HONG KONG, Sept. 20, 2022 /PRNewswire/ -- Taoping Inc. (NASDAQ: TAOP, the "Company" or "TAOP") today announced it plans to expand its Cloud platform for smart elevator upgrades and enhancements, including even more specialized applications, as it continues to diversify its revenue base, leveraging the Company's valuable property owner relationships and market insight developed in the buildout of its site-based digital advertising platform. Taoping will cooperate with Otis and other leading elevator brands in sales, promotion, and integration as the adoption smart elevators and integration of IoT with Taoping's Cloud platform in commercial buildings continues to expand.
Taoping's strategic focus on development of the smart elevator market and the upgrade of elevators (both software and hardware) is being led by catalysts including demand to improve user experience, integration of IoT, reduction of energy use and costs, and the need to increase safety and security. This revenue stream builds on Taoping's two core competencies, the Taoping national sales network, and its compatible, highly scalable cloud platform, making it a valued partner by many other smart-community customers and solution providers.
The elevator market size surpassed $99.3 billion in 2021 and is poised to witness over 3% CAGR from 2022 to 2028. Rising commercial construction activities will positively influence the industry growth. (source: Global Market Insights) China is the world's largest producer and consumer of elevators, accounting for more than 60% of the world's 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 that expands the applications of our growing Cloud platform and opens additional new revenue streams to us. With more and more companies returning to work, the reopening opportunity is gaining momentum. We made the strategic decision to expand in this direction given the attractiveness of the market, our existing relationships with building owners and our track record. Our work in building out our digital community and advertising platform gave us valuable market experience and insight into what features property owners value."
"Smart elevators are transforming the way people move. In addition to providing infotainment and IoT, smart elevators are revolutionizing the flow of traffic, materially reducing energy usage and noise, increasing safety, speed, ease of use and dramatically improving the user experience. It is imperative that service be conducted on a regimented schedule with trusted partners, like Taoping, and our industry leading partners. From a business standpoint, this is a totally additive revenue stream for us, typically with longer term contracts, which we expect will meaningfully increase our visibility as we continue to execute on our ambitious plans for growth and building shareholder value."
About Taoping Inc.
Taoping Inc. (NASDAQ: TAOP) is a blockchain technology and smart cloud services provider. 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. Relying on its self-developed smart cloud platform, TAOP also provides solutions and cloud services to industries such as smart community, new media and artificial intelligence. To learn more, please visit www.taop.com.
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