IoT in Elevators Market Size & Share, By Application (Remote Monitoring, Preventive Maintenance, Connectivity Management, Advanced Reporting), Component (Software, Hardware, Services), End user (Commercial, Residential, Industrial) - Growth Trends, Regional Insights (U.S., Japan, South Korea, UK, Germany), Competitive Positioning, Global Forecast Report 2025-2034

Perspectives du marché:

IoT in Elevators Market size is forecast to grow from USD 27.59 billion to USD 120.67 billion between 2025 and 2034, marking a CAGR of more than 15.9%. The expected industry revenue in 2025 is USD 31.1 billion.

• Base Year Value (2024): USD 27.59 billion
• CAGR (2025-2034): 15.9%
• Forecast Year Value (2034): USD 120.67 billion
• Historical Data Period: 2019-2024
• Largest Region: Asia Pacific
• Forecast Period: 2025-2034

Dynamique du marché:

Growth Drivers & Opportunities:

The Internet of Things (IoT) in elevators is gaining traction due to several pivotal growth drivers and opportunities. One of the notable factors is the increasing focus on smart city initiatives, where the integration of IoT technology is seen as essential in enhancing urban infrastructure. Elevators equipped with IoT sensors provide real-time data on performance and usage, enabling predictive maintenance that not only improves operational efficiency but also enhances passenger safety. Furthermore, the shift towards energy-efficient solutions is driving the adoption of IoT-enabled elevators. These systems allow for better energy management and optimization, aligning with sustainability goals prevalent across many industries.

Another significant growth driver is the rising demand for modernized, user-friendly experiences in commercial and residential buildings. IoT technology can facilitate features such as smartphone app integration, allowing users to call and control elevators seamlessly. This convenience is particularly appealing in high-traffic areas, making buildings more attractive to tenants and visitors. Additionally, the expansion of vertical transportation in emerging markets is creating a wealth of opportunities for IoT integration in new elevator systems. This trend can be attributed to urbanization, which necessitates the construction of high-rise structures, thereby increasing the potential for IoT implementation.

Report Scope

Report Coverage	Details
Segments Covered	Application, Component, End user
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	Schindler, Otis, KONE, Thyssenkrupp, Mitsubishi Electric, Hyundai Elevator, Fujitec, Toshiba, Hitachi, Siemens

Industry Restraints:

Despite its promising prospects, the IoT in elevators market faces several industry restraints that could hinder growth. One significant challenge is the high initial cost of implementing IoT technology in existing elevator systems. Many building owners may be hesitant to invest in retrofitting older units, particularly when budgets are constrained or the return on investment is uncertain. Security concerns also pose a considerable barrier, as the interconnectivity of IoT devices can make these systems vulnerable to cyberattacks. The fear of data breaches and unauthorized access to sensitive information may discourage the adoption of IoT solutions, particularly in commercial environments where security protocols are paramount.

Moreover, the lack of standardized protocols and interoperability among various IoT systems can complicate integration efforts. Without a cohesive framework for different technologies to work together, stakeholders may experience difficulties in achieving the desired efficiencies and functionalities. Lastly, the ongoing talent shortage in the technology and engineering sectors limited by the fast pace of innovation may impede progress. The need for skilled personnel capable of developing, managing, and securing these IoT systems remains a critical obstacle that the industry must address to fully realize its potential.

Prévisions régionales:

North America

The North American IoT in Elevators Market is driven predominantly by the United States, which is characterized by significant investments in smart building technologies and a strong presence of leading elevator manufacturers. The focus on enhancing building efficiency and safety through advanced connectivity solutions has garnered attention from both commercial and residential sectors. Canada, while smaller in market size, is also making strides through urbanization and the adoption of modern infrastructure, contributing to a growing demand for IoT-enabled elevators. As regulations increasingly prioritize energy efficiency and building automation, North America is expected to maintain a robust growth trajectory in the IoT elevator space.

Asia Pacific

Asia Pacific is poised to exhibit remarkable growth in the IoT in Elevators Market, with China emerging as a major player due to its rapid urbanization and investment in smart city initiatives. The demand for advanced elevator systems that integrate IoT technologies is surging in urban areas, where building density is increasing. Japan and South Korea are also significant contributors, focusing on enhancing operational efficiency and user experience through cutting-edge technology. These countries are known for their advanced infrastructure and technological innovations, enabling them to introduce smart elevator solutions that align with urban development goals. Consequently, the Asia Pacific region is likely to witness one of the fastest growth rates in this market.

Europe

In Europe, the IoT in Elevators Market is driven by initiatives to improve sustainability and energy efficiency across various nations. Germany, as one of the largest markets in Europe, leads in the adoption of smart building technologies, underpinned by stringent regulations surrounding energy consumption in commercial buildings. The United Kingdom exhibits a growing trend toward retrofitting existing elevators with IoT capabilities, enhancing performance and safety. France is also seeing an uptick in IoT elevator solutions as urban renewal and smart city projects gain momentum. The collective efforts of these countries toward modernization and sustainability promise considerable growth opportunities in the European IoT elevator sector.

Analyse de segmentation:

In terms of segmentation, the global IoT in Elevators market is analyzed on the basis of Application, Component, End user.

Application Segment

The application segment of the IoT in elevators market encompasses various functionalities such as predictive maintenance, remote monitoring, and smart building integration. Among these, predictive maintenance is expected to exhibit the largest market size, driven by the increasing demand for reducing operational downtime and lowering maintenance costs. As building owners and facility managers seek to enhance the longevity of their elevator systems, they are leaning towards IoT solutions that leverage data analytics to foresee potential failures before they occur. Additionally, remote monitoring is gaining traction, particularly in smart city initiatives, where real-time data can enhance user experience and operational efficiency.

Component Segment

The component segment includes hardware, software, and services that enable the IoT functionalities in elevators. Hardware, consisting of sensors, controllers, and communication modules, is anticipated to grow at a faster rate due to advancements in sensor technology and decreasing costs of IoT devices. The integration of sophisticated sensors allows for better data collection and analysis, which is crucial for services like predictive maintenance. Conversely, the software component, including cloud platforms and analytics tools, is also set to see significant growth, especially as more companies seek to harness big data for improved decision-making.

End User Segment

The end user segment is classified into residential, commercial, and industrial sectors, each with distinct requirements for IoT-enabled elevator systems. The commercial sector is projected to capture the largest market share due to the high demand for smart building technologies in office spaces, shopping malls, and hotels. Businesses are increasingly prioritizing the enhancement of customer experience and operational efficiency through IoT solutions. On the other hand, the residential sector is expected to witness the fastest growth as more individuals value convenience and connectivity in their living spaces, pushing for the adoption of smart elevators in high-rise residential buildings.

Paysage concurrentiel:

The competitive landscape in the IoT in Elevators Market is characterized by rapid technological advancements and increasing focus on smart building solutions. Companies are leveraging IoT technology to enhance elevator systems' efficiency, predictive maintenance, and real-time monitoring capabilities. This sector is witnessing significant investments from both established players and startups, driving innovation and expanding product offerings. Key trends include the integration of machine learning with IoT systems to improve user experience and minimize downtime. The landscape is further intensified by partnerships and collaborations aimed at developing comprehensive smart building ecosystems.

Top Market Players

1. Otis Elevator Company

2. Schindler Group

3. Thyssenkrupp AG

4. KONE Corporation

5. Siemens AG

6. Mitsubishi Electric Corporation

7. Hitachi Ltd.

8. Fujitec Co. Ltd.

9. Hyundai Elevator Co. Ltd.

10. Toshiba Elevator and Building Systems Corporation