The Global Smart Elevator Automation System Market Size accounted for USD 14.6 Billion in 2023 and is projected to achieve a market size of USD 30.3 Billion by 2032 growing at a CAGR of 8.6% from 2024 to 2032.

Smart Elevator Automation System Market Highlights

• Global smart elevator automation system market revenue is expected to increase by USD 30.3 Billion by 2032, with a 8.6% CAGR from 2024 to 2032
• North America region led with more than 41% of smart elevator automation system market share in 2023
• Asia-Pacific smart elevator automation system market growth will record a CAGR of more than 9.3% from 2024 to 2032
• By components, the building management system segment captured more than 21% of revenue share in 2023
• By end user, the industrial sector segment is projected to expand at the fastest CAGR over the projected period
• Rapid urbanization and increasing construction of high-rise buildings, drives the smart elevator automation system market value

A smart elevator automation system integrates cutting-edge technologies to enhance efficiency, safety, and convenience in vertical transportation. These systems leverage sensors, IoT (Internet of Things) connectivity, AI algorithms, and data analytics to optimize elevator operations. By collecting real-time data on passenger traffic patterns, weather conditions, and equipment status, smart elevators can intelligently adjust their operation to minimize wait times, reduce energy consumption, and improve overall user experience.

One of the key features of smart elevator systems is predictive maintenance. By continuously monitoring the performance of elevator components and detecting potential issues before they escalate into major problems, these systems help building managers schedule maintenance proactively, minimizing downtime and costly repairs. Moreover, smart elevators can offer personalized experiences to users through features like destination control, where passengers input their desired floor on a keypad, and the system assigns them to the most efficient elevator car, reducing congestion and wait times. The market for smart elevator automation systems is witnessing significant growth driven by factors such as rapid urbanization, the construction of smart buildings, and increasing focus on sustainability. 

Global Smart Elevator Automation System Market Trends

Market Drivers

• Rapid urbanization and increasing construction of high-rise buildings
• Growing demand for energy-efficient and sustainable vertical transportation solutions
• Technological advancements in IoT, AI, and data analytics
• Focus on enhancing user experience and optimizing building operations
• Regulatory mandates for improved safety and accessibility standards

Market Restraints

• High initial investment costs associated with implementing smart elevator systems
• Concerns regarding data security and privacy in connected environments

Market Opportunities

• Integration of smart elevator systems with smart building ecosystems
• Development of innovative business models such as predictive maintenance as a service

Smart Elevator Automation System Market Report Coverage

Market	Smart Elevator Automation System Market
Smart Elevator Automation System Market Size 2022	USD 14.6 Billion
Smart Elevator Automation System Market Forecast 2032	USD 30.3 Billion
Smart Elevator Automation System Market CAGR During 2023 - 2032	8.6%
Smart Elevator Automation System Market Analysis Period	2020 - 2032
Smart Elevator Automation System Market Base Year	2022
Smart Elevator Automation System Market Forecast Data	2023 - 2032
Segments Covered	By Component, By Service, By End User, And By Geography
Regional Scope	North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled	Mitsubishi Electric Corporation, Fujitec Co., Ltd., Hitachi Ltd, Otis Elevator Company (I). ltd., Kone Corporation, ThyssenKrupp AG, Honeywell International Inc., Schindler Group, Robert Bosch GmbH, Sigma Elevator Company, Hyundai Elevator, and Toshiba Elevator and Building Systems Corporation.
Report Coverage	Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Covid-19 Analysis, Regulation Analysis

Smart Elevator Automation System Market Dynamics

A smart elevator automation system is an advanced vertical transportation solution that integrates cutting-edge technologies to optimize elevator operations. These systems utilize sensors, IoT (Internet of Things) connectivity, AI algorithms, and data analytics to enhance efficiency, safety, and user experience. By collecting real-time data on passenger traffic patterns, weather conditions, and equipment status, smart elevators can intelligently adjust their operation to minimize wait times, reduce energy consumption, and improve overall performance. The applications of smart elevator automation systems span across various sectors including commercial, residential, healthcare, hospitality, and transportation hubs. In commercial buildings, these systems streamline vertical transportation by analyzing traffic patterns and dynamically assigning elevator cars to efficiently serve different floors.

