A Look into the Connected Mining Industry 2031 | Exploring Market Trends, Growth and Competitive Landscape

The rise in internet of things (IoT) and, increase in investment in simulation technology have boosted the growth of the global connected mining market. However, dearth of skilled workforce and surge in operational cost along with productivity challenges hinder the market growth. On the contrary, increased inclination toward digitization to improve business operations and advent of 5G technology are expected to unlock lucrative opportunities in the future.

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According to a new report published by Allied Market Research, titled, "Connected Mining Market," The connected mining market was valued at $9.45 billion in 2021, and is estimated to reach $32.63 billion by 2031, growing at a CAGR of 13.3% from 2022 to 2031.

Connected Mining Solutions enhance equipment visibility, improve maintenance practices, and facilitate bi-directional communication for monitoring and control. This is achieved by gathering real-time equipment data and sharing it with cloud and third-party applications. The system also boosts plant safety by utilizing information on staff location and environmental conditions from stationary and mobile sensors, offering immediate actionable insights and fostering crucial collaboration. Additionally, connected mining streamlines operations, cuts costs, lessens physical strain, and reduces production expenses through live asset visibility, creating promising avenues for market growth.

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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 solutions and platforms 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.

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 operations. As a result, the growth in requirement to modernize business operations is expected to propel global market growth during the Connected Mining Market Forecast period.

The connected mining market trends in Asia-Pacific is expected to exhibit the highest growth during the forecast period. This region is witnessing a high adoption rate of technologies, such as operational analytics & data processing, remote monitoring, and mine safety systems and solutions. In addition, the advancements in the mining industry such as connected mining and Internet of Things (IoT) are widely adopted in this region to increase efficiency in the ores. Such, growing digitalization towards system, is expected to provide lucrative growth opportunities for the market in this region.

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Based on 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. 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.

By development mode, the cloud segment is anticipated 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 global connected mining market.

Based on 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.

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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.

By component, the solution segment held the lion's share in 2021, accounting for around two-thirds of the global connected mining market, due to 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. 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.

Key market players:

• ABB Ltd.
• Cisco Systems Inc.
• Hexagon
• IBM Corporation
• Rockwell Automation Inc.
• SAP SE
• Schneider Electric
• Siemens AG
• Trimble Inc.

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