Services (AWS), the world’s most comprehensive and widely used cloud platform. AWS is expected to deliver worldwide cloud capabilities to KONE, including IoT and analytics. In addition, the firms will collaborate to create new technologies to improve the scalability and performance of KONE’s connected services and solutions. Thus, such initiatives by the companies are augmenting the IoT in elevators market size over the coming years.

After Europe, North America accounted for the second largest share of the IoT in elevators market in 2021. The IoT is widely used in commercial building for energy saving. In addition, the IoT provides a basis for buildings to integrate advanced-value added services to improve efficiency, safety, security, and convenience for inhabitants. More than 70% of homes in North America have a network-connected gadget. Many individuals use elevators in their everyday commutes to work and in workplaces and retail malls. The elevators are evolving, new advanced carbon fiber ropes and more durable technology integration has attracted commercial building construction companies to adopted IoT in elevators. The design has been advanced with the IoT technology. IoT is transforming elevators in ways that go beyond just carrying passengers up and down buildings quickly and comfortably. Smart elevators now collect data, monitor traffic trends, and serve as effective advertising platforms.

OTIS, a leading company in elevators and lifts, created the Otis ONE platform to provide customers and technicians visibility into the maintenance lifecycle. Otis ONE and other similar technologies aid in developing a service platform that is long-lasting and adaptable enough to keep up with technological advances. Also, MAX, TK Elevator’s cloud-based, real-time monitoring and predictive maintenance software was launched in Canada in May 2022. MAX collects data on components, systems, and performance to assist building owners and managers in increasing elevator and escalator uptime. MAX also assists facility staff in monitoring and controlling their equipment and boosts passenger safety through digital emergency services.

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The IoT in elevators market analysis in North America is growing due to the increasing deployment of 5G, machine learning, and artificial intelligence, which expanded the IoT in elevators applications. Real-time updates, transparent information sharing, proactive communication tools, and predictive maintenance insights are part of this connected solution’s personalization of the service experience. The system meticulously monitors the elevator’s mechanical, electrical, and electronic components. It also keeps track of factors that can foreshadow the need for maintenance before problems arrive. The platform has developed a way to send data from elevators to a centralized cloud environment. Such advancements in IoT applications are positively impacting the IoT in elevators market growth. Further, deployment of 5G is supporting the IoT in elevators market growth.

The IoT in elevators market in the MEA is expected to witness significant growth during the forecast period. The acceleration in per capita income, recovery in economic conditions, and government spending on infrastructure development of various industries in the region are among the factors driving the adoption of the IoT in elevators and thus supporting the MEA IoT in elevators market.

In South America (SAM), the adoption of hybrid cloud models is becoming gradually crucial among IT companies. Therefore, spending on the same is increasing. With the expansion of digital infrastructure in South America, the demand for smart connected and service-based solutions is growing. Along with these factors, the demand for predictive maintenance services is likely to boost the growth of the IoT in elevators market in SAM during the forecast period.

Directly Purchase Premium Copy of IoT in Elevators Market Growth Report (2022-2028) at: https://www.theinsightpartners.com/buy/TIPRE00006251/

IoT in Elevators Market: Application Overview
Based on application, the IoT in elevators market is segmented into preventive maintenance, remote monitoring, fault diagnosis and prediction, advanced reporting, and connectivity management. In 2021, the remote monitoring segment dominated the IoT in elevators market. Also, the segment is expected to retain its dominance during the forecast period. However, the connectivity management segment is expected to register the highest CAGR during the forecast period.

