The Global IoT in Elevators Market was valued at USD 14.99 Billion in 2023 and is projected to reach USD 33.65 Billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 9.4% during the forecast period (2023-2032). This growth is driven by rapid urbanization, smart city initiatives, and increasing demand for predictive maintenance solutions in vertical transportation systems worldwide.
As buildings become increasingly connected, IoT-enabled elevators are transforming vertical mobility through real-time monitoring, AI-driven optimization, and enhanced safety features. In this analysis, we examine the Top 10 Companies in the IoT in Elevators Industry—the technological innovators reshaping how people and goods move between floors in the digital age.
🔟 1. ThyssenKrupp AG
Headquarters: Essen, Germany
Key Offering: MAX predictive maintenance platform
ThyssenKrupp Elevator’s IoT solutions monitor over 1.2 million elevator units globally through its MAX platform. The system reduces maintenance costs by up to 50% while improving operational efficiency through machine learning algorithms.
Technological Innovations:
-
First mover in elevator predictive maintenance technology
-
Cloud-based monitoring of 150+ operational parameters
-
AI-powered failure prediction with 92% accuracy
Download FREE Sample Report: IoT in Elevators Market – View in Detailed Research Report
9️⃣ 2. KONE Corporation
Headquarters: Espoo, Finland
Key Offering: KONE 24/7 Connected Services
KONE’s IoT platform connects over 1.5 million elevators and escalators, processing more than 2 billion data points daily. Their solutions achieve 35% energy savings through smart traffic management algorithms.
Technological Innovations:
-
Real-time performance optimization
-
Remote firmware updates
8️⃣ 3. Otis Elevator Company
Headquarters: Farmington, Connecticut, USA
Key Offering: Otis ONE IoT platform
Otis ONE serves over 2.3 million connected units with predictive capabilities that reduce downtime by 30%. Their Gen3 smart elevators feature destination dispatch and mobile app integration.
Technological Innovations:
-
Digital twin technology
-
Integrated building management
7️⃣ 4. Schindler Group
Headquarters: Ebikon, Switzerland
Key Offering: Schindler Ahead platform
Schindler’s IoT solutions connect 400,000+ elevators globally, using edge computing to process data locally for faster response times. The company allocates 4.5% of revenue to R&D annually.
Technological Innovations:
-
Mobile technician support
-
Energy optimization algorithms
Download FREE Sample Report: IoT in Elevators Market – View in Detailed Research Report
6️⃣ 5. Mitsubishi Electric Corporation
Headquarters: Tokyo, Japan
Key Offering: Melco IoT Systems
Mitsubishi’s solutions specialize in ultra-high-rise applications, achieving 99.95% operational reliability. Their predictive maintenance reduces service calls by 40% in connected buildings.
Technological Innovations:
-
Cybersecurity protocols
-
AI traffic prediction
5️⃣ 6. Toshiba Elevator
Headquarters: Tokyo, Japan
Key Offering: SPACEL IoT platform
Toshiba’s solutions achieve 45% energy savings through regenerative drive technology. The company holds 2,300+ patents in elevator technologies.
Technological Innovations:
-
Cloud-based monitoring
-
Remote diagnostics
4️⃣ 7. Hitachi Ltd
Headquarters: Tokyo, Japan
Key Offering: Lumada IoT platform
Hitachi’s solutions integrate with smart city infrastructure across Asia, processing real-time data through edge computing nodes installed in elevator control systems.
Technological Innovations:
-
Blockchain maintenance records
-
Digital twin simulations
3️⃣ 8. Hyundai Elevator
Headquarters: Seoul, South Korea
Key Offering: Hi-Touch IoT system
Hyundai’s IoT solutions have grown 45% annually, focusing on touchless operation and biometric security features for post-pandemic building environments.
Technological Innovations:
-
Voice recognition
-
Contactless controls
2️⃣ 9. Fujitec Co., Ltd.
Headquarters: Hikone, Japan
Key Offering: F IoT solutions
Fujitec specializes in retrofit IoT solutions for mid-market applications, reducing maintenance costs by 28% through predictive analytics.
Technological Innovations:
-
Modular add-ons
-
Custom alerts
1️⃣ 10. Sigma Elevator Company
Headquarters: Shanghai, China
Key Offering: Smart Sigma platform
As China’s market leader, Sigma connects over 600,000 units with 5G-enabled real-time monitoring specialized for high-density urban environments.
Technological Innovations:
-
AI passenger analytics
-
5G connectivity
Get Full Report Here: IoT in Elevators Market – View in Detailed Research Report
🌍 Future Outlook: The Age of Intelligent Vertical Mobility
The IoT elevator market is transitioning from basic connectivity to AI-driven autonomous operation. By 2025, 65% of new installations will incorporate advanced IoT capabilities as part of smart building ecosystems.
📈 Key Market Trends:
-
Growing adoption of digital twins for predictive maintenance
-
Increasing 5G deployment enabling real-time monitoring
-
Rising demand for touchless operation technologies
-
Integration with smart city infrastructure projects
Regional Market Developments
-
Asia-Pacific dominates with 42% market share, led by China’s smart city initiatives
-
North America shows strongest growth in retrofit IoT solutions for existing buildings
-
Europe leads in regulatory standards for connected elevator systems
Get Full Report Here: IoT in Elevators Market – View in Detailed Research Report
The companies profiled above are not just improving elevator efficiency—they’re redefining vertical mobility for the era of smart, connected buildings.