The installation of smart elevators necessitates a significant initial expenditure. The integrated automated access control systems and security systems in smart elevators raise the entire cost of smart elevators when compared to traditional elevators. This limits the use of smart elevators in low-rise or mid-rise residences or buildings. Although modernization is an option for lowering construction costs, it just adds automation, security, and other features to existing elevator systems.
However, modernization is only achievable in buildings that already have elevators. This does not constitute a whole smart elevator system. As a result, exorbitant prices are hampering the adoption of smart elevators.
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