Otis Worldwide Corp (Otis) manufacturers elevators, escalators and moving walkways. It designs, manufactures, and installs a wide range of passenger and freight elevators for low, medium, and high-speed applications The company maintains 2.3 million elevators and escalators worldwide. It offers its products and services to customers in more than 200 countries and territories. It also provides service to its customers through a global network of 35,000 service mechanics in over 1,400 branches. The company operates through two reportable business segments, New Equipment and Service. In FY2023, Otis’s capital expenditure stood at US$138 million, which increased 20% YoY in FY2023.

The company’s research and development (R&D) focuses on improving existing products and manufacturing methods and developing new products to serve its current and future customers in a better way. It has 11 R&D centers and 17 factories, where 1,200 R&D engineers focus on software, digital initiatives, and designing the user interface (UI) and user experience (UX) of the products. Otis has around 5,000 patents registered in its name and approximately 1,800 patents are pending in status. In FY2023, the company spent US$144 million on R&D, which was 1% of sales and declined. In addition to R&D expenses, the company invested approximately US$55 million in digital and strategic initiatives, which together with R&D expenses amounted to 1.0% of net sales.