The smart elevator market is a hot topic in 2014 and a recent industrial market research report predicts that this market will continue to register a high growth into the year 2020. A new report published by Allied Market Research suggests that the global smart home and buildings market is likely to grow at a compound annual growth rate (CAGR) of 29.5 % during the period 2012 – 2020. It is estimated that the overall smart elevator market will grow up to $35.3 billion by 2020.

Presently, smart elevator technology has become highly popular worldwide. One of the prominent factors that increase the demand for more advanced and sophisticated elevators in the market is “security”. Through robust identification and authentication techniques, this system provides adequate protection. In addition, unique features such as centralized controls and energy efficiency are some of the key factors behind the rapid adoption of this system.

These new age accessibility devices are labeled as smart since they provide automated options for energy management along with other modernization features. This system features new-age digital access controls that use biometrics, cards and keypad and touch screens. The security features include surveillance system, intruder alarm, and visitor management system. The automation features comprise sensors and controllers, motors and drives, and building management system. The unique technology saves energy expenses and helps to achieve standards of green infrastructure within a workplace. Moreover, it helps to solve the security concerns of end users.

Depending on specific application types, the smart lift market is classified into categories such as residential, commercial, industrial and institutional. Commercial applications are intended for use in offices, lodgings, and in healthcare and retail facilities. Institutional applications include use in educational and government buildings. The latest reports suggest that commercial applications seize the largest market share owing to high adoption of office building applications worldwide. However, residential applications are expected to increase in the immediate future due to rise in the number of high-rise buildings. Presently, the greatest demand for smart elevators exists in North America. However, the Asia-Pacific region is expected to lead the world market in the near future.