MarketsandMarkets forecasts the Connected Mining Market size to grow from USD 12.7 billion in 2022 to USD 23.6 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 13.3% during the forecast period. The presence of various key players in the ecosystem has led to competitive and diverse market. Mining 4.0 initiatives in industries is paving the way for connecting mining market. Increasing adoption of IoT to accelerate the use of digital solutions to develop connected mines is driving the market.
The Solution segment to record the highest market share during the forecast period
In the Connected Mining Market by Component, solutions are expected to hold the largest market size. The connected solutions refer to the deployment of IoT solutions in the mining industry. These solutions are primarily aimed at achieving the convergence of machines and intelligent data to achieve the operational efficiency targets set by energy companies. connected solutions in mining sector also improvise analytics-based decision-making by diminishing the threats and vulnerabilities of the market using efficient tools and techniques. Moreover, connected mining solutions have enabled energy companies to control assets from anywhere to monitor their asset performance.
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The Asset tracking and optimization segment to record the highest market share during the forecast period
In the Connected Mining Market by Solutions , the asset tracking and optimization segment is expected to record a larger market share during the forecast period. Asset tracking solutions do track mining assets, automating processes, and constantly monitoring the quality and safety of the mining environment. This helps ensure the mine and workers are efficient and productive. It involves tracking of mining vehicles in real time, including GPS location, engine hours, mileage, geofences, and fuel consumption. To track underground mining assets while reducing costs, Real-Time Location Systems (RTLS), RFID tracking, Wi-Fi, sensors, mobile devices, software, and other technologies are used to gain full visibility of underground mining operations. The solution offers improved worker safety by tracking mine workers, monitoring entrances/exits and evacuation status, and receiving alerts.
Connectivity between mining assets plays an important role in the growth of the mining industry. The advancement in technologies, cloud computing, big data, artificial intelligence, IoT, virtual sensor, and robotics is playing important role in the way for digital transformation in businesses. The growing adoption of digital solutions and automated tools are driving the growth of the connected mining market.
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The report covers the competitive landscape and profiling of the major players, namely ABB (Switzerland), IBM (US), SAP (Germany), Cisco (US), Schneider Electric (France), Komatsu (Japan), Hexagon (Sweden), Caterpillar (US), Rockwell Automation (US), Trimble (US), Siemens (Germany), Howden (Scotland), Accenture (Ireland), PTC (US), Hitachi (Japan), Eurotech Communication (Israel), Wipro (India), MST Global (US), GE Digital (US), Symboticware (Canada), Getac (Taiwan), IntelliSense.io (UK), Zyfra (Finland), Axora (UK), GroundHog (US), SmartMining (Chile), and Applied Vehicle Analysis (Africa). These companies have adopted various strategies such as acquisitions, expansions, new product launches, and product enhancements, partnerships, agreements, and collaborations to cater to the growing demand for connected mining across the globe as well as to strengthen their position in the market. These strategies have also been tracked and mentioned in the report.
Accenture offers innovative, AI-based, and analytical solutions to support digital transformation of industries. The portfolio of the company includes application services, ecosystem services, digital commerce, change management, supply chain management, technology consulting, and others. The company serves to various industries such as health, chemicals, travel, communications, consumer goods, retail, insurance, banking, and others. The company serves to 7,000 customers and more than 120 countries worldwide. The company have 185 customers in its ecosystem. Accenture offers automotive solutions for the mining industry to provide connectivity between assets, equipment, and mine operators as well as improve safety, sustainability, and lifetime of assets. These solutions help mine operators to manage equipment remotely and detect and resolve failures quickly. The focus of the company is to work on zero harm, zero waste, and zero loss strategy.
IBM is one of the leading providers of IT and business services to clients in 175 countries across the globe. As of December 31, 2020, IBM and its wholly owned subsidiaries include 345,000 employees. It operates through five business segments: cognitive solutions, technology services, and cloud platforms, Global Business Services (GBS), systems, and global financing. IBM caters to various verticals, such as aerospace and defense, education, healthcare, oil and gas, automotive, electronics, insurance, retail and consumer products, banking and finance, energy and utilities, life sciences, telecommunications, media and entertainment, chemicals, government, manufacturing, travel and transportation, construction, and metals and mining. IBM offers mining industry solutions, optimize spare parts, modernize SAP applications, inventory management tools to ensure connectivity between operators and devices. The company provides solutions for mine operators to monitor assets used in mining remotely.
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