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Browse Adjoining Reports:
Smart Elevators Market Forecast to 2028 – Covid-19 Impact and Global Analysis – by Component (Control Systems, Maintenance Systems, Services); Application (Residential, Commercial) and Geography

Smart Elevator Automation System Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Component (Card Reader, Biometric, Touch Screen and Keypad, Security and Control System, Sensors, Motors and Automation System, Others); Service (Installation Service, Repair and Maintenance Service, Modernization Service); End-user (Residential, Commercial) and Geography

IoT in Smart Cities Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Technology (Bluetooth, Cellular Network, RFID, Others); Component (Solution, Services); Application (Infrastructure Management, Transportation, Energy Management, Building automation, Others) and Geography

Elevator Modernization Market to 2025 – Global Analysis and Forecasts by Type (Hydraulic and Traction); Component (Power Units, Cabin Enclosures, Controllers, Signalling Fixtures, Door Equipment and Others); and End User (Industrial, Residential Building, Institutional, Marine, Commercial and Others)

Traction Elevators Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Type (Geared Traction Elevators, Gearless Traction Elevators); Application (Commercial, Residential) and Geography

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Electric Traction Motor Market Forecast to 2028 – Covid-19 Impact and Global Analysis – by Power Rating (<200 kW, 200 kW to 400 kW, and >400 kW); and Application (Railway, Electric Vehicles, Industrial Machinery, Conveyors, and Elevators)

About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

Contact Us:
If you have any queries about this report or if you would like further information, please contact us:

Contact Person: Sameer Joshi
E-mail: [email protected]
Phone: +1-646-491-9876
Press Release: https://www.theinsightpartners.com/pr/iot-in-elevators-market

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Artificial Intelligence

Corporater named a Market Leader in Integrated Risk Management (IRM)

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STAVANGER, Norway, May 29, 2024 /PRNewswire/ — Corporater, a global leader in software solutions for Integrated Governance, Performance, Risk, and Compliance (GPRC) Management, is proud to announce the recognition as a Market Leader in Wheelhouse Advisors’ 2024 Integrated Risk Management (IRM) Navigator™ Annual Viewpoint Report and the associated IRM40 vendor listing.

The IRM Navigator™ Report Series offers in-depth analysis and insights into the sector’s landscape. Corporater has been recognized for outstanding contributions to the IRM market, demonstrating significant strengths across multiple segments.
Named a “Market Leader”, Corporater is recognized as one of the top 10 vendors in the IRM40. This list showcases a diverse range of vendors excelling across four critical IRM market segments: Governance, Risk, and Compliance (GRC), Enterprise Risk Management (ERM), Technology Risk Management (TRM), and Operational Risk Management (ORM). These vendors were selected from an extensive analysis of 220 candidates for their significant strengths and innovative approaches to managing complex risk environments.
According to Wheelhouse Advisors, the IRM40 elite group exemplifies the best in integrating strategic foresight with advanced technological solutions, underpinning the importance of robust risk management frameworks in today’s interconnected landscape.
“I am proud and honored for Corporater to be named a Market Leader for IRM. At Corporater, we have been promoting the integrated risk approach as a core capability of our Governance, Performance, Risk, and Compliance platform for almost a decade. Being listed as one of the top 10 vendors globally states the power of the Corporater platform, Corporater’s market contribution, and our alignment with the current trend of adaptable, forward-looking IRM solutions,” said Owe Lie-Bjelland, GPRC Director at Corporater.
John A. Wheeler, Founder and CEO of Wheelhouse Advisors, commented on the selection: “Corporater’s recognition as an IRM Market Leader is a testament to their innovative approach and comprehensive solutions in the IRM space. Their commitment to integrating advanced technologies and addressing diverse risk management needs across multiple segments highlights their pivotal role in the industry.”
For media inquiries, please contact:Owe Lie-BjellandCorporaterEmail: [email protected] 
About Corporater:
Corporater is a leading global provider of enterprise software solutions for Governance, Performance, Risk, and Compliance (GPRC) management. Whether traditional challenges such as enterprise risk management, operational risk, internal control system, IT/Cyber/technology risk, compliance management, and Assurance or emerging challenges like ESG or operational resilience, Corporater offers an integrated system on one platform. Visit corporater.com or follow us on LinkedIn.

