IoT in Elevators Market
Report ID: SQMIG45D2169
Report ID: SQMIG45D2169
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Report ID:
SQMIG45D2169 |
Region:
Global |
Published Date: December, 2025
Pages:
195
|Tables:
91
|Figures:
69
Global IoT In Elevators Market size was valued at USD 33.74 Billion in 2024 and is poised to grow from USD 37.82 Billion in 2025 to USD 94.32 Billion by 2033, growing at a CAGR of 12.1% during the forecast period (2026–2033).
Smart city and infrastructure modernization projects create the need for connected, energy-efficient, and secure building systems, thereby fostering the IoT in the elevators market growth. Big data analytics will enhance IoT-enabled elevators toward safety, low energy expense, and predictive maintenance. In 2024, Hitachi entered a partnership with Guangzhou Metro in China for supply of IoT-powered elevators with programs for mobile reservation and Bluetooth-based access to improve passenger flow, thereby cutting on traffic and wait times.
In addition, KONE launched its DX Class elevator with complete IoT solutions in India, targeting contactless user-centric mobility solutions within public and workplace environments, enabling smartphone operation, and enabling the use of predictive analytics via AI maintenance. All of these instances also represent innovations where IoT is solving real-world issues such as crowd management, operational efficiencies, and hygiene in vertical transit systems within new urban developments.
How is AI-Powered Predictive Maintenance Transforming Elevator Operations?
A major technological development disrupting the IoT in elevators market outlook is the arrival of AI-enabled predictive maintenance solutions. These solutions predict potential faults, optimize energy consumption, and minimize downtime based on sensor analytics. As an example, Otis has its Otis ONE IoT platform, which includes AI and cloud analytics, and is available in Europe in 2024, ensuring it can predict faults prior to operations being interrupted. Schindler has its PORT Technology that, with its IoT-enabled predictive maintenance capabilities, has calibrated itself to the demands of a high-rise building in Singapore in 2025. This technology would allow for greater reliability, efficiency, and less potential operating costs for the building manager while there is a demand from the owners of buildings for smarter buildings that are environmentally friendly and safe given today's infrastructure initiatives.
Market snapshot - 2026-2033
Global Market Size
USD 30.1 billion
Largest Segment
Software
Fastest Growth
Services
Growth Rate
12.1% CAGR
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Global IoT In Elevators Market is segmented by Component, Application, End Users and region. Based on Component, the market is segmented into Software, Hardware and Services. Based on Application, the market is segmented into Connectivity Management, Advanced Reporting, Remote Monitoring and Preventive Maintenance. Based on End Users, the market is segmented into Industrial, Commercial and Residential. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
How are Advanced Software Platforms Driving Smart Elevator Performance?
As per the 2024 IoT in elevators market analysis, the software segment has the largest share of the market since software is the basis for smart analytics, communication, and control. Moreover in 2024, Mitsubishi Electric in Japan enhanced its MELFA Internet of Things (IoT) system with AI-enhanced control software to facilitate automatic traffic flow management in high-rise buildings. In 2025, Hyundai Elevator in South Korea was able to use AI driven software to reduce passenger wait times in larger residential complexes. It is clear that software plays a vital role in improving user performance and convenience.
The services segment is anticipated to have the highest IoT in elevators market share. In 2024, TK Elevator released subscription type based IoT in Germany with custom service thereafter for commercial buildings. In 2025, Fujitec in India offered IoT based service contracts on new metro lines for guaranteed availability with minimized downtime. Dependence on the collected data is increasing for potential service provider assistance with proactive management and outsourced predictive maintenance.
How does Preventive Maintenance Enhance Reliability and Safety in Elevators?
As per the 2024 IoT in elevators market forecast, preventive maintenance is the most popular usage because operators value reliability and safety. In 2024, Schindler integrated predictive maintenance into Dubai's new commercial towers to help avoid costly disruptions in heavily trafficked situations. In 2025, Hyundai Elevator improved uptime rates by integrating IoT-enabled maintenance into their smart cities programs in South Korea. In fact, preventive maintenance will continue to be the most popular application, because elevator systems need to remain operational in cities.
Remote monitoring is the fastest-growing segment, primarily for the need for real-time monitoring of elevator operation. In 2024, Mitsubishi Electric integrated cloud-based remote monitoring into its rapid Shinjuku towers in Tokyo, giving building managers a real time view of system changes. By 2025, Otis had installed its remote monitoring system in hospitals in Canada to better facilitate patient transfer. Smart infrastructure is accelerating IoT in elevators industry trends within the industry.
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What Role do Infrastructure Modernization Projects Play in the North American IoT in Elevators Market Growth?
As per the IoT in elevators market regional analysis, North America is in the lead position in the market, as it is far ahead in adopting smart building technology and committing to sustainability. In 2024, Otis installed AI-enabled IoT elevators into their Hudson Yards project in New York to save energy and implement predictive maintenance. Canada is also encouraging elevator modernization to drive IoT adoption in residential and commercial towers - a priority under its "Green Building Strategy 2025". They will be building on their existing infrastructure and current building codes.
U.S. IoT in Elevators Market
The United States is ahead of the curve in creating regional prosperity with strong investments in modernization and smart city development. For example, Uptime in Chicago high-rises is projected to reduce by 35% by 2025 due to KONE's 24/7 Connected Services. Increases in IoT elevators have been adopted at a rapid pace due to uncovered government funding for infrastructure improvement projects, including upgrading federal buildings and transit hubs. The increased use of AI and IoT systems for predictive maintenance and the improved passenger experience is pushing the U.S. market even further.
