HOME Top Market Reports Connected Mining Market by System and Solution (Connected Asset, Connected Logistic, Connected Control System, Safety and Security, and Remote Management Solution), by Method (Surface and Underground Mining), by Service, and by Region - Global Forecast to 2020

Connected Mining Market by System and Solution (Connected Asset, Connected Logistic, Connected Control System, Safety and Security, and Remote Management Solution), by Method (Surface and Underground Mining), by Service, and by Region - Global Forecast to 2020

By: marketsandmarkets.com
Publishing Date: April 2016
Report Code: TC 4262

 

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The smart mining market is estimated to grow from USD 3.84 Billion in 2015 to USD 9.98 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 21.0% during the forecast period. The deployment of smart mining solutions helps mining companies to minimize their labor expenses and increase the production efficiency by real-time monitoring and communication. The report aims at estimating the market size and future growth potential of the market across different segments, such as solutions, services, methods, and regions. The base year considered for the study is 2014 and the market size forecast is from 2015 to 2020. With the increasing adoption of Industrial Internet of Things (IIoT), sensor technology, and smart devices, the demand for mining solutions has grown tremendously across all the countries. Evolution of smart mines across the globe and increased ICT spending in mining industry are also driving this market. For the forecast period, smart mining market is expected to grow at a moderate pace. Presently, North America is the largest market for smart mining solutions.

The research methodology used to estimate and forecast the smart mining market begins with capturing data on key vendor revenues through secondary research. The vendor offerings are also taken into consideration to determine market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the global smart mining market from the revenue of the key players in the market. After arriving at the overall market size, the total market was split into several segments and sub-segments, which were then verified through primary research by conducting extensive interviews with key industry personnel, such as CEOs, VPs, Directors, and Executives.  The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and to arrive at the exact statistics for all segments and sub-segments. The breakdown of profiles of primary discussion participants is depicted in the below figure:

Connected Mining Market

To know about the assumptions considered for the study, download the pdf brochure

The smart mining ecosystem comprises device vendors, service providers, IoT platform providers, and network providers. Some of the key players that offer smart mining solutions and services are ABB Group, Cisco System, Inc., SAP SE, Rockwell Automation, Hexagon AB, Trimble Navigation Ltd., Thingworx, and Symboticware, Inc.

Key Target Audience

  • Energy platform and analytics vendors
  • System design and development vendors
  • System integrators/migration service providers
  • Consultants/consultancies/advisory firms
  • Training and education service providers
  • Support and maintenance service providers
  • Mining technology solution vendors
  • Resource mining technology solution vendors
  • Network service providers

Scope of the Report

The research report categorizes the Smart mining market to forecast the revenues and analyze the trends in each of the following sub-segments:

By System and Solution

  • Operational Data Processing and Analytics
  • Smart Assets
  • Smart Logistics
  • Smart Control Systems
  • Smart Safety and Security System
  • Remote Management Solution

By Service

  • Consulting
  • System Integration
  • Support and Maintenance

By Method

  • Surface Mining
  • Underground Mining

By Region

  • North America
  • Europe
  • Asia-Pacific (APAC)
  • Middle East and Africa (MEA)
  • Latin America

Available Customizations

With the given market data, MarketsandMarkets offers customization as per the company’s specific requirements. The following customization options are available for the report:

Product Analysis

  • Product matrix provides a detailed information and product comparison

Geographic Analysis

  • Further breakdown of the Europe smart mining market
  • Further breakdown of the APAC smart mining market
  • Further breakdown of the MEA smart mining market
  • Further breakdown of the Latin America smart mining market

Company Information

  • Detailed analysis and profiling of additional market players

Table of Contents

1 Introduction (Page No. - 16)
    1.1 Objectives of the Report
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered in the Report
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 19)
    2.1 Research Data
           2.1.1 Secondary Data
                     2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                     2.1.2.1 Key Data From Primary Sources
                     2.1.2.2 Key Industry Insights
                     2.1.2.3 Breakdown of Primaries
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown and Data Triangulation
    2.4 Research Assumptions and Limitations
           2.4.1 Assumptions
           2.4.2 Limitations

3 Executive Summary (Page No. - 28)

4 Premium Insight (Page No. - 32)
    4.1 Attractive Market Opportunities in the Smart Mining Market
    4.2 Smart Mining Market, By Region
    4.3 Mining Production Market Share, By Region
    4.4 Lifecycle Analysis, By Region, 2015
    4.5 Smart Mining System and Solution Market Snapshot
    4.6 Smart Mining Market, By Method, 2015

