IoT in Elevators, Growth, Opportunity, Forecast, Global Market Report 2025 to 2034

IoT in Elevators

What is the Historic and Forecasted Growth of the IoT in Elevators Market?
The IoT in elevators market size has shown significant growth in recent times. It was worth $27.56 billion in 2024 and is projected to reach $32.27 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 17.1%. This growth can be attributed to factors such as changing work trends and building access, the integration of smart cities, data-driven decision-making, and energy efficiency requirements.

The market size is set to witness further growth, expected to reach $60.94 billion by 2029 at a CAGR of 17.2%. The primary growth drivers during this period include increasing smart building initiatives, demand for remote monitoring and predictive maintenance, urbanization, and enhanced decision-making capabilities using data.

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What are The Key Drivers for The IoT in Elevators Market?
The growth of the IoT in elevator market is largely driven by increasing government efforts towards the creation of smart cities. The integration of IoT-enabled elevators in smart city development provides valuable real-time data that service technicians use to remotely check equipment health and identify issues before they escalate. According to a report by The Indian Brand Equity Foundation, India’s Smart Cities Mission had received INR 6,450 crores ($868 million) in the Union Budget 2021–22.

Which Are the Major Market Segments Within the Global IoT In Elevators Market?
– By Component: Hardware, Software, Services
– By Application: Preventive Maintenance, Remote Monitoring, Advanced Reporting, Connectivity Management, Other Applications
– By End User: Residential, Commercial, Industrial

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Who Are the Key Companies Operating in The IoT in Elevators Market?
Major players in this arena include Hyundai Elevator Co. Ltd., KONE Corporation, Otis Worldwide Corporation, Schindler Holding Ltd., Mitsubishi Electric Corporation, and Toshiba Elevator and Building Systems Corporation, among others.

What are The Emergent Trends in The IoT In Elevators Market?
Innovative technology solutions are a significant trend in the IoT in elevators market. Johnson Lifts, for example, launched an IoT-based feature named WATCH. This feature connects the elevators to the data center via the elevator’s IoT device, ensuring round-the-clock monitoring and predictive maintenance.

Which Region Holds The Domination and Shows Fastest Growth in The IoT In Elevators Market?
In 2024, North America had the largest share of the IoT in elevators market. However, the Asia-Pacific region is predicted to be the fastest-growing market in the future.

What Does The IoT In Elevators Market Report 2025 Offer?
IoT in elevators refers to the utilization of internet of things (IoT) technology for monitoring operational conditions in elevators by gathering large volumes of data. Its fundamental purpose is to streamline operations. The IoT in Elevators Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.

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