IoT in Elevators Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented by Component (Hardware, Software, Services), By Application (Preventive Maintenance, Remote Monitoring, Fault Diagnosis and Prediction, Advanced Reporting, Connectivity Management), By End User (Residential, Commercial, Industrial), By Region, Competition, 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 36.28 Billion
CAGR (2026-2031)	14.17%
Fastest Growing Segment	Hardware
Largest Market	North America
Market Size (2031)	USD 80.35 Billion

Market Overview

The Global IoT in Elevators Market will grow from USD 36.28 Billion in 2025 to USD 80.35 Billion by 2031 at a 14.17% CAGR. The Internet of Things (IoT) in elevators involves the integration of smart sensors, cloud-based connectivity, and advanced analytics into vertical transportation systems to enable real-time monitoring and data-driven management. The market is primarily driven by the critical operational need for predictive maintenance, which significantly reduces downtime by identifying faults before they cause failures, and the accelerating demand for energy-efficient mobility solutions within rapidly densifying urban environments. The scale of this opportunity is vast; according to the China Elevator Association, in 2024, domestic elevator unit deliveries reached approximately 1.04 million units, representing a massive annual influx of potential endpoints for smart connectivity and modernization.

However, a significant challenge impeding broader market expansion is the heightened risk associated with cybersecurity and data privacy. As elevators become integrated into wider building management networks, they create potential vulnerabilities for cyberattacks, leading to hesitation among facility managers who must weigh the operational benefits against the costs and complexities of securing critical infrastructure against unauthorized access.

Key Market Drivers

The integration of predictive maintenance solutions is the primary engine for market growth, fundamentally altering service models from reactive repairs to proactive intervention. By utilizing IoT sensors to continuously track parameters such as door performance, ride quality, and component wear, operators can anticipate malfunctions before they disrupt building flow. This capability is essential for major industry players aiming to digitize their vast service portfolios and reduce operational expenditures. The rapid scaling of these technologies is evident in the strategies of leading manufacturers; according to Otis Worldwide Corporation, April 2024, in the 'First Quarter 2024 Earnings Conference Call', the company reported that its global connected ecosystem had achieved a significant volume, surpassing 1 million connected units. This connectivity allows for remote issue resolution and transparent communication with facility managers, thereby driving higher retention rates and system reliability.

Concurrently, the modernization of aging elevator systems acts as a substantial catalyst for IoT adoption, particularly within establishing urban centers and mature markets requiring infrastructure upgrades. As vertical infrastructure ages, there is an urgent requirement to upgrade legacy equipment with smart controllers to improve energy efficiency and passenger handling without full replacement. This trend is particularly strong in regions like China, where the focus has shifted from new installations to servicing existing stock. According to KONE Corporation, October 2024, in the 'Interim Report January–September 2024', the modernization market in China grew by over 10% in unit terms, highlighting the accelerated shift toward updating existing infrastructure. The potential for this digital integration is supported by the massive existing install base; according to Otis Worldwide Corporation, in 2024, the company maintained a total service portfolio of approximately 2.3 million units, representing a vast number of endpoints eligible for future smart upgrades.

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Key Market Challenges

The primary constraint hampering the Global IoT in Elevators Market is the escalating concern regarding cybersecurity and data privacy. As elevators evolve from isolated mechanical systems into connected digital assets within a broader building network, they introduce new entry points for potential cyberattacks. Facility managers face the difficult task of mitigating risks such as unauthorized remote access or data breaches, which could compromise passenger safety and building security. This liability often leads to a cautious approach toward adoption, as the operational efficiencies of IoT are frequently viewed as secondary to the imperative of maintaining secure infrastructure.

The scale of securing these systems is further magnified by the massive existing installed base that creates a vast, vulnerable attack surface. According to the China Elevator Association, in 2024, the total number of registered vertical transportation units in the country reached approximately 11.32 million. Ensuring consistent security protocols across such an extensive network of potential endpoints is technically demanding and resource-intensive. Consequently, the high barrier to entry created by these security requirements slows the pace of modernization and limits the widespread deployment of smart elevator technologies.

Key Market Trends

The Convergence with Holistic Smart Building Management Systems is fundamentally reshaping the market by transforming elevators from isolated silos into interoperable nodes within a wider facility ecosystem. This trend is characterized by the extensive use of Application Programming Interfaces (APIs) to enable seamless communication between vertical transportation units and third-party assets, such as delivery robots and security turnstiles. This interoperability allows for automated vertical logistics, where service robots can independently summon and navigate lifts, thereby enhancing building efficiency and reducing human labor requirements. The momentum of this integration is evident in the rapid expansion of developer ecosystems; according to BusinessKorea, March 2025, in the article 'Hyundai Elevator Pioneers Vertical Robot Delivery with Elevator Integration', Hyundai Elevator reported that it had successfully registered platform accounts with more than 60 robot manufacturers to utilize its Open API for seamless connectivity.

