Connected Mining Market Statistics: 2031
The global connected mining market was valued at $9.45 billion in 2021, and is projected to reach $32.63 billion by 2031, growing at a CAGR of 13.3% from 2022 to 2031. Connected Mining Solutions enables machine visibility, enhances maintenance, and supports two-way communications for supervisioning and control by collecting equipment data in real-time and publishing it to cloud and third-party applications. It improves overall plant safety by using data about employee or staff location and environmental conditions from fixed & mobile sensors, offering real-time actionable intelligence and essential collaboration. Moreover, connected mining saves time & money, reduces physical workload, and minimizes production costs with real-time visibility of assets, which provide lucrative growth opportunities for the market. Furthermore, rise in investments in the industry and increase in adoption industrial IoT, big data, analytics, and simulation technology to enhance operation of businesses further propel the growth of the Connected Mining Solutions during the forecast period.
The connected mining market is segmented into Component, Deployment Mode, Organization size, Mining Type and Application. By component, it is bifurcated into solution and services. On the basis of deployment mode, it is segregated into cloud and on-premise. By organization size, it is categorized into SMEs and large enterprises. Depending on mining type, it is segregated into surface and underground. By application, it is categorized into exploration, processing & refining and transportation. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of deployment mode, the on-premise segment captured the largest connected mining market share in 2021 and is expected to remain dominant throughout the forecast period. This is attributed to numerous advantages offered by on-premise deployment such as a high level of data security and safety. Industries prefer on-premise model owing to high data security and less data breach as compared to cloud based deployment models, which further drive the demand for on-premise deployment model within the sectors. However, the cloud segment is expected to witness highest share in the upcoming years. This is attributed to rise in adoption of cloud-based connected mining due to low cost and easier maintenance, drives the growth of the market.
Depending on component, the solution segment dominated the connected mining industry in 2021, and is expected to remain dominant during the forecast period. The adoption of connected mining provides numerous benefits such as, improve worker safety by tracking mine workers, monitoring entrances or exits, evacuation status, and receiving alerts. This propels the growth of the market. However, services segment is expected to witness the highest growth in the upcoming year. The connected mining service reduces IT-related complexities and maximizes the firm efficiency with the elimination of the manual process, which fuel the growth of the connected mining market.
Depending on region, North America dominated the market in 2021. This is attributed to rapid technological advancements, digitization of economies, and government initiatives, further drive the growth of connected mining market in this region. However, Asia-Pacific is expected to exhibit highest growth rate during the forecast period as this region is witnessing a high rate of adoption of technologies, such as operational analytics & data processing, remote monitoring, and mine safety systems and solution. This is anticipated to provide lucrative growth opportunities for the Connected Mining Industry in this region.
The report focuses on the connected mining market growth prospects, restraints, and accounting software market analysis. The study uses Porter’s Five Forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants & substitutes, and bargaining power of buyers on the connected mining market trends.
Top Impacting Factors
Factors such as increase in adoption of internet of things (IoT) and rise in investment in simulation technology drive the growth of the market. In addition, increase in adoption of artificial intelligence, data science and automation technologies accelerate connect mining. This is expected to propel the growth of the market in the upcoming years. Furthermore, industries are moving towards digitalization to enhance operation as well as emerging 5G technology aid global adoption of connected mining. This is expected to provide lucrative growth opportunities for the market during the forecast period. However, shortage of technically skilled employees and increase in operational costs and productivity challenges hamper the growth of the market.
Increase Investment in Simulation Technology
Enterprises are continuously looking for latest and advanced innovation to enhance productivity and reduces operating costs. One of those technological investments that are turning heads is equipment simulator systems. More and more mine operators are realizing the advantages that simulation can bring to their mine sites around the globe. Mining companies are purchasing simulation system to enhance their core fundamental performance. For instance, South Africa-based ThoroughTec Simulations company provides Cybermine training simulators, the advanced military standard technology into several new markets, including India and Kazakhstan. The training simulators are increasingly being viewed as a sound investment and an important part of mine operations. On the contrary, advanced training simulators are being seen as an important part of mine safety as well as an investment into operator competency and productivity, which propel the growth of the market during connected mining market forecast period.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the connected mining market analysis from 2021 to 2031 to identify the prevailing connected mining market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the connected mining market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global connected mining market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global connected mining market trends, key players, market segments, application areas, and market growth strategies.
Connected Mining Market Report Highlights
By Deployment Mode
By Organization size
By Mining Type
Key Market Players
Cisco Systems Inc., SAP SE, Rockwell Automation Inc., Schneider Electric, Trimble Inc., Hexagon, IBM Corporation, Accenture, Siemens AG, ABB Ltd.
According to CXOs of the leading companies, over the time, enterprises have seen various changes in the business operations and industrial automation. Connected mining is increasingly being implemented by businesses to boost their profitability and working capital. Enterprises integrate their business functions, resources, and important business solution & services for monitoring probability to boost efficiency and productivity. Furthermore, the increase in demands for enhanced safety and security solutions for mine workers propel the growth of the market. Connected mining enables enterprises to increase their production capacities by real-time monitoring and communication with the integrated systems. It offers predictive maintenance that provides on-site cost monitoring and utilization of resources through digital tail monitoring controls. Moreover, the advent of the Industrial IoT, big data and cloud computing solutions with the mining systems, is acting as another growth factor. Furthermore, service providers are also exploring new technologies, applications and solution & services to offer an enhanced experience to the user, which is expected to boom the market growth in the upcoming years.