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Artificial Intelligence

Game, Set, AI: Infosys Brings Advanced AI-led Innovations to Roland-Garros 2024

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PARIS, May 29, 2024 /PRNewswire/ — Infosys (NSE: INFY) (BSE: INFY) (NYSE: INFY), a global leader in next-generation digital services and consulting, in partnership with the French Tennis Federation (FFT), today unveiled several AI-first innovations for Roland-Garros 2024, marking a pivotal evolution in the sixth year of their partnership.

Leveraging Infosys Topaz, an AI-first set of services, solutions, and platforms using generative AI technologies, the new feature set will enhance the RG digital experience for fans, players, coaches, and the media. Beyond the set of existing innovations such as AI Assisted Journalism, AI Videos, and Match Centre, the following new experiences are slated to be launched this year.
RG Gen AI Poster Challenge – The RG Gen AI Poster Challenge features on the Roland-Garros digital properties and enables fans to create their artistic renditions of the iconic RG Posters using Generative AI. It brings alive the unique history of RG with modern technology. Fans will also be able to vote for their favorite poster; and winners will be awarded tickets for the RG 2025 edition.AI Bracket Challenge – The AI Bracket Challenge introduces a gamified layer to the Roland-Garros experience, inviting fans to engage in predictive gameplay by forecasting match outcomes throughout the tournament. It also features an AI powered auto predict feature that fans can leverage to help complete their brackets. The feature adds a competitive and immersive element to the tournament experience, with winners slated to get access to 2025 match tickets.New Symbol Room in RG’s Infosys 3D Art Museum – The newly introduced Symbol Room in the Infosys 3D Art Museum enriches the virtual visitor experience by providing a digital showcase of iconic symbols and moments from Roland-Garros history. This room, accessible through the RG website, features high-resolution 3D scans of memorabilia, interactive exhibits, and detailed narratives that bring the tournament’s storied past to life.Split Screen Analysis in Players Portal – The enhanced Split Screen Analysis tool in the Players Portal offers a sophisticated analytical platform designed specifically for players and coaches. By providing side-by-side video comparisons and real-time performance analytics, this tool helps users dissect and understand gameplay nuances. Players can review their performances, compare them with past games or those of their opponents, and receive tailored feedback generated through AI-driven insights. This analysis supports strategic planning and training, allowing players to adapt their techniques and strategies based on detailed, data-backed evaluations.Sumit Virmani, EVP and Global Chief Marketing Officer, Infosys, said, “The AI-first initiatives deployed at this year’s Roland-Garros exemplify our commitment to not just enhancing the game using cutting edge technologies, but transforming how fans, players, and the media experience it. By leveraging our industry-leading, AI-suite of offerings, Infosys Topaz, we are proud to preserve the tournament’s heritage while pushing the boundaries of application of AI and digital technology in sports.”
Stephane Morel, CEO, FFT, said, “Our partnership with Infosys has been instrumental in integrating AI technology at Roland-Garros, setting a new standard for how major sporting events can engage with digital innovation to enhance global fan engagement and player performance.”
Off court, Infosys and FFT continue a successful STEM program that will engage 30 students from Gerson School in Paris, providing them with firsthand learning experiences at Roland-Garros. Students will visit Roland-Garros and take part in dedicated workshops with tech experts from Infosys, aimed at helping them develop an understanding about how technology is used in tennis, further bridging the gap between technology and practical education.
The tournament runs from 20th May 2024 to 9th June 2024. To experience the latest digital innovations, visit Roland-Garros.com.
For more information on the partnership visit: www.infosys.com/roland-garros/.
About Roland-Garros
Roland-Garros is a must-see event for sports lovers and the general public alike. In 2023, Roland-Garros opened its doors to 633,222 spectators and was broadcast in 220 territories around the world, making it a major global sporting event. Organized by the French Tennis Federation, Roland-Garros is the only Grand Slam tournament to be played on clay, one of the oldest and noblest surfaces in the history of tennis.
About Infosys
Infosys is a global leader in next-generation digital services and consulting. Over 300,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. We enable clients in more than 56 countries to navigate their digital transformation. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, as they navigate their digital transformation powered by cloud and AI. We enable them with an AI-first core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace.
Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next.
Safe Harbor
Certain statements in this release concerning our future growth prospects, or our future financial or operating performance, are forward-looking statements intended to qualify for the ‘safe harbor’ under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, our ability to attract and retain personnel, our transition to hybrid work model, economic uncertainties, technological innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, and cybersecurity matters. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2023. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.
Logo:  https://mma.prnewswire.com/media/633365/4364085/Infosys_Logo.jpg
 