5 Market Overview (Page No. - 36)
    5.1 Introduction
    5.2 Market Segmentation
           5.2.1 By System and Solution
           5.2.2 By Service
           5.2.3 By Method
           5.2.4 By Region
    5.3 Market Dynamics
           5.3.1 Drivers
                     5.3.1.1 High Cost Efficiency
                     5.3.1.2 Enhanced Safety and Security of Mine Workers
                     5.3.1.3 Fluctuation in Commodity Prices
           5.3.2 Restraints
                     5.3.2.1 Integrating Information Technology With Operational Technology
                     5.3.2.2 Lack of Qualified, Skilled Labor
           5.3.3 Opportunities
                     5.3.3.1 Evolution of Smart Smart Mines
                     5.3.3.2 Accelerating Market for System Integrators
           5.3.4 Challenges
                     5.3.4.1 Lack of R&D
                     5.3.4.2 Declining Natural Resource Reserves

6 Industry Trends (Page No. - 43)
    6.1 Introduction
    6.2 Value Chain Analysis
    6.3 Conventional Practice vs. Emerging Practice

7 Smart Mining Market Analysis, By System and Solution (Page No. - 46)
    7.1 Introduction
    7.2 Operational Data Processing and Analytics
    7.3 Smart Assets
           7.3.1 Asset Performance Management
           7.3.2 Asset Predictive Maintenance
           7.3.3 Inventory and Asset Tracking
    7.4 Smart Logistics
           7.4.1 Fleet Management
           7.4.2 Freight Management System
    7.5 Smart Control Systems
           7.5.1 Temperature Control System
           7.5.2 Fuel Emission Control System
           7.5.3 Air Quality Monitoring System
    7.6 Smart Safety and Security System
           7.6.1 Proximity Detection and Collision Avoidance System
           7.6.2 Fatigue Monitoring System
           7.6.3 Security
                     7.6.3.1 Perimeter Security
                     7.6.3.2 Cyber Security
           7.6.4 Emergency and Response Management
    7.7 Remote Management Solution
           7.7.1 Health Monitoring
           7.7.2 Workforce Management
           7.7.3 Site Management

8 Smart Mining Market Analysis, By Service (Page No. - 68)
    8.1 Introduction
    8.2 Consulting
    8.3 System Integration
    8.4 Support and Maintenance

9 Smart Mining Market Analysis, By Method (Page No. - 74)
    9.1 Introduction
    9.2 Surface Mining
    9.3 Underground Mining

10 Geographic Analysis (Page No. - 78)
     10.1 Introduction
     10.2 North America
     10.3 Europe
     10.4 Asia-Pacific
     10.5 Latin America
     10.6 Middle East and Africa

11 Competitive Landscape (Page No. - 127)
     11.1 Overview
     11.2 Competitive Situation and Trends
     11.3 Partnerships, Agreements, and Collaborations
     11.4 New Product Launches
     11.5 Business Expansions
     11.6 Mergers and Acquisitions

12 Company Profiles (Page No. - 134)
(Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View)*
     12.1 Introduction
     12.2 ABB Group
     12.3 Cisco Systems, Inc.
     12.4 Rockwell Automation
     12.5 SAP SE
     12.6 Trimble Navigation Limited
     12.7 Hexagon AB
     12.8 Thingworx
     12.9 Symboticware Inc.
     12.10 Alastri
     12.11 Intellisense.Io

*Details on Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.

13 Appendix (Page No. - 161)
     13.1 Insight of Industry Experts
     13.2 Discussion Guide
     13.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     13.4 Introducing RT: Real-Time Market Intelligence
     13.5 Available Customizations
     13.6 Related Reports


List of Tables (124 Tables)

