Press release
IoT in Elevators Market Revolutionizing Vertical Transport to Hit US$ 97.53 Billion
According to a revised study report by Fact.MR, the size of the worldwide IoT in elevator market is projected to reach US$ 33.13 billion in 2024. By the end of 2034, the market is expected to generate US$ 97.53 billion in revenue, growing at an impressive CAGR of 11.4%.The rise in creative building and smart city initiatives may be ascribed to the increased focus on creating and updating infrastructure, which is driving up the need for Internet of Things (IoT) in elevators. The IoT industry is always evolving because more and more secure and energy-efficient technologies are required. Elevator predictive maintenance and huge data stream management are made possible by IoT-powered devices.
Download a Sample Copy Of Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=7278
The company's IoT (Internet of Things) technology powers elevator reservation systems and allows for centralized control of cameras, elevators, Bluetooth, and several other subsystem links. Smartphones with Bluetooth capabilities, WeChat Mini Programs, and mobile applications may all be used to access these systems. These smart elevators provide solutions for problems like excessive wait times and illegal functionality. They also lessen the possibility of coming into direct touch with elevators.
An increasing number of builders are using smart vertical transportation facilities for residents in buildings as a result of growing consumer expenditure on smart living and cutting-edge home amenities.
Key Companies Profiled:
Mitsubishi Electric Corporation
Company Profiles
Toshiba Elevators
Electra Ltd.
ThyssenKrupp AG.
Fujitec Co., Ltd.
Telefonica S.A.
Hitachi, Ltd.
Schindler Group
Hyundai Elevator Co. Ltd.
Otis Elevator Company
KONE Corporation.
Increasing Need for Elevator Systems with Intelligent Technology Features
Cities are changing significantly as a result of economic growth and infrastructural construction. The market for IoT in elevators is rising as a result of expanding initiatives for creating smart cities, enhancing safety features, monitoring odd activity in real time, and enhancing IoT capabilities. Furthermore, IoT is one such solution that more businesses are starting to rely significantly on for smart facilities that secure property from threats both internal and external.
Increased funding for urban development initiatives, especially in developing nations like India, is expanding the potential applications of Internet of Things in elevators. Positive effects on market dynamics are also being seen from the growing desire for predictive monitoring of elevators.
High Initial and Continuing Costs Precluding IoT-Enabled Elevator Adoption
Installing Internet of Things in elevators requires a substantial upfront cost. Furthermore, the installation of these systems is restricted in some places, especially residential, due to the greater maintenance costs. Installing IoT-enabled and linked elevators requires a significant financial outlay that covers maintenance, equipment expenditures, and service fees.
The total cost of the system is additionally increased by the costs of internet access and power. As a result, a number of smaller builders are becoming less interested in elevator IoT solutions.
Emphasize the incorporation of artificial intelligence and machine learning into elevator technologies.
More intelligent solutions for virtually maintaining and operating elevators are being developed as a consequence of new market participants' active investments in technical breakthroughs and use of machine learning and artificial intelligence in elevator technology. Novel IoT solutions are emerging as a result of the increasing need for smart elevators.
Read More: https://www.factmr.com/report/iot-in-elevators-market
Competitive Landscape
To get a competitive edge, major competitors in the elevator IoT market are launching new products, collaborating with others, partnering, and making acquisitions, among other moves.
As an example:
September 2023 saw the introduction of MAX predictive maintenance solutions from ThyssenKrupp AG. It analyzes data from elevator sensors using AI and machine learning to spot any issues before they become serious.
Segmentation of IoT in Elevator Market Research
• By Component :
o Hardware
o Software
On-premise
Cloud
o Services
Designing & Engineering
Installation
Refurbishing
Maintenance & Repair
Managed Services
• By Application :
o Preventive Maintenance
o Remote Monitoring
o Advanced Reporting
o Connectivity Management
o Others
• By End User :
o Residential
o Commercial
o Industrial
• By Region :
o North America
o Latin America
o Western Europe
o Eastern Europe
o East Asia
o South Asia & Pacific
o MEA
As urbanization accelerates and smart building initiatives gain momentum, the demand for IoT-enabled elevators is expected to rise significantly. These advancements are not only transforming traditional elevator operations but also paving the way for innovative solutions that address the evolving needs of modern infrastructure. The forecasted growth underscores the pivotal role of IoT in revolutionizing vertical transportation, making it more intelligent, responsive, and sustainable.
Contact:
US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583, +353-1-4434-232
Email: sales@factmr.com
About Fact.MR
We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client's satisfaction.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release IoT in Elevators Market Revolutionizing Vertical Transport to Hit US$ 97.53 Billion here
News-ID: 3584647 • Views: …
More Releases from Fact.MR

Fine Blanking Tools Market Projected to Reach USD 1.43 Billion by 2035 | U.S. CA …
The global Fine Blanking Tools Market is set for steady growth over the next decade, driven by rising demand for high-precision components, ongoing industrial automation, and surging requirements from automotive, electronics, and aerospace sectors. According to a recent forecast, the market is expected to grow from approximately USD 948.1 million in 2025 to USD 1,430.6 million by 2035, at a compound annual growth rate (CAGR) of about 4.2 % between…