Canada IoT in Elevators Market
Energy-efficiency regulations and expanding urban infrastructure in Canada are driving an increase in the use of IoT in elevators. Schindler's Internet of Things-enabled elevators were used in Toronto's "Smart Condo Initiative" in 2024 to improve traffic flow and resident safety. Growth is supported by the country’s emphasis on regulations around sustainable buildings and the retrofitting of older buildings using digital technology. The acceleration of the Internet of Things in housing and commercial developments is attributed to the growth of high-rise buildings in cities such as Vancouver and Montreal.
What Is the Impact of Megaprojects and Smart Cities in Asia-Pacific?
The IoT in elevators industry is experiencing rapid growth in the Asia-Pacific region due to smart city investment, megaprojects, and urbanization. For instance, in 2024, as a part of the Shenzhen Smart City initiative, Hitachi introduced IoT elevators with AI-based crowd control in China as part of a shift to more effective transit. A leading example of innovation at a regional level is the robotics connected hospital elevator systems being developed in Japan. With record breaking skyscraper construction in India, IoT elevators are fast becoming an expected part of new construction. The growth of public investment and the expansion of constructed private real estate all constrain area development.
China IoT in Elevators Market
China is a worldwide leader in IoT elevators, given the pace of urbanization and supportive government intelligent city policies. Otis announced a collaboration in Shanghai in 2025 to install Internet of Things (IoT)-enabled elevators with real-time monitoring in residential densities and urban industry. IoT integration in urban buildings is also a part of the "New Infrastructure Plan" that encourages adoption. China will be a substantial contributor to the Asia-Pacific, as it is fast-tracking its real estate market and massive urbanization.
Japan IoT in Elevators Market
Japan is leading the way with forward-thinking IoT - smart elevator protocols when integrating robots and Artificial Intelligence. In 2024, Mitsubishi Electric installed IoT elevators in Tokyo hospitals, allowing autonomous robots to deliver items across floors. This innovation will help minimize the amount of manual labor involved, improving efficiencies in the medical sector. Japan is a leader in this next-generation elevator technology due to the country's focus on more smart infrastructure for an aging community, driving the stronger deployment of IoT devices in housing and in health-related space.
What Role Do EU Regulations Play in Driving IoT Elevator Adoption?
Since then, prompted by smart city initiatives and environmental regulations, elevator usage with IoT has continually increased. The EU's new energy regulations, effective in 2024 in Germany, allowed for the updating of elevators to monitoring platforms driven by the Internet of Things. Two good examples of connected elevators surfaced from the intention to provide better public housing and urban mobility in the "Paris Smart City 2025" program in France, and in the UK by installing connected elevators into existing public, commercial, and residential buildings to upgrade transit nodes and accessibility.
UK IoT in Elevators Market
Through investments in smart cities, the UK is concentrating on modernization and accessibility. Schindler's IoT elevators, which were installed in London's Canary Wharf in 2025, offer remote monitoring capabilities to minimize service disruptions. Another factor propelling the adoption of IoT is government spending on modernizing public transportation hubs and commercial buildings. The UK is a crucial market due to the increasing demand for connected elevator solutions in residential complexes and office towers.
Germany IoT in Elevators Market
Germany is the foremost country in launching the construction IoT industrial platform with an eye towards both safety and energy efficiency. Thyssenkrupp employed predictive analytics to boost prima facie uptime with the MAX IoT elevator system installed in Munich towers within high-rise business districts in 2025. The retrofit of existing elevators with IoT-enabled systems has accelerated due to government regulations requiring energy-efficient buildings. Germany is a major European IoT in elevators sector for smart elevators due to its sophisticated building sector and stringent compliance regulations.
France IoT in Elevators Market
To promote sustainability and smart building initiatives, France is rolling out IoT elevators. In 2024, Paris installed IoT elevators in urban housing as part of its "Eco-Quartier" program, focusing on high energy efficiency for predictability and proactive maintenance. Developers of residential real estate utilizing connected technology are becoming increasingly more while working on green building codes. In addition, government-subsidized existing housing retrofitting programs guaranteeing IoT elevators for new buildings and existing buildings are now fueled by IoT elevators.
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IoT in Elevators Market Drivers
Rising Interest in Initiatives Toward Smart City
Growing Interest in Energy-Saving Technologies
IoT in Elevators Market Restraints
High Upfront Installation Costs
Privacy and Cybersecurity Issues
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In the challenging IoT in elevators market, companies are concentrating on energy efficiency, mobile integration, and AI predictive maintenance capabilities. Companies like Otis, KONE, Schindler and Thyssenkrupp are using partnerships with IoT solution providers to further their capabilities. These approaches include expanding service offerings, improving mobile access, and building smart platforms to obtain large smart city contracts, and solidifying existing and emerging markets.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, urbanization, smart city initiatives, and energy conservation systems are driving the rapid growth of the IoT in elevators market. The advances in technology such as mobile-enabled elevator access and AI-driven predictive maintenance are making sure not only the safety and reliability of the industry but also the comfort of the customer reaches a fast-moving stage. The big companies have teamed up with startups to innovate on the traditional problems of expensive startups and cybersecurity. North America had the maximum acceptance but has now been put behind growth with Asia Pacific emerging with huge infrastructure developments. Integration of AI, big data, and IoT-enabled energy efficiency will mark the future of smart elevators, securing a steady path for market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2024 | USD 33.74 Billion |
| Market size value in 2033 | USD 94.32 Billion |
| Growth Rate | 12.1% |
| Base year | 2024 |
| Forecast period | 2026-2033 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the IoT in Elevators Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the IoT in Elevators Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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