Published by TMR Research Insights
Posted on October 8, 2021
3 min readLast updated: January 30, 2026
The IoT in elevators market is set to exceed $63.5 billion by 2030, with a CAGR of ~16%. Asia Pacific is expected to lead due to cloud technology adoption.
The global IoT in elevators market is projected to cross US$ 63.5 Bn by 2030. The IoT in elevators market is projected to expand at a CAGR of ~16% from 2020 to 2030. The global IoT in elevators market has been segmented in terms of component, application, and end user. Based on component, the IoT in elevators market has been divided into hardware, software (on-premise and cloud), and services (designing & engineering, installation, refurbishing, maintenance & repair, and managed services). In terms of application, the global IoT in elevators market has been segmented into preventive maintenance, remote monitoring, advanced reporting, connectivity management, and others (call management). Based on end user, the IoT in elevators market has been categorized into residential, commercial, and industrial. In terms of region, the global IoT in elevators market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Initially, vendors across the ecosystem of IoT in elevators were analyzed based on device and technology providers in the market.
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IoT in Elevators Market: Regional Outlook
Asia Pacific is expected to dominate the IoT in elevators market by the end of the forecast period. Asia Pacific is projected to witness increasing growth in the IoT in elevators market due to strong adoption of the cloud technology. The market in Europe, North America, and Middle East & Africa is also anticipated to expand rapidly during the forecast period.
The report provides in-depth segment analysis of the global IoT in elevators market, thereby providing valuable insights at macro as well as micro levels. The analysis of major countries, which hold growth opportunities or account for significant share, has also been included as part of geographic analysis of the IoT in elevators market.
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IoT in Elevators Market: Competition Dynamics
The research study includes profiles of leading companies operating in the global IoT in elevators market. Key players profiled in the report include Bosch GmbH, DOPPLER Manufacturing, Electra Ltd., Fujitec Co., Ltd., GRUPPO MILLEPIANI, Hitachi, Ltd., Honeywell International, Inc., Huawei Technologies Ltd., Hyundai Elevator Co., Ltd., IBM Corporation, KONE Corporation, Microsoft Corporation, Mitsubishi Electric Corporation, Otis Elevator Company, Schindler Group, Schneider Electric SE, Siemens, Telefonica S.A., ThyssenKrupp AG, and Toshiba Elevators.
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The main topic is the projected growth of the IoT in elevators market, expected to surpass $63.5 billion by 2030.
Asia Pacific is expected to dominate the market, with significant growth also anticipated in Europe, North America, and the Middle East & Africa.
Key players include Bosch GmbH, Fujitec Co., Ltd., Otis Elevator Company, and Siemens.
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