Table 1 Smart Mining Market Size and Growth Rate,2015–2020 (USD Billion, Y-O-Y %)
Table 2 Smart Mining Market: Conventional Practices vs Emerging Practices
Table 3 Smart Mining Market Size, By System and Solution,2015–2020 (USD Million)
Table 4 System and Solution: Smart Mining Market Size, By Region,2015–2020 (USD Million)
Table 5 Operational Data Processing and Analytics: Smart Mining Market Size, By Region, 2015–2020 (USD Million)
Table 6 Smart Assets: Smart Mining Market Size, By Type,2015–2020 (USD Million)
Table 7 Smart Assets: Smart Mining Market Size, By Region,2015–2020 (USD Million)
Table 8 Asset Performance Management: Smart Mining Market Size, By Region, 2015–2020 (USD Million)
Table 9 Asset Predictive Maintenance: Smart Mining Market Size, By Region, 2015–2020 (USD Million)
Table 10 Inventory and Asset Tracking: Smart Mining Market Size, By Region, 2015–2020 (USD Million)
Table 11 Smart Logistics Market: Smart Mining Market Size, By Type, 2015–2020 (USD Million)
Table 12 Smart Logistics: Smart Mining Market Size, By Region,2015–2020 (USD Million)
Table 13 Fleet Management: Smart Mining Market Size, By Region,2015–2020 (USD Million)
Table 14 Freight Management System: Smart Mining Market Size, By Region, 2015–2020 (USD Million)
Table 15 Temperature Control System: Smart Mining Market Size, By Region, 2015–2020 (USD Million)
Table 16 Fuel Emission Control System: Smart Mining Market Size, By Region, 2015–2020 (USD Million)
Table 17 Air Quality Monitoring System: Smart Mining Market Size, By Region, 2015–2020 (USD Million)
Table 18 Smart Safety and Security: Smart Mining Market Size, By Type, 2015–2020 (USD Million)
Table 19 Smart Safety and Security: Smart Mining Market Size, By Region, 2015–2020 (USD Million)
Table 20 Proximity Detection and Collision Avoidance System: Smart Mining Market Size, By Region, 2015–2020 (USD Million)
Table 21 Fatigue Monitoring System: Smart Mining Market Size, By Region, 2015–2020 (USD Million)
Table 22 Security: Smart Mining Market Size, By Type,2015–2020 (USD Million)
Table 23 Security: Smart Mining Market Size, By Region,2015–2020 (USD Million)
Table 24 Perimeter Security: Smart Mining Market Size, By Region,2015–2020 (USD Million)
Table 25 Cyber Security: Smart Mining Market Size, By Region,2015–2020 (USD Million)
Table 26 Emergency and Response Management: Smart Mining Market Size, By Region, 2015–2020 (USD Million)
Table 27 Remote Management Solution: Smart Mining Market Size, By Type, 2015–2020 (USD Million)
Table 28 Remote Management Solutions: Smart Mining Market Size By Region, 2015–2020 (USD Million)
Table 29 Health Monitoring: Smart Mining Market Size, By Region,2015–2020 (USD Million)
Table 30 Workforce Management: Smart Mining Market Size, By Region, 2015–2020 (USD Million)
Table 31 Site Management: Smart Mining Market Size By Region,2015–2020 (USD Million)
Table 32 Smart Mining Market Size, By Service, 2015–2020 (USD Million)
Table 33 Smart Mining Services Market Size, By Region,2015–2020 (USD Million)
Table 34 Consulting Services: Smart Mining Market Size, By Region,2015–2020 (USD Million)
Table 35 System Integration Services: Smart Mining Market Size, By Region, 2015–2020 (USD Million)
Table 36 Support and Maintenance Services: Smart Mining Market Size, By Region, 2015–2020 (USD Million)
Table 37 Smart Mining Market Size, By Method, 2015–2020 (USD Million)
Table 38 Surface Mining: Smart Mining Market Size, By Region,2015–2020 (USD Million)
Table 39 Underground Mining: Smart Mining Market Size, By Region,2015–2020 (USD Million)
Table 40 Smart Mining Market Size, By Region, 2015–2020 (USD Million)
Table 41 North America: Surface Mining Market Size, By System and Solution, 2015–2020 (USD Million)
Table 42 North America: Underground Mining Market Size, By System and Solution, 2015–2020 (USD Million)
Table 43 North America: Surface Mining Market Size, By Smart Asset,2015–2020 (USD Million)
Table 44 North America: Underground Mining Market Size, By Smart Asset, 2015–2020 (USD Million)
Table 45 North America: Surface Mining Market Size, By Smart Logistics, 2015–2020 (USD Million)
