The Global IoT in Elevators Market was valued at USD 14,990 Million in 2023 and is projected to reach USD 33,647.87 Million by 2032, growing at a Compound Annual Growth Rate (CAGR) of 9.40% during the forecast period (2023–2032). This growth is being driven by rapid urbanization, increasing demand for energy-efficient building solutions, and the accelerating adoption of predictive maintenance and remote monitoring technologies across residential, commercial, and industrial sectors.
IoT-enabled elevators utilize sensors, connectivity, and artificial intelligence to optimize the transportation of passengers and goods vertically, enhancing safety, efficiency, and user experience in modern buildings. As the urban landscape evolves toward smarter infrastructure and sustainable development, the focus is on the leading innovators who are integrating IoT to revolutionize vertical mobility. In this blog, we profile the Top 10 Companies in the IoT in Elevators Market—a blend of established elevator manufacturers and tech pioneers advancing connected, intelligent systems for global buildings.
🔟 1. Sigma Elevator Company
Headquarters: Middletown, Connecticut, USA
Key Offering: IoT-integrated elevator systems, predictive analytics platforms, and remote monitoring services
Sigma Elevator has emerged as a key player in the North American market, specializing in customized IoT solutions for mid-rise and high-rise buildings. Their systems leverage cloud-based IoT to provide real-time data on elevator performance, enabling proactive maintenance and reducing downtime by up to 30%. With a focus on residential and commercial applications, Sigma’s innovations ensure seamless integration with building management systems, supporting the growing need for smart urban environments.
Smart Technology Initiatives:
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Deployment of AI-driven sensors for traffic optimization
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Partnerships with property developers for scalable IoT retrofits
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Commitment to energy-efficient operations aligned with green building standards
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9️⃣ 2. Hyundai Elevator Co., Ltd.
Headquarters: Seoul, South Korea
Key Offering: IoT-enabled smart elevators, mobile app integrations, and cloud-based fleet management
Hyundai Elevator operates extensively in Asia-Pacific, delivering IoT solutions that connect elevators to building IoT ecosystems for enhanced safety and efficiency. Their platforms allow for remote diagnostics and user personalization, such as destination dispatching via smartphones, serving over 500 major installations in high-density urban areas. This approach not only minimizes operational costs but also improves passenger flow in commercial settings.
Smart Technology Initiatives:
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Integration of 5G connectivity for faster data transmission
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Collaborations with smart city projects in Southeast Asia
8️⃣ 3. Hitachi Ltd.
Headquarters: Tokyo, Japan
Key Offering: Advanced IoT elevator controls, AI predictive maintenance, and energy management software
Hitachi brings its expertise in industrial IoT to the elevator sector, offering systems that use machine learning to predict component failures and optimize energy use. Deployed in thousands of buildings worldwide, their solutions reduce maintenance visits by 25% through data analytics, particularly benefiting industrial applications where reliability is paramount. Hitachi’s focus on sustainability integrates IoT with regenerative drives for lower carbon footprints.
Smart Technology Initiatives:
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AI algorithms for real-time anomaly detection
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Global partnerships for IoT standardization in vertical transport
7️⃣ 4. Fujitec Co., Ltd.
Headquarters: Hikone, Japan
Key Offering: IoT-based destination control systems, remote service platforms, and hardware sensors
Fujitec is renowned for its compact, high-performance IoT elevators tailored for space-constrained environments in Asia and beyond. Their systems incorporate edge computing for instant data processing, enhancing responsiveness in residential high-rises. By enabling over-the-air updates, Fujitec ensures continuous improvement, aligning with the market’s shift toward connected, maintenance-free operations that extend equipment lifespan.
Smart Technology Initiatives:
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Goal to integrate IoT in 50% of new installations by 2025
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Development of modular IoT kits for easy retrofitting
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6️⃣ 5. Toshiba Elevator and Building Systems Corporation
Headquarters: Tokyo, Japan
Key Offering: SPACEL® IoT elevators, AI-optimized traffic management, and cybersecurity services
Toshiba’s IoT platforms emphasize secure, connected ecosystems that protect against cyber threats while delivering superior performance. Their solutions are widely used in commercial buildings, where IoT enables dynamic load balancing to handle peak traffic efficiently. With a strong presence in Asia-Pacific, Toshiba continues to innovate in software updates that enhance user safety and operational reliability across diverse applications.
Smart Technology Initiatives:
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Certified IoT security protocols for data encryption
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Targets for zero-downtime through predictive analytics
5️⃣ 6. Mitsubishi Electric Corporation
Headquarters: Tokyo, Japan
Key Offering: AI-integrated elevator systems, cloud IoT platforms, and destination prediction software
Mitsubishi Electric leads with its AI-powered IoT elevators that anticipate user needs, reducing wait times in high-traffic commercial and industrial settings. Deployed in iconic skyscrapers, their technology uses big data to refine algorithms continuously, supporting energy savings of up to 20%. This positions Mitsubishi as a frontrunner in creating intuitive, responsive vertical transport solutions for modern cities.
