HONG KONG, September 20, 2022 /PRNewswire/ — Taoping Inc. (NASDAQ: TAOP, the “Company” or “TAOP”) announced today that it plans to expand its cloud platform for smart elevator upgrades and enhancements, including even more specialized applications, while it its diversification continues revenue base, leveraging the company’s valuable relationships with owners and market knowledge developed in expanding its location-based digital advertising platform. Taoping will work with Otis and other leading elevator brands on sales, promotion and integration as the adoption of smart elevators and integration of IoT with Taoping’s cloud platform in commercial buildings continues to grow.
Taoping’s strategic focus on developing the smart elevator market and upgrading elevators (both software and hardware) is spearheaded by catalysts, including calls for improving user experience, integrating IoT, reducing energy consumption and costs as well the need to increase security and security. This revenue stream builds on Taoping’s two core strengths, Taoping’s national sales network and its interoperable, highly scalable cloud platform, making the company a valued partner of many other smart community customers and solution providers.
The market size for elevators was exceeded $99.3 billion in 2021 and is poised to record over 3% CAGR from 2022 to 2028. Increasing commercial construction activity will have a positive impact on industry growth. (Source: Global Market Insights) China is the world’s largest producer and consumer of elevators, accounting for more than 60% of global production and consumption. By the end of 2021, the number of elevators in China reached 8.799 million units, which is huge and still shows a trend of rapid growth. (Source: State Administration for Market Regulation)
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said, “This is another very exciting development for us, expanding the applications of our growing cloud platform and opening up additional new revenue streams for us as the reopening opportunity gains momentum. Given the attractiveness of the market, our existing relationships with building owners and our track record of success, we made a strategic decision to expand in this direction. Our work in building our digital community and advertising platform has given us valuable market experience and insight into the qualities property owners value.”
“Smart elevators are changing the way people move. In addition to providing infotainment and IoT, smart elevators are revolutionizing traffic flow, significantly reducing energy consumption and noise, increasing safety, speed, ease of use, and vastly improving the user experience. It is imperative that the service be run on a regulated schedule with trusted partners like Taoping and our industry-leading partners. From a business perspective, this is a fully additive revenue stream for us, typically on longer-term contracts, which we expect will significantly increase our visibility as we continue to execute on our ambitious plans for growth and shareholder building values.”
About Taoping Inc.
Taoping Inc. (NASDAQ: TAOP) is a provider of blockchain technology and intelligent cloud services. The company is dedicated to the research and application of blockchain technology and digital assets, and continues to improve computing power and create value for the encrypted digital currency industry. Based on its self-developed smart cloud platform, TAOP also provides solutions and cloud services for industries such as smart community, new media and artificial intelligence. To learn more, please visit www.taop.com.
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SOURCE Taoping Inc.