Table 46 North America: Underground Mining Market Size, By Smart Logistics, 2015–2020 (USD Million)
Table 47 North America: Surface Mining Market Size, By Smart Control System, 2015–2020 (USD Million)
Table 48 North America: Underground Mining Market Size, By Smart Control System, 2015–2020 (USD Million)
Table 49 North America: Surface Mining Market Size, By Smart Safety, 2015–2020 (USD Million)
Table 50 North America: Underground Mining Market Size, By Smart Safety, 2015–2020 (USD Million)
Table 51 North America: Surface Mining Market Size, By Security,2015–2020 (USD Million)
Table 52 North America: Underground Mining Market Size, By Security,2015–2020 (USD Million)
Table 53 North America: Surface Mining Market Size, By Remote Management Solution, 2015–2020 (USD Million)
Table 54 North America: Underground Mining Market Size, By Remote Management Solution, 2015–2020 (USD Million)
Table 55 North America: Surface Mining Market Size, By Service,2015–2020 (USD Million)
Table 56 North America: Underground Mining Market Size, By Service,2015–2020 (USD Million)
Table 57 Europe: Surface Mining Market Size, By System and Solution,2015–2020 (USD Million)
Table 58 Europe: Underground Mining Market Size, By System and Solution, 2015–2020 (USD Million)
Table 59 Europe: Surface Mining Market Size, By Smart Asset,2015–2020 (USD Million)
Table 60 Europe: Underground Mining Market Size, By Smart Asset,2015–2020 (USD Million)
Table 61 Europe: Surface Mining Market Size, By Smart Logistics,2015–2020 (USD Million)
Table 62 Europe: Underground Mining Market Size, By Smart Logistics, 2015–2020 (USD Million)
Table 63 Europe: Surface Mining Market Size, By Smart Control System, 2015–2020 (USD Million)
Table 64 Europe: Underground Mining Market Size, By Smart Control System, 2015–2020 (USD Million)
Table 65 Europe: Surface Mining Market Size, By Smart Safety,2015–2020 (USD Million)
Table 66 Europe: Underground Mining Market Size, By Smart Safety,2015–2020 (USD Million)
Table 67 Europe: Surface Mining Market Size, By Security,2015–2020 (USD Million)
Table 68 Europe: Underground Mining Market Size, By Security,2015–2020 (USD Million)
Table 69 Europe: Surface Mining Market Size, By Remote Management Solution, 2015–2020 (USD Million)
Table 70 Europe: Underground Mining Market Size, By Remote Management Solution, 2015–2020 (USD Million)
Table 71 Europe: Surface Mining Market Size, By Service,2015–2020 (USD Million)
Table 72 Europe: Underground Mining Market Size, By Service,2015–2020 (USD Million)
Table 73 Asia-Pacific: Surface Mining Market Size, By System and Solution,2015–2020 (USD Million)
Table 74 Asia-Pacific: Underground Mining Market Size, By System and Solution, 2015–2020 (USD Million)
Table 75 Asia-Pacific: Surface Mining Market Size, By Smart Asset,2015–2020 (USD Million)
Table 76 Asia-Pacific: Underground Mining Market Size, By Smart Asset, 2015–2020 (USD Million)
Table 77 Asia-Pacific: Surface Mining Market Size, By Smart Logistics,2015–2020 (USD Million)
Table 78 Asia-Pacific: Underground Mining Market Size, By Smart Logistics, 2015–2020 (USD Million)
Table 79 Asia-Pacific: Surface Mining Market Size, By Smart Control System, 2015–2020 (USD Million)
Table 80 Asia-Pacific: Underground Mining Market Size, By Smart Control System, 2015–2020 (USD Million)
Table 81 Asia-Pacific: Surface Mining Market Size, By Smart Safety,2015–2020 (USD Million)
Table 82 Asia-Pacific: Underground Mining Market Size, By Smart Safety, 2015–2020 (USD Million)
Table 83 Asia-Pacific: Surface Mining Market Size, By Security,2015–2020 (USD Million)
Table 84 Asia-Pacific: Underground Mining Market Size, By Security,2015–2020 (USD Million)
Table 85 Asia-Pacific: Surface Mining Market Size, By Remote Management Solution, 2015–2020 (USD Million)
Table 86 Asia-Pacific: Underground Mining Market Size, By Remote Management Solution, 2015–2020 (USD Million)
Table 87 Asia-Pacific: Surface Mining Market Size, By Service,2015–2020 (USD Million)
Table 88 Asia-Pacific: Underground Mining Market Size, By Service,2015–2020 (USD Million)
Table 89 Latin America: Surface Mining Market Size, By System and Solution, 2015–2020 (USD Million)