Simultaneously, the Utilization of IoT Algorithms for Dynamic Energy Optimization has emerged as a critical trend, moving beyond simple power-saving modes to intelligent, data-driven traffic handling. Manufacturers are deploying digital-native units equipped with AI that analyzes real-time passenger demand to optimize ride dispatching and minimize unnecessary trips, directly addressing Scope 3 emission targets for building owners. This shift toward sustainability-focused digital platforms is rapidly capturing market share from traditional systems. According to TK Elevator, July 2025, in the 'Sustainability Report 2023/2024', the company revealed that its energy-efficient, digitally native EOX elevator platform accounted for 75% of its total elevator orders in Europe during the final quarter of the reporting period, underscoring the dominance of algorithmic efficiency in new procurements.

Segmental Insights

Based on comprehensive market analysis, the Hardware segment is identified as the fastest growing division within the Global IoT in Elevators Market. This rapid expansion is primarily propelled by the extensive demand for modernizing legacy elevator infrastructure, which mandates the retrofitting of intelligent sensors, gateways, and communication modules before digital services can be implemented. Additionally, rigorous safety protocols enforced by institutions like the American Society of Mechanical Engineers necessitate the installation of advanced monitoring devices to ensure compliance. Consequently, this foundational requirement for physical connectivity equipment establishes Hardware as the leading driver of market growth.

Regional Insights

North America holds a dominant position in the global IoT in elevators market due to the widespread modernization of existing infrastructure and strict adherence to safety compliance standards. The region benefits from a high demand for predictive maintenance solutions that minimize operational downtime in commercial and residential facilities. Furthermore, compliance with safety codes established by the American Society of Mechanical Engineers encourages the integration of smart monitoring systems to ensure reliability. This regulatory framework, combined with a strong focus on energy-efficient building management, supports the continued expansion of connected elevator technologies across the region.

Recent Developments

• In August 2024, Otis Worldwide Corporation launched the Gen3 connected elevator, a platform that combines the company's flat-belt lifting technology with the Otis ONE Internet of Things ecosystem. This system features built-in connectivity that monitors the health and performance of the equipment in real-time, making data immediately available to building managers through online portals. The digital integration enables remote intervention by the company’s experts, allowing them to identify and diagnose potential issues before they result in service interruptions. Furthermore, the platform utilizes cloud-based Application Programming Interfaces to seamlessly integrate with building management systems and autonomous service robots.
• In June 2024, KONE Corporation received a Red Dot Award for Product Design for its KONE 4G Gateway, a specialized connectivity device essential for its digital elevator services. The hardware was recognized for its ability to ensure robust, round-the-clock connections between elevators and the company's cloud-based platform, facilitating the transmission of large volumes of sensor data. The device plays a critical role in enabling the company's Internet of Things solutions, such as predictive maintenance and emergency voice services. Its design also emphasized sustainability, achieving significant reductions in material usage and production costs while improving signal reliability in elevator shafts.
• In May 2024, Mitsubishi Electric Building Solutions Corporation introduced the NEXIEZ-Fit, a new elevator model targeted at low-rise residential projects in global markets such as the Middle East and ASEAN. This product is engineered to integrate with M’s BRIDGE, the company’s global remote-maintenance service platform that utilizes Internet of Things technology. By connecting to this digital service, the elevators continuously transmit operational data, enabling constant inspection and data analysis. This connectivity allows for enhanced safety and security features, as well as more efficient maintenance planning based on the real-time condition of the equipment.
• In January 2024, TK Elevator expanded its EOX product family by launching the EOX-H, a new hydraulic elevator designed specifically for low-rise buildings. This digitally native system includes the company’s cloud-based predictive maintenance solution, MAX, as a standard feature, bringing Internet of Things capabilities to the hydraulic market segment. The integration allows for real-time monitoring and smarter service protocols that enhance equipment uptime and extend product lifespan. Additionally, the elevator is equipped with advanced in-car sensors and a multimedia display, supporting future updates for artificial intelligence applications and ensuring a modern passenger experience.

Key Market Players

• ThyssenKrupp AG
• KONE Corporation
• Fujitec Co.
• Hitachi Ltd.
• Hyundai Elevator Co., Ltd.
• Otis Elevator Company
• Schindler Group
• Mitsubishi Electric Corporation
• Toshiba Elevators

By Application	By End User	By Region
Preventive Maintenance Remote Monitoring Fault Diagnosis and Prediction Advanced Reporting Connectivity Management	Residential Commercial Industrial	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global IoT in Elevators Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• IoT in Elevators Market, By Application:

• Preventive Maintenance
• Remote Monitoring
• Fault Diagnosis and Prediction
• Advanced Reporting
• Connectivity Management

• IoT in Elevators Market, By End User:

• Residential
• Commercial
• Industrial

• IoT in Elevators Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE