An elevator system comprising: a component (32, 34, 36, 38, 40, 42, 44, 46) adapted to perform a function; a sensor configured to detect an operating parameter associated with the function; and a control configuration configured to receive a parameter signal from the sensor; extract a predesignated feature from data associated with the parameter signal, aggregate the predesignated feature, and apply machine learning to determine a degradation level of the function associated with the predesignated feature; characterized by the elevator system further comprising: a feature generation module executed by the control configuration for extracting the predesignated feature from the parameter signal; a fault detection module executed by the control configuration to analyze the predesignated feature and extract feature derivations from the predesignated feature indicative of abnormal operation; a fault classification module executed by the control configuration to classify the feature derivations into respective fault classes; a degradation estimation module executed by the control configuration to establish a learned degradation model; further characterized in that the control configuration includes: a local controller (72, 74), and a server, and the local controller (72, 74) is configured to execute the feature generation module and the server is configured to execute the fault classification module and the degradation estimation module; wherein the server is cloud-based; and wherein the control configuration includes: a sensor hub configured to receive the parameter signal; a mobile device, wherein the mobile device is configured to receive the parameter signal from the local controller (72, 74), execute the feature generation module, execute the fault detection module, execute the fault classification module, and execute the degradation estimation module; and a cloud-based server configured to communicate with the mobile device and store the learned degradation model for use by the degradation estimation module. a component (32, 34, 36, 38, 40, 42, 44, 46) adapted to perform a function; a sensor configured to detect an operating parameter associated with the function; and a control configuration configured to receive a parameter signal from the sensor; extract a predesignated feature from data associated with the parameter signal, aggregate the predesignated feature, and apply machine learning to determine a degradation level of the function associated with the predesignated feature; a feature generation module executed by the control configuration for extracting the predesignated feature from the parameter signal; a fault detection module executed by the control configuration to analyze the predesignated feature and extract feature derivations from the predesignated feature indicative of abnormal operation; a fault classification module executed by the control configuration to classify the feature derivations into respective fault classes; a degradation estimation module executed by the control configuration to establish a learned degradation model; further characterized in that the control configuration includes: a local controller (72, 74), and a server, and the local controller (72, 74) is configured to execute the feature generation module and the server is configured to execute the fault classification module and the degradation estimation module; wherein the server is cloud-based; and wherein the control configuration includes: a sensor hub configured to receive the parameter signal; a mobile device, wherein the mobile device is configured to receive the parameter signal from the local controller (72, 74), execute the feature generation module, execute the fault detection module, execute the fault classification module, and execute the degradation estimation module; and a cloud-based server configured to communicate with the mobile device and store the learned degradation model for use by the degradation estimation module. a local controller (72, 74), and a server, and the local controller (72, 74) is configured to execute the feature generation module and the server is configured to execute the fault classification module and the degradation estimation module; wherein the server is cloud-based; and wherein the control configuration includes: a sensor hub configured to receive the parameter signal; a mobile device, wherein the mobile device is configured to receive the parameter signal from the local controller (72, 74), execute the feature generation module, execute the fault detection module, execute the fault classification module, and execute the degradation estimation module; and a cloud-based server configured to communicate with the mobile device and store the learned degradation model for use by the degradation estimation module. a sensor hub configured to receive the parameter signal; a mobile device, wherein the mobile device is configured to receive the parameter signal from the local controller (72, 74), execute the feature generation module, execute the fault detection module, execute the fault classification module, and execute the degradation estimation module; and a cloud-based server configured to communicate with the mobile device and store the learned degradation model for use by the degradation estimation module.