How is IoT Disrupting the Global Elevator Market?

Early Days (1850s – 1930s):

• 1850s: The entire story of elevators started when Elisha Otis invented the first passenger elevator in 1852. He introduced it with greater safety in New York, revolutionising elevator safety and paving the way for broader adoption.
• 1867: Hydraulic elevators came into existence that harnessed the water pressure technology for movement. They swiftly claimed the spotlight and dominated the market. This innovative approach catered specifically to buildings of lower heights.
• 1900s: Since the buildings were getting taller, the need for an increased elevator lift became important. That necessity gave rise to electric elevators with greater speed and high flexibility.
• 1930s: Art Deco designs had a noticeable effect on house design and the lift’s cabins this year. These sleek and sophisticated elevator cabins, with smooth surfaces and bold colour designs, added aesthetic flair.

The Rise of Automation (1940s – 1980s):

• 1940s: Automatic door technology began in the 1940s with the introduction of floor mat devices. The automatic doors improved convenience, accessibility, and safety and were energy efficient.
• 1960s & 70s: The introduction of microprocessor technology was pivotal in paving the way for automated control systems. This noticeable advancement significantly contributed to improving efficiency and reliability in elevators. It all marked the initiation of automation in the lift industry.
• 1980s: In the 1980s, Destination Control Systems (DCS) emerged as a game-changer. These systems made elevators work better, improved efficiency, and reduced wait times.

The Era of Globalisation and Innovation (the 1990s – 2010s):

• 1990s: During the 1990s, global competition surged, creating an intense environment, fueling innovation and reducing costs for companies. In response, the entire lift industry embarked on a quest for innovative solutions to overcome this challenge.
• 2000s: The Era of Technological Advancements: The 2000s saw a remarkable leap in elevator technology. The main focus of advancements was to develop high-speed elevators capable of serving skyscrapers. Advanced materials, like lightweight, durable alloys and innovative engineering solutions, enabled elevators to reach new heights.
• 2010s: In the 2010s, the attention of the entire lift industry shifted towards sustainability. The advancement leads to the development of energy-efficient technologies and regenerative braking systems in the lift industry. It all significantly focused on environmentally friendly solutions during this and the following decade.

IoT Disruption and the Future (2020s onwards):

In the 2020s, the introduction of the Internet of Things (IoT) marked a revolutionary era for elevators. The development of IoT has given IoT app development service providers the ability to incorporate smart features into elevators. These innovative IoT-powered solutions comprised cutting-edge sensors, state-of-the-art connectivity modules, advanced data analytics, and seamless integration with smart building systems.

Now, these sensors and additional features actively help to monitor performance, predict maintenance needs, and seamlessly optimise the traffic flow.

This blending of technologies shows how IoT has genuinely changed the entire lift industry.

However, since the introduction of IoT to elevators, its transformative influence has caused a significant change in the market. The effects of this technology have spread across the industry, creating a future where elevators are more than just rides. They’re smart, efficient hubs that connect intelligently, redefining how we move up and down in buildings.

Let’s see what are the market impacts of IoT in elevators:

Market Impact:

• The market share of smart elevators in the lift industry in 2023 is 60%.
• The size of the 2023 global elevator market is estimated at $95 billion and is expected to reach US$270 billion by 2033. The Projected CAGR for the smart elevator market from 2023 to 2033 will be over 11%.

Since IoT became part of elevators, introducing innovative IoT solutions has challenged traditional players in the lift industry. It all happened because most buildings have started incorporating smart elevators instead of simple lifts. The shift towards adopting these new smart elevators impacted the overall market significantly, transforming the IoT app development industry into a billion-dollar industry.

Current Trends of IoT in the Lift Industry:

• Advanced Data Analytics: Offers in-depth insights into building operations and occupant behaviour. This also involves thoroughly understanding the elevator usage and the patterns of people’s movements.
• Biometric Access Control: Enhances security measures by incorporating unique biological identifiers, ensuring authorised access. Additionally, it adds a layer of personalisation, creating a tailored and secure experience for elevator users.
• Integration with Smart Buildings: Creates seamlessly connected living and working environments, making elevators an integral part of a broader network. This integration promotes efficiency and convenience, contributing to a more intelligent and interconnected urban landscape.

The elevator industry is set for continued growth and transformation with IoT app development and solutions. This is possible with digital solutions being the driving force that creates smarter, safer, and more sustainable elevators. These solutions are designed to integrate seamlessly into our connected world.

As technology advances, the future of elevators with IoT and digital solutions seems to promise more exciting possibilities. Although still in development, this technology is already disrupting the global elevator industry and changing elevator maintenance processes. As this technology matures, IoT will lead the entire lift industry to an entirely new level.

Data-Driven Insights, Optimisation, & Cost Saving

• Predictive Maintenance: IoT sensors can monitor real-time performance data on factors like vibrations, temperature, and energy consumption. This data enables technicians to predict when problems are likely to occur and address them before they become more prominent. Thus, predictive maintenance minimises downtime and extends the lift’s lifespan, contributing to significant cost savings.
• Traffic Optimisation: IoT-connected sensors analyse passenger flow data to dispatch elevators intelligently. This process reduces wait time and improves building efficiency. Builders and maintenance companies commonly install IoT-connected elevators in areas with high elevator usage. Take, for instance, a 20-floor studio apartment building. Opting for IoT services to integrate lift sensors can link all elevators, enabling intelligent dispatching and time savings.
• Remote Diagnostics and Troubleshooting: Technicians remotely diagnose and troubleshoot issues through workforce management software, eliminating the need for on-site visits and reducing labour costs.
• Energy Efficiency: These IoT-enabled digital solutions help reduce elevator energy consumption significantly by analysing usage patterns and optimising control systems.

Enhanced User Experience

• Destination Control Systems: This system allows passengers to pre-select their destination before entering the elevator. It optimises elevator routes and minimises the number of stops, leading to quicker and more efficient commutes.
• Mobile App Integration: With the help of an IoT app development services company, the apps of the entire building can be synced with elevator systems. It allows users to call elevators, check wait times, and receive updates remotely, offering a seamless and convenient experience.
• Voice and Gesture Controls: Touchless technology, such as voice and gesture controls, can be used to call elevators and select floors, thus enhancing accessibility. Besides, this technology also improves hygiene, particularly in high-traffic buildings.

Safety and Security

• Real-Time Emergency Response: Sensors detect security breaches, fires, or medical emergencies within the elevator and trigger instant alerts to authorities.
• Emergency Evacuation Assistance: IoT systems can guide individuals to safe exits during emergencies through audio-visual instructions and elevator re-routing. This innovative and essential integration done during IoT app development improves evacuation efficiency and potentially saves lives.
• Biometric Access Control: Elevators today have biometric sensors for authorised access, enhancing security and preventing unauthorised usage. These accesses are generally connected with the building’s workforce management software to ensure secured access to the elevator.

Product Innovation

• Smart Materials and Sensors: Lately, material science and IoT-enabled sensor technology have been an efficient advancement. This technological advancement leads to the development of lighter, quieter, and energy-efficient elevators with enhanced functionality.
• Personalisation and Customisation: IoT enables customisation of elevator experiences based on individual preferences or building types. For example, offering personalised music in residential buildings or dynamic advertisements in commercial settings.
• Integration with Smart Building Systems: Like the common power and access control, elevators can seamlessly integrate with other building systems. This integration creates a truly connected and intelligent building environment.