Boston, MA -- (SBWIRE) -- 07/19/2013 -- The report, based on the extensive research study of the smart elevators market, is aimed at identifying the entire market for the elevator access controls and security, automation and modernization; elevator access controls and security market, in particular, is further segmented into card based, biometric based, keypad and touch based, surveillance system, intruder alarm and visitor management system. The report covers the overall market and sub-segment markets through extensively detailed classifications.

The overall smart elevators market is expected to reach $16.45 billion by 2018; growing at a double digit CAGR from 2013 till 2018. The stringent regulations being imposed by the governments augmented by the increasing need to save operational costs by building manager/owners has enhanced the demand for elevator access controls and security, automation, and modernization. Growing concern related to security and the developments towards the integration of access controls will propel the market in future. Demand for energy efficient elevators, more convenience, and enhanced security remains the major driver for smart elevators market. Increase in construction spending, growth in urbanization, and global sporting events such as World Cup Soccer in 2014, Olympics in 2016 offer excellent opportunities for market growth. In addition to this, the latest technologies in elevator such as Personal Occupant Requirement Terminal (PORT) and dispatch destination have revolutionized the market. The scope of new installation in regions like Americas and Europe is low as they are already equipped with the latest technology. However, regions like APAC where construction is increasing exponentially have opened new avenues for the elevator industry.

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This report analyzes the findings by considering the market dynamics that shape up this market. These dynamics are categorized under three headers: drivers, restraints, and opportunities. The market estimation and forecasts have been done using market dynamics.

The report provides detailed profiles of the major companies currently active in the smart elevators market. All the other details of the key players in the entire value chain such as key product launches, technologies, industry partners, financials, and growth strategies are discussed in the extensive company profiles section. In addition to the company profiles, a competitive landscape with respect to the market share rankings of the current key players is given.

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