2025-2034 IoT in Elevators Market Evolution: Disruptions, Innovations, and Untapped Opportunities

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What Is the Expected CAGR for the IoT in Elevators Market Through 2025?
The market size of IoT in elevators has experienced swift growth in the last few years. It is projected to increase from $27.56 billion in 2024 to $32.13 billion in 2025, displaying a compound annual growth rate (CAGR) of 16.6%. The growth observed in the previous period can be credited to trends in workplace and building access, integration with smart cities, decision-making powered by data, improved user experience, and necessities for energy efficiency.

What's the Projected Size of the Global IoT in Elevators Market by 2029?
The market size for iot in elevators is projected to experience a swift expansion in the coming years, and it's projected to reach a value of $60.26 billion in 2029, with a compound annual growth rate (CAGR) of 17.0%. This growth can be linked to an increase in smart building projects, the need for remote monitoring and predictive maintenance, changing work patterns, urbanization, and the ability to make decisions based on data. Key trends during this predicted growth period are strategic collaborations, remote monitoring and maintenance, improved safety and security measures, energy efficiency and sustainability, as well as predictive analytics and maintenance.

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Top Growth Drivers in the IoT in Elevators Industry: What's Accelerating the Market?
The rise in government efforts to establish smart cities is predicted to fuel the advancement of the IoT in the elevator industry. In the terminology of urban development, a smart city is one that employs information and communication technology (ICT) to improve its functional efficiency, disseminate knowledge to its citizens, and enhance their well-being. In these intelligent urban landscapes, IoT-enabled elevators play a major role by supplying a constant flow of real-time data that lets technicians monitor the health of the equipment remotely and detect potential issues before they escalate. This collected data is utilized by smart cities to upgrade their infrastructure, public utilities, and services, among other aspects. As an example, The Indian Brand Equity Foundation (IBEF), a trust based in India run by the Department of Commerce, Ministry of Commerce and Industry, reported that the Smart Cities Mission in India received an increased funding of INR. 6,450 crores ($868 million) in the Union Budget 2021-22, a hike from INR. 3,400 crores ($457 million) in FY21 (revised estimates). As of March 2021, total budgeted investments for India's Smart Cities Mission reached INR 205,018 crores (US$ 27.60 billion). Accordingly, the acceleration in governmental initiatives towards the establishment of smart cities is fueling the expansion of the IoT in the elevator sector.

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What Trends Will Shape the IoT in Elevators Market Through 2029 and Beyond?
The surge in technological developments is identified as a significant trend in the IoT in elevators market. Mainstream companies in the IoT in elevators market are concentrating on the creation of new technologies to maintain their market position. For example, Johnson Lifts, an Indian company specializing in lifts and escalators, launched an IoT-based feature named WATCH in its lifts in September 2022. WATCH - an acronym for Wireless Assessment to Troubleshoot Channelize & Host - performs a variety of tasks by linking the elevators to the data center through the elevator's IoT device. It offers immediate assistance to customers when required, as it can sense, monitor, and notify technicians in real-time. The IoT WATCH feature continually enhances the lift's performance, foresees possible problems, and observes the lift's behavior and status.

What Are the Main Segments in the IoT in Elevators Market?
The iot in elevatorsmarket 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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Which Top Companies are Driving Growth in the IoT in Elevators Market?
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

Which Regions Will Dominate the IoT in Elevators Market Through 2029?
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.

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