Automated or smart elevators make use of artificial intelligence (AI) to enable vertical transportation of commodities and passengers. Smart or connected elevators are increasingly being used in buildings such as hotels, residences, arenas, hospitals, sports facilities, offices and airports among others. These are designed so as to minimize overall energy consumption and manage passenger traffic efficiently within a building. Smart elevators make use of automation technology and minimize waiting time by efficient traffic management in commercial, residential and various other buildings. Technologies incorporated in these units include biometrics, destination access and dispatching control systems, digital security control system and touch screen control among others. However, substantial initial costs of installation for smart elevators limit their use worldwide. Battery backup, alarm, door interlocks, leveling device, brake system with speed sensor, evacuation latch and fire and earthquake emergency return and many more are all a part of the elevator control system. With the advancement and innovation of technology and changing building infrastructure these control systems are becoming all the more versatile in order to securely manage building traffic.

The deployment of automation to the elevator systems reduces the wait time, increases efficient management of the traffic in residential, commercial and institutional buildings. The improvement in management at these facilities with the incorporation of automated solutions has driven the elevator automation market. As these elevators are employed with automated features and consume less power they have been widely adopted by contractors worldwide. The restriction imposed by the government on construction projects to reduce operational cost by introduction of automated facilities within the elevator has increased the demand for this market. The increased concern for development and security of the building premises has lead to the rise in demand for the elevator automation market. Urbanization and increased expenditure on constructional projects has driven the smart and connected elevators and elevators control systems market. The incorporation of latest technologies namely personal occupant requirement terminal (PORT) and dispatch destination has substantially increased the demand for this market.

Modernization of traditional building structures in countries such as UK, the U.S., Canada and France has contributed majorly to the growth of smart elevator market. Moreover, expanding building infrastructure across developing economies especially in Asia Pacific has escalated need for comfortable, secure, efficient and quick vertical transportation.

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The numerous companies operating within the market strive to remain competitive by expansion and innovation of their product line offering. Companies are working towards enriching the customer experience through fabrication of smart elevator components which include doors, interior and entrance. Technologies enabling functioning of these elevators are of optimum level thus cost of entire elevator unit is high. All the above factors prove to be a barrier for the growth of smart elevator market. Technological breakthrough for the smart elevator market is emergence elevator control system which provides increased safety, comfort, enhanced infrastructure and operation control through voice commands, sensors and more.

Some of the key players in elevator market include Otis Elevator Corporation, Bosch Security System, ThyssenKrupp AG, Honeywell International Inc., Mitsubishi Electric Corporation, KONE Corporation, Schindler Holding AG, Fujitec and others.

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