Global Opportunities and Demand by Top Players in the con- nected mining market

SPECIAL FOCUS

Global Opportunities and Demand by Top Players

in the connected mining market

The market size for connected mining was estimated to be $9.45 billion in 2021 and is expected to increase to $32.63 billion by 2031, with a CAGR of 13.3 percent between 2022 and 2031.

To survive the current fierce business competition, organizations have switched toward digitalization and increasing Industry 4.0 adoption, which calls for a seamless solution and platform to satisfy business needs. The acceptance of Connected Mining Solutions is ultimately boosted by the growth in industrial IoT usage, the integration of IT and OT, big data analytics, and maintenance, as well as the enhancement of business operations.

Large firms dominated the connected mining sector as a whole in 2021, and this trend is forecasted to remain throughout the projection period. Due to the complexity of the enormous amounts of data and the demand for simple processes, there is a rise in the deployment of connected mining solutions, which fuels intense industry competitiveness.

Additionally, to improve speed, accuracy, and value chain scalability, huge organizations are integrating their substantial amounts of data in the cloud, which is advantageous for the industry. However, the SME sector is anticipated to have the highest market growth for connected mining solutions in the future.

It is anticipated that more connected mining solutions would be adopted to improve the commercial capacities of small and medium-sized businesses. Additionally, the industry expands due to an ongoing rise in government activities through numerous global digital SME campaigns.

In terms of mining type, the surface segment held the largest market share for connected mining in 2021, and this trend is forecasted to hold throughout the forecast period. To lower capital risk and boost productivity, surface mining businesses are turning to AI and machine

learning technology. They can more effectively analyze and interpret data thanks to this, which will speed up production and cut expenses.

Therefore, during the projected period, the market is likely to benefit from increased adoption of AI and machine learning in the surface mining sector. However, the underground sector is anticipated to increase faster in the next year. With a steady economic expansion in both developed and developing nations, demand for several minerals has increased dramatically. These minerals include iron, gold, copper, coal, lead, aluminum, and silver.

As a result, underground mining is becoming more popular. The spread of urbanization and industrialization has also led to a considerable increase in energy consumption, which benefits the development of the connected mining industry.

As a result, underground mining is becoming more popular. The spread of urbanization and industrialization has also led to a considerable increase in energy consumption, which benefits the development of the connected mining industry.

The connected mining market was estimated to be worth $10.62 billion in 2022 and is forecasted to rise at a CAGR of 13.3 percent to reach $32.63 billion by 2031. It is anticipated that the current projection for 2030 will be greater than pre-COVID-19 forecasts.

To ensure economic continuity during the epidemic, governments and corporations are increasingly requesting that employees work from home or transferring work to workers in less afflicted areas. To manage costs while enhancing the customer experience, however, the scenario has hastened the use of cutting-edge technologies, including industrial IoT, AI-based solutions & services, simulation technology, automation, big data, analytics, and cloud computing technology.

Due to the development of industrial IoT, big data, and analytics, enterprises may now convert unstructured and semi-structured data into structured and pertinent data.

Enterprises can use this data to speed up data management, process and analyze data, and increase the effectiveness of corporate operations with the use of connected mining. Consequently, it is expected that throughout the Connected Mining Market Forecast period, the need to upgrade business operations would increase.

In-depth profiles of some of the major market participants in the connected mining industry are provided in this study.

These companies include ABB Ltd., Accenture Plc., Cisco Systems Inc., Hexagon AB, IBM Corporation, Rockwell Automation, SAP SE, Schneider Electric SE, Siemens, and Trimble, Inc. To find the best investment scenarios, this study also considers market trends, market analyses, and future projections.

ESSENTIAL RESULTS OF THE STUDY

• In 2021, the Connected Mining Industry was dominated by the solution sector by component. But during the projected period, the services segment is anticipated to develop significantly. • The on-premise segment dominated the connected mining market in terms of deployment model in 2021; however, the cloud segment is anticipated to experience the greatest growth rate throughout the forecast period. • Based on the size of the organization, major businesses produced the most revenue in 2021. But shortly, the SMEs segment is anticipated to increase at the fastest rate. • Depending on the type of mining, the surface sector produced the most money in 2021. But in the near future, the subsurface sector is anticipated to grow at the fastest rate. • The exploration segment dominated the connected mining market in terms of application in 2021; however, the processing & refining sector is anticipated to experience the greatest growth rate throughout the forecast period. • In terms of geography, North America dominated the connected mining market in 2021. However, significant growth is anticipated in the Asia-Pacific region during the next few years.