Smart Technology Initiatives:
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Current deployment: Over 1 million IoT-connected units globally
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Expansion plans for AI enhancements by 2026
4️⃣ 7. Schindler Group
Headquarters: Hergiswil, Switzerland
Key Offering: PORT technology with IoT, predictive maintenance apps, and integrated building services
Schindler excels in European and global markets with its IoT-driven PORT system, which personalizes elevator calls via mobile devices for smoother passenger experiences. Their focus on services includes remote monitoring that cuts response times to emergencies, ideal for residential complexes. Schindler’s commitment to interoperability ensures their IoT solutions mesh seamlessly with existing smart building infrastructures.
Smart Technology Initiatives:
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Extensive R&D in blockchain for secure IoT data sharing
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Collaborations with urban planners for sustainable integrations
3️⃣ 8. Otis Elevator Company
Headquarters: Farmington, Connecticut, USA
Key Offering: Otis ONE IoT platform, Gen2 elevator systems, and cloud analytics
Otis dominates the North American and international scenes with Otis ONE, an IoT suite that provides 24/7 connectivity for real-time insights into elevator health. Serving millions of daily users in commercial towers, their system has demonstrated a 15% reduction in unplanned stops through proactive alerts. Otis’s emphasis on user-centric design makes it a staple for high-reliability vertical transport.
Smart Technology Initiatives:
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Indigenous development of IoT hardware for seamless upgrades
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Public-private partnerships to advance smart city elevator standards
2️⃣ 9. KONE Corporation
Headquarters: Espoo, Finland
Key Offering: KONE 24/7 Connected Services, AI-based people flow planning, and IoT sensors
KONE’s IoT innovations optimize people flow in ultra-tall buildings, using sensors to predict and manage traffic patterns effectively. With installations in over 100 countries, primarily in commercial sectors, their platforms integrate with broader IoT ecosystems for holistic building efficiency. KONE’s dedication to accessibility features, like voice-activated controls, underscores their role in inclusive smart mobility.
Smart Technology Initiatives:
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Aims for 75% IoT penetration in service contracts by 2030
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Launch of Europe’s largest IoT testing facility in Finland
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1️⃣ 10. ThyssenKrupp AG
Headquarters: Essen, Germany
Key Offering: MULTI rope-free IoT elevators, TWIN platform technology, and digital service ecosystems
ThyssenKrupp tops the list with groundbreaking IoT-enabled rope-free elevators that move horizontally and vertically, revolutionizing high-rise designs. Their systems employ advanced IoT for fleet coordination, serving industrial and commercial giants worldwide. By focusing on modular, scalable tech, ThyssenKrupp reduces installation times and enhances safety, setting new benchmarks for future-oriented vertical transport.
Smart Technology Initiatives:
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End-to-end IoT solutions for multi-elevator coordination
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Strategic alliances with tech firms for AI enhancements
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🌍 Outlook: The Future of IoT in Elevators Is Smarter and More Connected
The IoT in elevators market is experiencing transformative growth. While traditional systems persist, investments are surging in connected technologies, AI integration, and data-driven maintenance to create efficient, sustainable vertical mobility solutions.
Because urban populations continue to rise, the demand for intelligent elevators that minimize energy use and maximize uptime becomes crucial. Furthermore, regulatory pressures for greener buildings are accelerating IoT adoption, promising a more responsive and eco-friendly industry.
📈 Key Trends Shaping the Market:
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Rapid expansion of IoT retrofitting in existing structures across North America, Europe, and Asia-Pacific
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Regulatory mandates for smart building compliance by 2030, including energy reporting via IoT
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Integration of 5G and edge computing for ultra-low latency monitoring
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Collaborations between elevator firms and proptech startups for holistic smart building ecosystems
Market Trends Affecting IoT in Elevators
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Consolidation among global leaders — mergers like those involving major manufacturers simplify supply chains but demand careful evaluation of IoT compatibility and service networks. Recent deals are redefining market access in emerging regions.
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AI and machine learning advancements — companies are embedding deeper AI for predictive maintenance and user behavior analysis to cut costs and boost safety. For instance, Otis’s Gen2 systems exemplify this shift toward autonomous operations.
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Energy efficiency and sustainability focus — IoT enables regenerative drives and demand-responsive controls, aligning with global net-zero goals. KONE’s people flow tools highlight reduced power consumption in high-rises.
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Cybersecurity enhancements — as connectivity grows, robust protections against threats are prioritized, with standards like ISO 27001 becoming essential for IoT deployments.
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Expansion in emerging markets — Asia-Pacific’s urbanization drives affordable IoT solutions for mid-tier buildings, with players like Hyundai leading scalable implementations.
However, challenges such as data privacy concerns and integration complexities persist, yet they spur further innovation. The North America segment, valued at USD 4,560.74 Million in 2023 with a CAGR of 8.06% through 2032, exemplifies mature adoption, while Asia-Pacific shows the highest growth potential due to megacity developments.
Overall, these trends point to a market where IoT not only elevates efficiency but also redefines urban living. Market segmentation by type—hardware, software, and services—reveals software’s rapid rise, driven by analytics platforms, while applications span residential for convenience, commercial for throughput, and industrial for heavy-duty reliability.
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The companies profiled here are not only lifting buildings to new heights—they’re pioneering the connected future of vertical transportation, ensuring safer, smarter, and more sustainable mobility for generations to come.