The growing number of high-rise and super tall buildings around the world is driving the growth of the smart elevator market. The global market for these technologies is expected to reach $25 billion by 2020, according to a report by Global Industry Analysts Inc.

Smart elevators offer many conveniences and advantages not available with traditional elevators. They can improve energy efficiency, reduce wait times, integrate access control features, and allow for better control of elevator traffic. Smart elevators are being utilized in a variety of commercial, residential, healthcare, hospital, retail, and industrial settings.

One popular smart elevator feature is destination dispatch, which groups passengers based on their destination floors and reduces wait time and travel time by up to 50 percent. Destination dispatch can reduce congestion in lobbies, make elevators less crowded, and improve passenger comfort. Touch screen interfaces can be used for smart destination control. Smart elevators can also detect employees of companies based on their IDs and assign them to elevators to reduce wait and travel time. Elevators can utilize touchless summoning and multi-carriage systems for time management.

Smart elevators can use the cloud to improve travel speed and comfort and also to analyze performance and alert staff when maintenance is needed. Elevators can be monitored remotely to reduce downtime.

The United States is the largest market for smart elevator technology, followed by Europe. The market growth is driven by strict energy efficiency requirements, growing security concerns, and increasing demand for convenience.