Strong Growth Ahead: IoT in Elevators Market Size To Grow At Arecord 17.2% Cagr By 2029

The IoT in Elevators Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

How Big Is the IoT in Elevators Market Size Expected to Be by 2034?
In recent years, the market size for IoT in elevators has seen significant growth. The market is projected to increase from $27.56 billion in 2024 to $32.27 billion in 2025, boasting a compound annual growth rate (CAGR) of 17.1%. The impressive growth during the historical period can be credited to trends in work patterns and building accessibility, integration into smart cities, data-oriented decision-making processes, an improved user experience, and stringent energy efficiency standards.

The market size of IoT in elevators is projected to experience significant expansion in the upcoming years, reaching $60.94 billion by 2029, with a compound annual growth rate (CAGR) of 17.2%. The increase during the prediction period can be ascribed to factors such as the surge in smart building programs, demand for remote supervision and anticipatory maintenance, evolving work trends, urbanization, and data-driven decision-making abilities. Key trends expected during the forecast timeline encompass strategic collaborations, remote monitoring and upkeep, advanced safety and security measures, focus on energy effectiveness and sustainability, and predictive analysis and maintenance.

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What Are the Emerging Segments Within the IoT in Elevators Market?
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 Long-Term Drivers Are Shaping IoT in Elevators Market Trends?
Government efforts to develop smart cities are anticipated to boost the IoT in the elevator market's expansion in the coming years. Smart cities utilize information and communication technology (ICT) to improve their functioning, provide public information, and assist their residents. These cities employ IoT-enabled elevators to gather an ongoing flow of real-time data, enabling technicians to remotely monitor the health of the system and detect problems before they become severe. This data is then utilized to improve the city infrastructure, public services, and utilities. For instance, a report by The Indian Brand Equity Foundation (IBEF), a trust set up by the Indian Department of Commerce, Ministry of Commerce and Industry, indicated that India's Smart Cities Mission received an increase in funding in the Union Budget 2021-22 of INR. 6, 450 crores ($868 million), up from INR. 3, 400 crores ($457 million) in FY21. As of March 2021, the total investment allocated for the Smart City Mission stood at INR 205, 018 crores (US$ 27.60 billion). Thus, the rise in government initiatives aimed at developing smart cities is promoting expansion in the IoT in the elevator market.

Who Are the Top Competitors in Key IoT in Elevators Market Segments?
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

What IoT in Elevators Market Trends Are Gaining Traction Across Different Segments?
The rise of technological advancements has become a prominent trend in the IoT in elevators market. Many major companies in this market are focusing on developing new technologies as a way of maintaining their market position. For example, in September 2022, Johnson Lifts, an Indian lifts and escalators manufacturer, introduced an IoT-based technology feature called WATCH in its elevators. WATCH, an acronym for Wireless Assessment to Troubleshoot Channelize & Host, connects the elevators to the data center through the elevator's IoT device and supports a variety of functions. This facilitates prompt support for customers, as it detects, monitors and alerts technicians in real time. The IoT WATCH function consistently enhances lift performance by foreseeing potential issues while also monitoring the condition and behavior of the lift.

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Which Regions Are Becoming 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.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the IoT in Elevators Market?
2. What is the CAGR expected in the IoT in Elevators Market?
3. What Are the Key Innovations Transforming the IoT in Elevators Industry?
4. Which Region Is Leading the IoT in Elevators Market?

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