AP NEWS

Elevator and Escalator Services Market in GCC 2019-2023|Growth Analysis and Forecast| Technavio

December 4, 2018

LONDON--(BUSINESS WIRE)--Dec 4, 2018--The research report by on the elevator and escalator services market in GCC predicts the market to post a CAGR of more than 7% during the period 2019-2023.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181204005831/en/

Technavio has released a new market research report on the elevator and escalator services market in GCC for the period 2019-2023. (Graphic: Business Wire)

A key driver for the elevator and escalator services market in GCC is the increasing demand for smart elevators. Some of the major advantages offered by smart elevators are better control of elevator traffic, enhanced energy efficiency, reduced wait times, and integrated access control features. Smart elevators have been witnessing an exponential increase in popularity owing to their advantages, which is expected to contribute to the growth of the elevator and escalator services market in GCC during the forecast period.

This research report on the also provides an analysis of the most important trends expected to impact the market outlook during the period 2019-2023. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.

This report is available at a USD 1,000 discount for a limited time only:

In this report, Technavio highlights the elevator maintenance using IoT platform as one of the key trends in the elevator and escalator services market in GCC:

Elevator and escalator services market in GCC: Elevator maintenance using IoT platform

IoT allows real-time monitoring, which helps businesses by providing actionable analytics. IoT systems help the management teams in implementing effective building and equipment control, thereby reducing operating costs. The integration of IoT with elevator systems will help in enhancing service efficiency and reducing downtime. IoT-enabled elevator systems will help in the predictive and prescriptive maintenance of these systems.

“The monitoring of remote systems has become easier owing to IoT-enabled devices. But they are also associated with certain security risks. However, the threats posed to security have decreased with continuous developments. The developments in IoT-enabled elevators are expected to have a major impact on the elevator and escalator services market in the coming years,” says a senior research analyst at Technavio.

Elevator and escalator services market in GCC: Segmentation analysis

This report on the elevator and escalator services market in GCC segments the market by product (elevators and escalators) and geography (Saudi Arabia, UAE, Qatar, Bahrain, Kuwait, and Oman).

The elevators segment held the largest elevator and escalator services market share in 2018, accounting for more than 83% of the market. This product segment is expected to dominate the global market throughout the forecast period.

Saudi Arabia led the market in 2018 with close to 48% of the market share, followed by the UAE and Qatar, respectively. Saudi Arabia is expected to dominate the market throughout the period 2019-2023.

Looking for more information on this market?

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

Market ecosystem Market characteristics Market segmentation analysis

Market Sizing

Market definition Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Regional comparison Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

Vendors covered Vendor classification Market positioning of vendors Competitive scenario

About Technavio

is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at .

View source version on businesswire.com:https://www.businesswire.com/news/home/20181204005831/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

www.technavio.com

KEYWORD:

INDUSTRY KEYWORD: BUILDING SYSTEMS MANUFACTURING ENGINEERING CONSTRUCTION & PROPERTY OTHER CONSTRUCTION & PROPERTY

SOURCE: Technavio Research

Copyright Business Wire 2018.

PUB: 12/04/2018 11:56 AM/DISC: 12/04/2018 11:56 AM

http://www.businesswire.com/news/home/20181204005831/en

AP RADIO
Update hourly