Otis Worldwide Corp – Digital Transformation Strategies
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Otis Worldwide Corp Digital Transformation Strategies Overview
Otis has been focusing on using artificial intelligence, the Internet of Things (IoT), cloud-based applications, and big data to transform its operations digitally. The annual ICT spending of Otis was estimated at $898.2 million for 2024. A major share of this spending is earmarked for acquiring software, hardware, and ICT services from vendors. Otis Worldwide Corp (Otis), headquartered in Farmington, Connecticut, US, specializes in products that facilitate the movement of people, such as elevators, escalators, and moving walkways. The company manufactures passenger and freight elevators suitable for low, medium, and high-speed applications. In addition to new installations, Otis also focuses on upgrading existing elevators and escalators and offers maintenance and repair services for both its products and those from other vendors. The company is organized into two segments or business units, New Equipment and Service. Serving both commercial and residential sectors, Otis operates through its subsidiaries and offices in numerous countries, including China, Vietnam, Thailand, Australia, Spain, France, and Argentina. Otis has more than 1,400 branches and offices around the world.
The ‘Otis digital transformation strategies’ report will act as a reference point to understand a company/competitor’s digital strategy. It will also help in understanding the digital preparedness of the company against its peers. Information included in these reports are sourced from a mix of our very own internal database and authentic secondary research links such as company’s annual report, presentations, press releases etc. The report covers overview of the company, its digital transformation strategies, technology focus areas, technology partnerships, technology introductions, acquisitions, and ICT spending among others.
Otis Digital Transformation Strategies Overview
| Total ICT Spending 2024 | $898.2 million |
| ICT Spend by Function | Data center, Communications, Network, Application, End-User computing, Management, and Service desk |
| ICT Spend by Channel | Internal development and maintenance, Technology vendors (direct), Local resellers, Telcos, ICT services providers/consulting firms, Specialist outsourcers, and Systems integrators |
| External ICT Spend by Segment | Software (including cloud SaaS), Hardware (including cloud Iaas), ICT services, Consulting, Network and communications, and Others |
| Technology Theme Focus | Artificial intelligence, cloud, internet of things, big data, connectivity and cybersecurity |
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Digital Transformation Strategies
Otis is leveraging AI and data analytics to drive product innovation, achieve operational efficiencies and drive sustainability. Otis has developed AI-based energy-saving algorithms that optimize elevator operation based on building traffic patterns and usage data. These algorithms analyze historical and real-time data to determine the most energy-efficient way to operate elevators throughout the day.
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Otis Technology Theme Focus
Otis is utilizing a number of emerging technologies including artificial intelligence, cloud, internet of things, big data, connectivity and cybersecurity among others to enhance its operational and service capabilities.
Otis Technology Focus
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Otis Technology Initiatives
Otis has been involved in several strategic technology partnerships and collaborations, technology developments and roll outs, and acquisitions over the last few years. For instance, in 2024, Nippon Otis Elevator Co. (part of Otis), in collaboration with FIG Corporation, integrated a service robot with an Otis Gen2 Prestige elevator using Otis Integrated Dispatch technology at the Oita Prefectural Government Office in Japan. This pilot project aimed to enhance delivery efficiency by enabling the robot to autonomously call and operate the elevator via the cloud, performing mail deliveries without human intervention.
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Otis ICT Spend by Function
- Data center
- Communications
- Network
- Applications
- End-user computing
- Management
- ICT Service desk
Otis ICT Spend by Function, 2024 (%)
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Otis ICT Spend by Channel
- Internal development and maintenance
- Technology vendors (direct)
- Local resellers
- Telcos
- ICT services providers/consulting firms
- Specialist outsourcers
- Systems integrators
Otis ICT Spend by Channel, 2024 (%)
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Otis External ICT Spend by Segment
- Software (including Cloud SaaS)
- Hardware (including Cloud IaaS)
- ICT services
- Consulting
- Network and communications
- Others
Otis External ICT Spend by Segment, 2024 (%)
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Scope
This report provides:
- Insight into Otis’ technology activities.
- Overview of technology initiatives covering partnerships, technology introductions, and acquisitions.
- Insights on each technology initiative including technology theme, objective, and benefits.
- Details of estimated ICT budgets.
Reasons to Buy
- Gain insights into Otis’ technology operations.
- Gain insights into its technology strategies and innovation initiatives.
- Gain insights into its technology themes under focus.
- Gain insights into its various partnerships.
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Table of Contents
Frequently asked questions
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What was the total ICT spending of Otis in 2024?
The annual ICT spending of Otis was estimated at $898.2 million in 2024.
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Which function accounted for the highest ICT spending for Otis in 2024?
Network accounted for the highest ICT spending by function for Otis in 2024.
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Which channel accounted for the highest ICT spending for Otis in 2024?
Internal development and maintenance accounted for the highest ICT spending by channel for Otis in 2024.
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Which segment accounted for the highest external ICT spending for Otis in 2024?
Software accounted for the highest external ICT spending by segment for Otis in 2024.
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What are the key technology themes in focus for Otis?
The key technological themes in focus for Otis are artificial intelligence, cloud, internet of things, big data, connectivity, and cybersecurity.
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