The global Connected Mining Market Size was valued at $9.45 billion in 2021, and is projected to reach at $32.63 billion by 2031, growing at a CAGR of 13.3% from 2022 to 2031. The businesses have shifted toward digitalization and increased implementation of Industry 4.0 to cope with ongoing tough business competition, which creates the need for seamless solution and platform to meet the businesses requirements.
In addition, increase in adoption of industrial IoT and the integration of information technology (IT) and operation technology (OT), big data and analytics & maintenance enhance business operation, which eventually boost the adoption of Connected Mining Solutions.
On the basis of organization size, the large enterprises dominated the overall connected mining industry in 2021 and is expected to continue this trend during the forecast period. There is an increase in the adoption of connected mining solution due to rise in complexity to vast amount of data and need of easy process, which leads to high competition across industries.
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Furthermore, large enterprises are integrating their large volume of data in the cloud to augment their speed, accuracy, and value chain scalability, which is opportunistic for the market. However, the SME’s is expected to witness the highest Connected Mining Solutions market growth in the upcoming year.
The adoption of connected mining solution is expected to increase to optimize the business capabilities of small & medium sized enterprises. Moreover, continuous rise in number of government initiatives through various digital SME campaigns throughout the world fuel the growth of the market.
On the basis of mining type, the surface segment dominated the Connected Mining Market Share in 2021 and is expected to continue this trend during the forecast period. Surface mining companies are turning to AI and machine learning technologies to reduce capital risk and increase the rate of production. This helps them analyze and interpret data efficiently so that they can increase the pace of production and reduce costs.
Thus, rise in implementation of AI and machine learning in the surface mining industry is likely to provide lucrative opportunities to the market during the forecast period. However, underground segment is expected to witness the highest growth in the upcoming year. The demand for numerous minerals, including iron, gold, copper, coal, lead, aluminum, and silver, has grown significantly, driven by consistent economic growth in both developed and developing countries.
As a result, there is an increase in the demand for underground mining. Furthermore, energy consumption has significantly increased due to the expansion of urbanization and industrialization, which positively impacts the Connected Mining Industry growth.
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The connected mining market was valued at $10.62 billion in 2022, and is projected to reach $32.63 billion by 2031, registering a CAGR of 13.3%. The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. Governments and businesses are increasingly asking employees to work from home or are shifting work to employees in less affected areas to maintain business continuity during the pandemic.
However, the situation has accelerated the adoption of advanced technologies such as industrial IoT, AI-based solution & services, simulation technology, automation, big data, analytics and cloud computing technology to control costs while improving the customer experience.
Furthermore, organizations may now transform unstructured and semi-structured data into structured and relevant data due to the advent of industrial IoT, big data, and analytics. This data can be used by connected mining to help enterprises speed up data management, process & analyze data, and improve the efficiency of business operation. As a result, the growth in requirement to modernize business operations is expected to propel the market growth globally during the Connected Mining Market Forecast period.
This report gives an in-depth profile of some key market players in the connected mining market, include 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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KEY FINDINGS OF THE STUDY
- By component, the solution segment dominated the Connected Mining Industry in 2021. However, the services segment is expected to exhibit significant growth during the forecast period.
- On the basis of deployment mode, the on-premise segment dominated the connected mining market in 2021; However, the cloud segment is expected to witness the highest growth rate during the forecast period.
- Depending on organizational size, the large enterprises generated the highest revenue in 2021. However, the SMEs segment is expected to witness the highest growth rate in the near future.
- Depending on mining type, the surface segment generated the highest revenue in 2021. However, the underground segment is expected to witness the highest growth rate in the near future.
- On the basis of application, the exploration segment dominated the connected mining market in 2021; However, the processing & refining segment is expected to witness the highest growth rate during the forecast period.
- Region-wise, the connected mining market was dominated by North America in 2021. However, Asia-Pacific is expected to witness significant growth in the coming years.
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