July 8, 2013 -
According to a new research report, the smart elevator market is expected to reach $16.45 billion by 2018, at a double-digit CAGR.
A significant segment of this report is focused on biometric-based security and access control systems. Research and markets has announced that this report is now available in its library.
Argued in the report, the stringent regulations being imposed by governments, augmented by the increasing need to save operational costs by building owners has enhanced the demand for elevator access controls and security, automation, and modernization.
Also, notes the report, 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.
Currently, modernization contributes to 60% of the smart elevator market.
According to a separately-published report — this one focused exclusively on the electronic access control market (which also features biometrics as an emergent player) – the total market with reach $16.3 billion by 2017.