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IoT in Elevators Market Value Analysis: What Growth Is Expected Over The Forecast Period?
The iot in elevators market size has observed rapid expansion in recent years. This market is projected to grow from $32.13 billion in 2025 to $37.77 billion in 2026, with a compound annual growth rate (CAGR) of 17.5%. The historical growth can be attributed to several factors, including the increase in urban high-rise construction, the enlargement of commercial building infrastructure, a rise in elevator installations, the adoption of automated control systems, and an escalating demand for operational uptime.
The iot in elevators market size is projected to experience substantial expansion over the upcoming years. This market is anticipated to reach $69.58 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 16.5%. Factors contributing to this growth during the forecast period include greater investments in smart city infrastructure, the rising embrace of AI-based fault detection, the expansion of cloud-connected elevator networks, an increasing emphasis on energy-efficient elevators, and a heightened demand for remote diagnostics. Key trends projected for the forecast period encompass the increasing deployment of predictive elevator maintenance solutions, a surge in the adoption of remote monitoring platforms, the growing integration of smart building systems, an expansion of real-time performance analytics, and an enhanced focus on passenger safety and reliability.
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IoT in Elevators Market Expansion Drivers: What Is Shaping Future Growth?
Strict regulations concerning building safety are anticipated to boost the growth of the IoT in elevators market moving forward. These demanding guidelines enforce high standards, frequently implemented to protect public health, safety, or the environment, requiring adherence to ensure occupant safety and prevent incidents. Integrating IoT into elevators aligns with these requirements by offering real-time monitoring, predictive maintenance, and data-driven insights, which enhances overall elevator safety, addresses emergency response needs, and facilitates compliance reporting. For example, in October 2023, the European Commission, a governing body of the European union, announced that the European Union (EU) is enacting a new law making Building Automation Control Systems (BACS) mandatory for all new tertiary buildings by 2025. This means that all new commercial, institutional, and residential buildings with a floor area of more than 1,000 square meters will be obligated to install a BACS. Consequently, the stringent regulations associated with building safety are driving the expansion of the IoT in elevators market.
IoT in Elevators Market Segment Outlook: Which Categories Are Expanding The Fastest?
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
IoT in Elevators Market Strategic Trends: What Is Defining The Next Phase Of Growth?
Leading firms active in the IoT in elevators market are concentrating on creating interconnected, sensor-equipped elevator platforms and diverse services, including real-time monitoring, proactive maintenance, digital experiences within cabs, remote diagnostic capabilities, and API integrations with smart-building ecosystems. This endeavor aims to enhance safety, elevate equipment uptime, decrease service durations, and facilitate operational decisions guided by data. Real-time monitoring entails the ongoing observation and examination of systems or processes while events unfold, providing instant understanding and enabling swift choices. An illustration of this came in June 2023, when Otis Worldwide Corp., a US-based elevator and escalator firm, introduced the Gen3 Core elevator. This digitally connected model is designed for low-rise buildings (two-to-six-story), incorporates certified design and flat-belt technology, and is outfitted with the Otis ONE IoT platform. It supports Otis eView screens inside the cabin, provides API integration for tenant and smart-building systems, and expands Otis’s abilities for predictive and remote maintenance, ultimately increasing elevator uptime and enhancing service efficiency.
IoT in Elevators Market Key Companies And Competitive Benchmarking
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.
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IoT in Elevators Market Regional Distribution: Which Areas Drive Market Expansion?
North America was the largest region in the IoT in elevators market in 2025. 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, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Wasay has over a decade of experience in market research, data modelling, and analytics, with prior experience at GlobalData and Decision Tree Consulting Services. At The Business Research Company , he leads research operations across syndicated studies, customized consulting engagements, and the Global Market Model platform. His professional experience includes supporting organizations such as Boston Consulting Group, KPMG, and Ernst & Young. Wasay holds a degree in Electronics and Communications Engineering, postgraduate management qualifications from International Management Institute Belgium and Indian School of Business and Entrepreneurship, and completed the Integrated Program in Business Analytics from Indian Institute of Management Indore.