What Has Driven the Growth of the IoT in Elevators Market in Recent Years?
The iot in elevators market has seen considerable growth due to a variety of factors.
• The market size of IoT in elevators has experienced fast-paced growth in the past few years. The market is predicted to expand from $27.56 billion in 2024 to $32.27 billion in 2025, displaying a compound annual growth rate (CAGR) of 17.1%. Factors such as changing work trends and building access, the incorporation of smart cities, data-oriented decision-making, improved user interface, and the necessity of energy efficiency have contributed to its growth in the historical period.
How Will the IoT in Elevators Market?
The IoT in Elevators market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for Internet of Things (IoT) in elevators is predicted to see swift expansion in the forthcoming years. It will escalate to $60.94 billion by 2029, growing at a compound annual growth rate (CAGR) of 17.2%.
This anticipated surge within the prediction interval can be credited to the rise in smart building drives, the demand for remote monitoring, and predictive maintenance, the evolution of flexible work models, urbanization, and the ability to make decisions based on data. Key trends in the prediction period include strategic alliances, remote supervision and upkeep, improved safety, security features, energy efficiency and sustainability, along with the emergence of predictive analytics and maintenance.
Which Factors Are Boosting Growth In The IoT in Elevators Market?
The expansion of the IoT in the elevator market is anticipated to be driven by growing government efforts to establish smart cities. Smart cities involve the application of information and communication technology (ICT) to improve operational efficiency, share information with the public, and raise the quality of life of its citizens. IoT-enabled elevitors used in these cities provide a constant flow of real-time data, which enables service technicians to remotely assess the state of the equipment and detect issues before they escalate. This information aids smart cities in improving their infrastructure, public utilities, and services, among other aspects. For instance, The Indian Brand Equity Foundation (IBEF), an Indian trust established by the Department of Commerce, Ministry of Commerce and Industry, released a report stating that the Union Budget 2021-22 allocated INR. 6,450 crores ($868 million) to India's Smart City Mission, an increase from INR. 3,400 crores ($457 million) in FY21 (revised estimates). The total budgetary allocations for the Smart City Mission amounted to INR 205,018 crores (US$ 27.60 billion) as of March 2021. Consequently, the proliferation of government initiatives aimed at developing smart cities is fuelling the growth of the IoT in the elevator market.
What Key Areas Define The Segmentation Of The Global IoT in Elevators Market?
The IoT in elevators market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Application: Preventive Maintenance, Remote Monitoring, Advanced Reporting, Connectivity Management, Other Applications
3) By End User: Residential, Commercial, Industrial
Subsegments:
1) By Hardware: Sensors, Control Systems, Connectivity Devices, Communication Interfaces
2) By Software: Elevator Monitoring Software, Predictive Maintenance Software, Data Analytics Platforms, User Interface Applications
3) By Services: Installation Services, Maintenance And Support Services, Consulting Services, Training Services
Pre-Book The IoT in Elevators Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
How Are Emerging Trends Reshaping The Dynamics Of The IoT in Elevators Market?
Innovations in technology have become a significant trend in the IoT in elevators market, as major players focus on creating new technologies to maintain their market position. For example, in September 2022, Indian lift and escalator manufacturer, Johnson Lifts, introduced a new IoT-based technology to its lifts called WATCH. This acronym stands for Wireless Assessment to Troubleshoot Channelize & Host and this technology facilitates numerous tasks by linking the elevators to the data center through the IoT device in the elevator. Customers benefit from instant support as the system detects, monitors, and alerts technicians in real-time. The IoT WATCH feature consistently enhances elevator performance by predicting possible issues and observing elevator behavior and status.
Who Are the Key Players In The IoT in Elevators Market?
Major companies operating in the IoT in elevators market include:
• Hyundai Elevator Co. Ltd.
• KONE Corporation
• Otis Worldwide Corporation
• Schindler Holding Ltd.
• Mitsubishi Electric Corporation
• Toshiba Elevator and Building Systems Corporation
• Hitachi Ltd.
• Huawei Technologies Co. Ltd.
• Fujitec Co. Ltd.
• Electra Ltd.
• Liftinzicht BV
• Gruppo Millepiani SPA
• Cygnet Infotech Pvt. Ltd.
• Doppler S.A.
• Robustel
• Robert Bosch GmbH
• Honeywell International Inc.
• Selcom Elevator
• ThyssenKrupp AG
• Carrier Global Corporation
• Cisco Systems Inc.
• Delta Controls Inc.
• ALE International SAS
• General Electric Company
• United Technologies Corporation
• International Business Machines Corporation
• Johnson Controls International PLC
• LG Electronics Inc.
• NEC Corporation
• Panasonic Corporation
• Siemens AG
• Schneider Electric SE
What Is The Most Dominant Region In The IoT in Elevators Market?
North America was the largest region in the IoT in elevators market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the IoT in elevators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
