2025 Market Reports Update: Forecasts Through 2034, Emerging Trends, Key Players, and Leading Regions – Stay Ahead of the Competition Today!
The iot in elevators by The Business Research Company provides a comprehensive analysis of the industry, covering market size forecasts from 2025 to 2034. The report explores key trends shaping the market, major growth drivers, and detailed segmentation based on [key segment categories]. It also highlights the competitive landscape, profiling major companies operating in the industry.
What Historical Growth Trends Have Shaped the IoT in Elevators Market Size?
In recent times, the market size for IoT in elevators has seen a quick expansion. The growth is anticipated to increase from $27.56 billion in 2024 to $32.27 billion in 2025, with a compound annual growth rate (CAGR) of 17.1%. The significant surge during the historic period is due to factors such as evolving workplace trends and building access, the incorporation into smart cities, data-focused decision-making, improved customer interaction, and mandates for energy efficiency.
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What Is the Global Market Value of the IoT in Elevators Industry?
The market size for IoT in elevators is forecasted to expand rapidly over the next few years. The value is estimated to reach $60.94 billion by 2029, growing at a Compound Annual Growth Rate (CAGR) of 17.2%. The projected growth in this timeframe is due to several factors including an increase in smart building projects, demands for remote monitoring and predictive maintenance, urbanization, flexible work arrangements, and the ability to make decisions based on data. Key trends expected during the forecast period include forming strategic partnerships, remote monitoring and upkeep, improved safety and security measures, energy efficiency and sustainability, along with predictive analytics and maintenance.
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Which Growth Factors Are Propelling Growth In The IoT in Elevators Market?
The proliferation of smart city initiatives supported by governments is predicted to spur the evolution of the IoT in the elevator market. The term "smart city" describes urban areas that utilize information and communication technology (ICT) for improving operational efficiency, disseminating information to its citizens, and boosting residents' welfare. In such digitally-savvy cities, IoT-powered elevators provide a ceaseless flow of real-time information, enabling technicians to remotely monitor the condition of the equipment and detect potential problems before they escalate. The information derived from these elevators is leveraged by smart cities to advance their infrastructure, public utilities, and services among other things. To exemplify, as per an account divulged by The Indian Brand Equity Foundation (IBEF), an Indian trust initiated by the Department of Commerce, Ministry of Commerce and Industry, the Smart Cities Mission in India witnessed an increment to INR. 6, 450 crores ($868 million) in the 2021–22 Union Budget from INR. 3, 400 crores ($457 million) in FY21 as per the revised estimates. As of the end of March 2021, the total budgeted investments allotted for the Smart City Mission amounted to INR 205, 018 crores (US$ 27.60 billion). Hence, the escalation in government-backed initiatives for the development of smart cities is catalyzing the expansion of the IoT in the elevator market.
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Which Major Firms Are Dominating the IoT in Elevators Market Across Regions?
Major companies operating in the IoT in elevators market are 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
Which IoT in Elevators Segments Are Seeing Increased Adoption Across Sectors?
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
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What Key Trends Are Anticipated to Propel Demand in the IoT in Elevators Market?
Technological advancements have emerged as a key trend gaining popularity in the IoT in elevators market. Major companies operating in the IoT in elevators market are focused on innovating new technologies to sustain their position in the market. For instance, in September 2022, Johnson Lifts, an India-based manufacturer of lifts and escalators, launched an IoT-based technological feature in its lifts named WATCH. This WATCH, which stands for Wireless Assessment to Troubleshoot Channelize & Host, carries out a number of tasks by connecting the elevators to the data center via the elevator's IoT device. Customers may get immediate support when they need it since it senses, monitors, and informs technicians in real-time. The IoT WATCH function continuously improves lift performance while anticipating potential defects and monitoring lift behavior and condition.
What Are the Emerging Regional Hubs for IoT in Elevators Market Innovation?
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.
Key Questions Addressed In This Report:
1.What is the revenue and growth projection for the iot in elevators market?
2.What factors are driving iot in elevators market growth, globally?
3.Which segment accounted for the largest iot in elevators market share?
4.Who are the top companies operating in the iot in elevators market?
5.Which region is projected to witness the fastest growth during the forecast period?
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