Connected Mining Market: Innovation and Product Optimization to Boost Growth

The Global Connected Mining Market size is expected to reach $21. 9 billion by 2028, rising at a market growth of 11. 8% CAGR during the forecast period.

Connected mining is the next-generation land mine system that combine surface and underground mining for increased efficiency in the extraction and administration of mining resources.

The growing demand for improved safety and security measures for mine workers is propelling the industry forward. By monitoring and communicating with integrated systems in real-time, connected mining allows businesses to boost their production capacities. It also enables predictive maintenance, which includes on-site cost monitoring and resource usage via digital tail monitoring controls.

Another growth-inducing aspect is the integration of the Industrial Internet of Things (IIoT), big data, and cloud computing technologies with mining equipment.

Based on Component, the market is segmented into Solution and Services. Based on Solution Type, the market is segmented into Asset Tracking & Optimization, Industrial Safety & Security, Fleet Management, Workforce Management, Analytics & Reporting, and Others.

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The services segment observed a substantial revenue share in the connected mining market in 2021. Support and maintenance services, consulting services, and system integration services are examples of professional services.

Consulting services are generally focused on managing business operation revolution programs and the most recent technological updates in order to assist clients in achieving strategic company objectives through technological and business improvements.

Integration is the process of linking many subsystems or components into a bigger system so that it can function as a single IoT system. Integration and deployment services combine various technological products and applications, including legacy platforms, to reduce IT-related difficulties and increase a company's return on investment.

Based on Application, the market is segmented into Exploration, Processing & Refining, and Transportation. The transportation segment obtained a promising revenue share in the connected mining market in 2021.

Some mining businesses are already utilizing self-driving trucks and trains that can be tracked and operated remotely. Aside from enabling efficient material transport and allowing personnel to focus on other activities, autonomous transportation has the potential to improve safety.

Transportation accidents are a big threat to the safety of the mineworkers. Autonomous transportation can solve this issue.

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Based on Deployment Mode, the market is segmented into On-premise and Cloud. The cloud segment witnessed a significant revenue share in the connected mining market in 2021.

Industries are gradually migrating their storage from on-premise to the cloud, owing to the increased efficiency of work processes and storage capacity provided by cloud services. An organization's capital and operational costs can be reduced by using the cloud. With no in-house server storage and application requirements, it helps to save significant capital expenses.

Based on Mining Type, the market is segmented into Surface and Underground. The surface mining segment acquired the largest revenue share of the connected mining market in 2021. Surface mining is a type of mining that extracts minerals and ores that are found near the Earth's surface.

In addition, Surface mining is the deliberate removal of exterior layers of rock from the earth to obtain ore reserves. Such kind of mining is used in the majority of mining projects because it is relatively more cost-efficient, simple to manage, and less dangerous.

Mountaintop Removal (MTR), open-pit mining, strip mining, dredging, and highwall mining are all examples of surface mining. The most frequent type of mining technology is open-pit mining, which is used to extract near-surface ores. Ore resources are mined from water sources such as rivers, lakes, and the ocean.

Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The APAC region acquired the maximum revenue share in the connected mining market in 2021.

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China, Indonesia, India, the Philippines, and Papua New Guinea (PNG) are likely to lead the industry in the Asia Pacific region, with China being the most promising player in smart mining efforts. Because of the country's growing demand for minerals, India can be deemed the next high-potential preference for the leading global-linked mining industry suppliers.

Investment projects are driving the region's development in industrial capacity. The adoption of technology like remote monitoring, operational analytics and data processing, and mining safety systems is high in this region.

The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Cisco Systems, Inc. and Siemens AG are the forerunners in the Connected Mining Market. Companies such as IBM Corporation, SAP SE and ABB Group are some of the key innovators in the Market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, IBM Corporation, SAP SE, Cisco Systems, Inc., Schneider Electric SE, Komatsu Ltd., Hexagon AB, Caterpillar, Inc., Rockwell Automation, Inc., and Siemens AG.

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