- Rapid pace of urbanization and huge investments for commercial complexes in Tier 1 and Tier 2 Cities of Developing Countries solidifies Growth ALBANY, New York, March 12, 2020 /PRNewswire/ — The growing penetration of next-generation technologies such as IoT and AI resulting in design innovations and technological upgrades manifests spiraling growth of elevator and escalator market. Leveraging these cutting-edge technologies, elevators and escalators have transformed into ‘smart elevators’ for valuable real-time insights. The consistent use of IBM’s Watson IoT Platform by KONE – a leading name in the elevator space – is a case in point. “With integration of such cutting-edge technologies, serving benefits for alerts of maintenance schedule and problem detection, and monitor of operation patterns of elevators and escalators for real-time insights to building and maintenance personnel, the elevator and escalator market is predicted to chart massive growth to be valued at ~US$ 141.7 bn by 2027,” Say TMR analysts. Explore the study on Elevator & Escalator Market (Service; New Installation [Product Type, End Use, and Region]; Maintenanc...