The rise in the internet of things (IoT), and the increase in investment in simulation technology have boosted the growth of the globally connected mining market. However, a dearth of skilled workforce and a surge in operational costs along with productivity challenges hinder the market growth.
On the contrary, increased inclination toward digitization to improve business operations and the advent of 5G technology are expected to unlock lucrative opportunities in the future.
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By component, the solution segment held the lion’s share in 2021, accounting for around two-thirds of the globally connected mining market, due to adoption of connected mining provides numerous benefits such as improving worker safety by tracking mine workers, monitoring entrances or exits, evacuation status, and receiving alerts.
However, the services segment is projected to portray the highest CAGR of 14.6% during the forecast period, as connected mining service reduces IT-related complexities and maximizes the firm efficiency with the elimination of the manual process.
By development mode, the cloud segment is anticipated is estimated to register the highest CAGR of 15.9% from 2022 to 2031, due to the rise in adoption of cloud-based connected mining and low cost and easier maintenance. However, the on-premise segment held the lion’s share in 2021, contributing to more than half of the globally connected mining market.
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By region, the globally connected mining industry across Europe is anticipated to register the highest CAGR of 15.2% during the forecast period, due to the high rate of adoption of technologies, such as operational analytics & data processing, remote monitoring, and my safety systems and solution.
However, the market across Asia-Pacific held the largest share in 2021, accounting for more than one-third of the market, owing to rapid technological advancements, digitization of economies, and government initiatives.
This report gives an in-depth profile of some key market players in the connected mining market, including ABB Ltd., Accenture Plc., Cisco Systems Inc., Hexagon AB, IBM Corporation, Rockwell Automation, SAP SE, Schneider Electric SE, Siemens, Trimble, Inc. This study includes market trends, market analysis, and future estimations to determine the imminent investment pockets.
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