Benzodiazepine Drugs Market is Expanding USD 5.4 billion by 2035 | Pfizer Inc.; …
The global benzodiazepine drugs market is projected to expand in the coming decade, driven by growing incidence of anxiety, insomnia, alcohol-withdrawal disorders, and advances in pharmaceutical formulations. According to a recent Fact.MR report, the market was valued at approximately USD 2.35 billion in 2022, and is expected to grow at a compound annual growth rate (CAGR) of 2.8% to reach USD 3.1 billion by 2032.
Market Drivers & Outlook
The demand for…

Ultrasound Systems Market to Surge to Nearly USD 20 Billion by 2035, Led by Adva …
The global Ultrasound Systems Market is on a strong growth trajectory, projected to rise from USD 10.8 billion in 2025 to approximately USD 19.7 billion by 2035, expanding at a CAGR of 6.2% during the forecast period. This growth is fueled by the rising demand for non-invasive diagnostic imaging, the increasing prevalence of chronic diseases, expanding healthcare infrastructure, and continuous technological innovations such as AI integration and portable imaging systems.
Key…

Surgical Staplers Market Is Forecasted To Reach USD 6.0 Billion In 2025 | Ethico …
The global Surgical Staplers Market is forecast to show strong growth over the next decade, nearly doubling in value as demand surges for efficient, reliable wound closure in advanced surgical procedures. According to the latest Fact.MR Surgical Staplers Market Size & Share Forecast Outlook 2025-2035 report, the market is expected to grow from USD 6.0 billion in 2025 to USD 12.5 billion by 2035, at a compound annual growth rate…
More Releases for IoT
2025 IoT Solutions World Congress Highlights IoT Innovations
Barcelona, Spain - The 2025 IoT Solutions World Congress, held May 13-15 in Barcelona, concluded successfully, reinforcing its role as a leading platform for IoT advancements. The event attracted global industry leaders to explore technologies like Industrial router [https://www.waveteliot.com/] switches, industrial cellular routers, and industrial 5G routers.
Image: https://www.abnewswire.com/upload/2025/10/926ea6e064576338c31876d9971814c3.jpg
Event HighlightsIndustry Solutions Awards
The awards honored transformative solutions, spotlighting innovations in industrial 4G/LTE routers and mobile router industrial applications.
STEM Women Congress
A dedicated day…
IOT Adoption Drives IoT insurance Market Growth: Pivotal Factor Influencing IoT …
Stay ahead with our updated market reports featuring the latest on tariffs, trade flows, and supply chain transformations.
IoT Insurance Market Size Growth Forecast: What to Expect by 2025?
The market size of Internet of Things (IoT) insurance has seen an explosive growth in the past few years. It is projected to rise from $100.02 billion in 2024 to a staggering $153.89 billion in 2025, experiencing a compound annual growth rate (CAGR)…
Narrowband IoT (NB-IoT) Market Advancements in NB-IoT Connectivity Management Pl …
Numerous factor such as due to rapid development in IoT industry and rising demand of new cellular communication technology which are integrated to IoT low power wide area applications drives the growth of the market globally. moreover, increasing demand for navigation, telematics and in-car infotainment services in automotive & transportation industry is fueling the market of NB-IoT globally. However, licensing costs of NB-IoT are hindering the growth of narrowband-…
IoT Edge Computing Software Market 2023 | SAS, IBM, EdgeIQ, AWS, Azure IoT Edge, …
Market Overview -
The information made available in the IoT Edge Computing Software report will definitely facilitate to increase the knowledge and decision-making skills of the business, thus providing an immense opportunity for growth. This will at last increase the return rate and drive the competitive edge within. Being a custom market report, it provides services tailored to the exact challenge. Whether it is survey work, in-depth interviewing, or…
IoT Cloud Market Next Big Thing | Major Giants Oracle, AWS IOT, IBM Watson IoT, …
COVID-19 Outbreak-Global IoT Cloud Industry Market Report-Development Trends, Threats, Opportunities and Competitive Landscape in 2020 is latest research study released by HTF MI evaluating the market, highlighting opportunities, risk side analysis, and leveraged with strategic and tactical decision-making support. The study provides information on market trends and development, drivers, capacities, technologies, and on the changing investment structure of the COVID-19 Outbreak-Global IoT Cloud Market. Some of the key players profiled…
Blockchain In IOT Market Business Growth Statistics And Key Players Insights Blo …
Research N Report has released a new report on the “global Blockchain in IOT Market”. This report offers a comprehensive evaluation of the market. It does so via in-depth insights, understanding market evolution by tracking historical developments, and analyzing the present scenario and future projections based on optimistic and likely scenarios. Each research report serves as a repository of analysis and information for every side of the market.
"Blockchain in Internet…