IoT in Elevators Market Outlook 2025-2034: Market Share, and Growth Analysis

The IoT In Elevators Market is valued at USD 27.6 billion in 2025 and is projected to grow at a CAGR of 20.5% to reach USD 147.8 billion by 2034.

The IoT in Elevators Market represents the integration of smart sensors, connectivity, and data analytics into elevator systems for predictive maintenance, real-time monitoring, energy optimization, and enhanced passenger experience. IoT-enabled elevators collect and transmit data on usage patterns, mechanical performance, and environmental conditions to centralized platforms, enabling building operators to optimize operations and respond to issues before they escalate. These systems are particularly valuable in high-rise buildings, commercial complexes, airports, hospitals, and transit hubs where elevator reliability is critical. Manufacturers and service providers are using IoT to differentiate offerings, reduce downtime, extend equipment lifespan, and enable service-as-a-subscription models. As urbanization and vertical infrastructure development increase, IoT adoption in elevators is helping to modernize vertical transportation systems.

The adoption of IoT in elevators accelerated, driven by demand for smarter building infrastructure and post-pandemic requirements for contactless and safe passenger experiences. Companies like Otis, KONE, Schindler, and Thyssenkrupp expanded their IoT portfolios with smart controllers, cloud dashboards, and mobile integration. Remote diagnostics became a standard offering, with service teams receiving automated alerts and status updates for proactive maintenance. Touchless call systems using mobile apps or voice commands were deployed in smart offices and luxury residential buildings. Building managers used IoT data to optimize elevator traffic flow, reduce energy consumption, and identify usage trends. Additionally, integration with building management systems (BMS) and access control further enhanced elevator intelligence and security.

The IoT in elevators will evolve into fully autonomous, AI-enhanced systems that adapt in real time to passenger behavior and building dynamics. Advanced analytics will predict mechanical failures and schedule service windows with minimal disruption. Elevator systems will integrate with AI-enabled digital twins of entire buildings for coordinated maintenance, fire safety protocols, and power optimization. Voice-activated controls, facial recognition, and smartphone-based authentication will become more widespread, improving user convenience and access management. As smart city initiatives expand, elevators will be part of the broader IoT ecosystem - interacting with HVAC, lighting, and occupancy systems to create seamless and sustainable building experiences. With these innovations, IoT in elevators will play a key role in transforming urban mobility and infrastructure efficiency.

Key Insights: IoT In Elevators Market

• The analyst highlights the rise of predictive maintenance in elevators, where IoT sensors track motor vibration, door cycles, and component wear to anticipate breakdowns and reduce unplanned service calls.
• Touchless elevator controls are trending, allowing users to call and direct elevators using smartphones, voice commands, or facial recognition - enhancing hygiene and accessibility in public and private buildings.
• According to the analyst, real-time data integration with building management systems (BMS) is gaining traction, enabling elevators to adjust operations based on occupancy, time of day, and energy optimization goals.
• IoT-enabled traffic analysis is growing, with elevators using AI to adapt routes, minimize wait times, and distribute traffic efficiently across floors in high-occupancy environments.
• Integration with digital twins is emerging, offering virtual simulation and remote monitoring of elevator systems for proactive diagnostics, load balancing, and lifecycle management.

• The analyst identifies the demand for increased elevator uptime and reduced maintenance costs as a key driver, prompting property owners to adopt IoT systems for proactive monitoring and remote diagnostics.
• The rise of smart buildings and green construction initiatives is encouraging the integration of IoT into elevators to optimize energy consumption and support sustainability certifications, says the analyst.
• The analyst notes that changing passenger expectations - around safety, personalization, and convenience - are accelerating the adoption of connected features like mobile access, destination control, and voice interfaces.
• Urbanization and high-rise construction in emerging markets are driving demand for IoT-enhanced elevators that can scale with complex infrastructure and ensure performance reliability in high-traffic environments.

• The analyst highlights cybersecurity as a growing concern, with connected elevator systems potentially vulnerable to breaches that could compromise safety, privacy, or building operations if not properly secured.
• According to the analyst, retrofitting IoT solutions into older elevator systems presents integration and compatibility challenges, requiring costly hardware upgrades or middleware to enable connectivity.