The smart elevator automation system market is experiencing robust growth driven by several key factors. Rapid urbanization across the globe has led to an increased demand for efficient vertical transportation solutions, particularly in high-rise buildings and urban centers. As cities continue to grow, the need for smarter and more sustainable building infrastructure becomes imperative, spurring the adoption of smart elevator technologies. Additionally, the construction of smart buildings, equipped with IoT infrastructure and connected systems, is further driving the demand for advanced elevator automation solutions. Moreover, there is a growing emphasis on sustainability and energy efficiency in building operations. Smart elevator systems offer features such as predictive maintenance, destination control, and energy optimization, which help reduce energy consumption, minimize downtime, and enhance overall operational efficiency. As organizations and building owners seek ways to reduce their carbon footprint and operating costs, the value proposition of smart elevator automation becomes increasingly compelling.

Smart Elevator Automation System Market Segmentation

The global smart elevator automation system market segmentation is based on component, service, end user, and geography.

Smart Elevator Automation System Market By Component

• Card Reader
• Touchscreen and Keypad
• Biometric
• Security and Control System
• Building Management System
• Sensors, Motors, and Automation System

According to the smart elevator automation system industry analysis, the building management system  (BMS) segment accounted for the largest market share in 2023. This growth is propelled by the increasing demand for integrated and interconnected building solutions. BMS, also known as Building Automation System (BAS), encompasses various technologies that monitor, control, and optimize building functions, including HVAC, lighting, security, and now, elevator systems. Integration of elevator systems into BMS platforms enables centralized monitoring and control of building operations, resulting in enhanced efficiency, safety, and sustainability. This integration allows building managers to synchronize elevator operations with other building functions, such as occupancy levels, energy usage, and security protocols. As a result, BMS-equipped smart elevators can adapt in real-time to changing building conditions, optimizing traffic flow, energy consumption, and user experience.

Smart Elevator Automation System Market By Service

• Installation Service
• Modernization Service
• Maintenance and Repair

In terms of services, the modernization service segment is expected to witness significant growth in the coming years. Many buildings around the world are equipped with conventional elevator systems that lack the efficiency, safety features, and connectivity offered by modern smart elevator solutions. As a result, there is a growing demand for modernization services to retrofit older elevators with smart technologies, such as IoT sensors, predictive maintenance algorithms, and destination control systems. One of the key drivers behind the growth of the modernization service segment is the need to enhance the performance and lifespan of aging elevator systems. By modernizing existing elevators, building owners can improve reliability, energy efficiency, and user experience while extending the operational life of their assets. Additionally, modernization services can help buildings comply with evolving safety regulations and accessibility standards, ensuring a safer and more inclusive vertical transportation environment.

Smart Elevator Automation System Market By End User

• Residential Sector
• Industrial Sector
• Commercial Sector
• Others

According to the smart elevator automation system market forecast, the industrial sector segment is expected to witness significant growth in the coming years. In industrial settings such as manufacturing plants, warehouses, and logistics centers, efficient vertical transportation plays a crucial role in optimizing workflow, maximizing productivity, and ensuring smooth operations. Smart elevator systems offer features such as predictive maintenance, real-time monitoring, and advanced traffic management, which are particularly beneficial in demanding industrial environments where downtime can result in significant losses. One of the key drivers behind the growth of the industrial sector segment is the need for enhanced safety and reliability in vertical transportation. Industrial facilities often operate in challenging conditions with heavy machinery, high foot traffic, and stringent safety regulations.

Smart Elevator Automation System Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)