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Artificial Intelligence

AddSecure to provide proactive fleet technology to avoid DVS consequences

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NORTHAMPTON, England, May 29, 2024 /PRNewswire/ — AddSecure will deploy its latest PSS solution across NE Transport Solutions’ vehicles, ensuring DVS compliance and preventing potential fines.

Leading European provider of secure IoT connectivity and end-to-end solutions, AddSecure, has joined forces with Essex-based transport operator, NE Transport Solutions, to ensure the safety of vulnerable road users across London.
NE Transport Solutions provide general haulage across the UK, operating a fleet of 34 vehicles. The company works with major European suppliers providing last mile delivery of their goods to construction sites across London and needed to make sure every vehicle was ready for the regulation changes coming into force later this year.
Transport for London (TFL)’s Direct Vision Standard (DVS) is due to change in October 2024, meaning heavy goods vehicles (HGVs) will need to fit a Progressive Safe System (PSS) – which warns drivers of the presence of vulnerable road users in blind spots at the nearside and front of the vehicle – if falling beneath the three-star threshold.
With a market-leading PSS offering, NE Transport Solutions approached AddSecure to provide and fit their latest solution to each of its 34 vehicles, ensuring it was operating DVS-compliant fleet and avoiding potential fines.
Zoltan Serfozo, Transport Manager, NE Transport Solutions, said; “With AddSecure as our new supplier, we’re now able to install a standalone solution, that doesn’t need to be integrated with our existing telematics or vehicle cameras. We feel this minimises risk to our business as it’s efficient, effective and avoids vehicle downtime.”
Zoltan has proactively implemented AddSecure’s RoadView BSD solution into his business ahead of the October 2024 deadline, enabling NE Transport Solutions to avoid any potential distruption that might be experienced with an influx of requests nearer the time.
Ensuring the entire fleet is compliant well ahead of the deadline will mitigate any potential restrictions on vehicle entry to London – resulting in a seamless service and customer satisfaction.
Paul Lawrence, managing director at AddSecure UK, said: “The pending changes to operating fleets within the Greater London area is something every operator needs to be aware of. NE Transport Solutions have taken the step of ensuring its vehicles are DVS compliant well ahead of the October deadline.
“We are seeing an increase in businesses looking to install equipment ahead of the changes and urge any operators considering making the change to act sooner rather than later to avoid delays with installation.”
To find out more about Progressive Safe System solutions for your fleet, visit AddSecure.
For more information, please contact:Helena Ferraro, Marketing Manager, Smart Transport UK, AddSecureTel. +443301112636, [email protected] Grandin, Director Corporate Communications, AddSecure GroupMobile: +46 70 689 52 08, [email protected]
This information was brought to you by Cision http://news.cision.com.
https://news.cision.com/addsecure-group/r/addsecure-to-provide-proactive-fleet-technology-to-avoid-dvs-consequences,c3982279
The following files are available for download:
https://mb.cision.com/Main/20399/3982279/2829883.pdf
Release
https://news.cision.com/addsecure-group/i/addsecure-pss-solution,c3301029
AddSecure PSS solution
https://news.cision.com/addsecure-group/i/ne-transport-pss,c3301030
NE Transport PSS
 

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