IoT In Elevators Market Segmentation

By Component

• Hardware
• Software
• Services

By Application

• Preventive Maintenance
• Remote Monitoring
• Advanced Reporting
• Connectivity Management
• Other Applications

By End User

• Residential
• Commercial
• Industrial

Key Companies Analysed

• 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

IoT In Elevators Market Analytics

The report employs rigorous tools, including Porter’s Five Forces, value chain mapping, and scenario-based modeling, to assess supply-demand dynamics. Cross-sector influences from parent, derived, and substitute markets are evaluated to identify risks and opportunities. Trade and pricing analytics provide an up-to-date view of international flows, including leading exporters, importers, and regional price trends.

Macroeconomic indicators, policy frameworks such as carbon pricing and energy security strategies, and evolving consumer behavior are considered in forecasting scenarios. Recent deal flows, partnerships, and technology innovations are incorporated to assess their impact on future market performance.

IoT In Elevators Market Competitive Intelligence

The competitive landscape is mapped through proprietary frameworks, profiling leading companies with details on business models, product portfolios, financial performance, and strategic initiatives. Key developments such as mergers & acquisitions, technology collaborations, investment inflows, and regional expansions are analyzed for their competitive impact. The report also identifies emerging players and innovative startups contributing to market disruption.

Regional insights highlight the most promising investment destinations, regulatory landscapes, and evolving partnerships across energy and industrial corridors.

Countries Covered

• North America - IoT In Elevators market data and outlook to 2034
  • United States
  • Canada
  • Mexico
  
  
• Europe - IoT In Elevators market data and outlook to 2034
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • BeNeLux
  • Russia
  • Sweden
  
  
• Asia-Pacific - IoT In Elevators market data and outlook to 2034
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Malaysia
  • Vietnam
  
  
• Middle East and Africa - IoT In Elevators market data and outlook to 2034
  • Saudi Arabia
  • South Africa
  • Iran
  • UAE
  • Egypt
  
  
• South and Central America - IoT In Elevators market data and outlook to 2034
  • Brazil
  • Argentina
  • Chile
  • Peru

Research Methodology

This study combines primary inputs from industry experts across the IoT In Elevators value chain with secondary data from associations, government publications, trade databases, and company disclosures. Proprietary modeling techniques, including data triangulation, statistical correlation, and scenario planning, are applied to deliver reliable market sizing and forecasting.

Key Questions Addressed

• What is the current and forecast market size of the IoT In Elevators industry at global, regional, and country levels?
• Which types, applications, and technologies present the highest growth potential?
• How are supply chains adapting to geopolitical and economic shocks?
• What role do policy frameworks, trade flows, and sustainability targets play in shaping demand?
• Who are the leading players, and how are their strategies evolving in the face of global uncertainty?
• Which regional “hotspots” and customer segments will outpace the market, and what go-to-market and partnership models best support entry and expansion?
• Where are the most investable opportunities - across technology roadmaps, sustainability-linked innovation, and M&A - and what is the best segment to invest over the next 3-5 years?

Your Key Takeaways from the IoT In Elevators Market Report

• Global IoT In Elevators market size and growth projections (CAGR), 2024-2034
• Impact of Russia-Ukraine, Israel-Palestine, and Hamas conflicts on IoT In Elevators trade, costs, and supply chains
• IoT In Elevators market size, share, and outlook across 5 regions and 27 countries, 2023-2034
• IoT In Elevators market size, CAGR, and market share of key products, applications, and end-user verticals, 2023-2034
• Short- and long-term IoT In Elevators market trends, drivers, restraints, and opportunities
• Porter’s Five Forces analysis, technological developments, and IoT In Elevators supply chain analysis
• IoT In Elevators trade analysis, IoT In Elevators market price analysis, and IoT In Elevators supply/demand dynamics
• Profiles of 5 leading companies - overview, key strategies, financials, and products
• Latest IoT In Elevators market news and developments

Additional Support

With the purchase of this report, you will receive:

• An updated PDF report and an MS Excel data workbook containing all market tables and figures for easy analysis.
• 7-day post-sale analyst support for clarifications and in-scope supplementary data, ensuring the deliverable aligns precisely with your requirements.
• Complimentary report update to incorporate the latest available data and the impact of recent market developments.

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