The IoT in Elevators Market Is Rising

Smart elevators can monitor performance, make decisions on maintenance in real-time, and avoid costly downtimes. The global IoT elevators market, which includes vertical passenger transport as well as AI-supported commodity transportation, is expected to accrue a revenue worth of $56 billion by 2026, with a CAGR of approximately 15% for the period 2020–2026.

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Image courtesy of Kazuo ota.

How IoT Elevators Work

The IoT elevator market includes hardware (such as M2M gateway and Elevator Gateway), software, on-premise and cloud services, design, engineering, installation, refurbishing, maintenance, and repair.

Key Players

Amongst key players in the IoT elevator market are Otis Elevator Company, Toshiba Elevators, Mitsubishi Electric Corporation, ThyssenKrupp AG, KONE Corporation, and Schindler Group. Among the latest developments in IoT elevators are IBM Watson/KONE, Otis/Digi, and Huawei.

The Future of the IoT Elevators Market

Due to IoT and AI, smart elevators can generate data, identify problems, and make decisions on maintenance in real-time. This can reduce unexpected breakdowns and avoid disruptions to the movement of people within buildings, removing also the need for human technicians to frequently visit a site.

Written by

Anthropologist & User Experience Designer. I write about science and technology. Robot whisperer. VR enthusiast. Gamer. @yisela_at www.yisela.com

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