Global IoT In Elevators Market Is Projected To Register A Y-O-Y Increase Of 15.6% In 2022

IoT in Elevators Market Outlook (2022-2032)

The global IoT in elevators market was valued at US$ 23.1 Billion in 2021, and is projected to register a Y-o-Y increase of 15.6% in 2022 to be valued at US$ 26.7 Billion.

Overall, the IoT in elevator landscape is expected to generate an absolute dollar opportunity of US$ 67.2 Billion by 2032. Sales of IoT in elevators for preventive maintenance will continue to flourish, with a documented CAGR of 13.3% from 2016-2021. Furthermore, the global IoT elevator market, including passenger transportation as well as AI-assisted commodities, is predicted to grow at a CAGR of about 16% during the forecast period.

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Key Segments Covered in the IoT in Elevators Market Study

IoT in elevators by Components :
- IoT in elevators for Hardware
- IoT in elevators for Software
  - IoT in elevators On-Premise
  - IoT in elevators Cloud
- IoT in elevators for Services
  - Designing and engineering
  - Installation
  - Refurbishing
  - Maintenance and repair
  - Managed Services
IoT in elevators by Application Type :
- Preventive Maintenance
- Remote Monitoring
- Advanced Reporting
- Connectivity Management
- Others (Call Management)
IoT in elevators by End-User :
- Residential
- Commercial
- Industrial
IoT in elevators by Region :
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America

Competitive Landscape

Prominent manufacturers of IoT in elevators are eyeing technological innovations in order to provide smart and AI integrated technologies system solutions to their customers. Through strategic partnerships, manufacturers can increase production and meet consumer demand, increasing both their revenues and market share. The introduction of new products and technologies will allow end-users to reap the benefits of new technologies.

The Otis Worldwide Company announced in June 2021 that they were developing a new generation of digitally native elevators, including the Gen360 and Gen3 platforms. These platforms offer the connected intelligence provided by Otis ONE IoT platform, which is native to both platforms. With Otis ONE’s Smart Sensors, it is possible to collect and analyze massive amounts of data in real-time to deliver real-time performance information, proactive communication, and predictive insights. Otis also noted that both platforms can be integrated via cloud-based API technology with other smart building systems.
Berkshire Partners Portfolio Company 3Phase Elevator acquired CIVC Partners Portfolio Company Specialized Elevator Services Holdings in January 2022, thus creating the largest independent union elevator services company in the United States. Financial terms of the acquisition were not disclosed.