Table 90 Latin America: Underground Mining Market Size, By System and Solution, 2015–2020 (USD Million)
Table 91 Latin America: Surface Mining Market Size, By Smart Asset,2015–2020 (USD Million)
Table 92 Latin America: Underground Mining Market Size, By Smart Asset, 2015–2020 (USD Million)
Table 93 Latin America: Surface Mining Market Size, By Smart Logistics, 2015–2020 (USD Million)
Table 94 Latin America: Underground Mining Market Size, By Smart Logistics, 2015–2020 (USD Million)
Table 95 Latin America: Surface Mining Market Size, By Smart Control System, 2015–2020 (USD Million)
Table 96 Latin America: Underground Mining Market Size, By Smart Control System, 2015–2020 (USD Million)
Table 97 Latin America: Surface Mining Market Size, By Smart Safety,2015–2020 (USD Million)
Table 98 Latin America: Underground Mining Market Size, By Smart Safety, 2015–2020 (USD Million)
Table 99 Latin America: Surface Mining Market Size, By Security,2015–2020 (USD Million)
Table 100 Latin America: Underground Mining Market Size, By Security,2015–2020 (USD Million)
Table 101 Latin America: Surface Mining Market Size, By Remote Management Solution, 2015–2020 (USD Million)
Table 102 Latin America: Underground Mining Market Size, By Remote Management Solution, 2015–2020 (USD Million)
Table 103 Latin America: Surface Mining Market Size, By Service,2015–2020 (USD Million)
Table 104 Latin America: Underground Mining Market Size, By Service,2015–2020 (USD Million)
Table 105 Middle East and Africa: Surface Mining Market Size, By System and Solution, 2015–2020 (USD Million)
Table 106 Middle East and Africa: Underground Mining Market Size, By System and Solution, 2015–2020 (USD Million)
Table 107 Middle East and Africa: Surface Mining Market Size, By Smart Asset, 2015–2020 (USD Million)
Table 108 Middle East and Africa: Underground Mining Market Size, By Smart Asset, 2015–2020 (USD Million)
Table 109 Middle East and Africa: Surface Mining Market Size, By Smart Logistics, 2015–2020 (USD Million)
Table 110 Middle East and Africa: Underground Mining Market Size, By Smart Logistics, 2015–2020 (USD Million)
Table 111 Middle East and Africa: Surface Mining Market Size, By Smart Control System, 2015–2020 (USD Million)
Table 112 Middle East and Africa: Underground Mining Market Size, By Smart Control System, 2015–2020 (USD Million)
Table 113 Middle East and Africa: Surface Mining Market Size, By Smart Safety, 2015–2020 (USD Million)
Table 114 Middle East and Africa: Underground Mining Market Size, By Smart Safety, 2015–2020 (USD Million)
Table 115 Middle East and Africa: Surface Mining Market Size, By Security,2015–2020 (USD Million)
Table 116 Middle East and Africa: Underground Mining Market Size, By Security, 2015–2020 (USD Million)
Table 117 Middle East and Africa: Surface Mining Market Size, By Remote Management Solution, 2015–2020 (USD Million)
Table 118 Middle East and Africa: Underground Mining Market Size, By Remote Management Solution, 2015–2020 (USD Million)
Table 119 Middle East and Africa: Surface Mining Market Size, By Service,2015–2020 (USD Million)
Table 120 Middle East and Africa: Underground Mining Market Size, By Service, 2015–2020 (USD Million)
Table 121 Partnerships, Agreements, and Collaborations, 2014–2016
Table 122 New Product Launches, 2013–2016
Table 123 Business Expansions, 2013–2016
Table 124 Mergers and Acquisitions, 2012–2015
 
 
List of Figures (43 Figures)
 
Figure 1 Global Smart Mining Market: Research Design
Figure 2 Research Methodology
Figure 3 Market Size Estimation Methodology: Bottom-Up Approach
Figure 4 Market Size Estimation Methodology: Top-Down Approach
Figure 5 Market Breakdown and Data Triangulation
Figure 6 Smart Mining Market Size and Growth Rate,2015–2020 (USD Billion, Y-O-Y %)
Figure 7 Fastest Growing Segment of the Smart Mining Market
Figure 8 North America is Expected to Dominate the Smart Mining Market in 2015
Figure 9 Need for Operational Efficiency in the Mining Sector Would Significantly Impact Growth in the Smart Mining Market
Figure 10 North America Would Dominate Smart Mining Market During the Forecast Period
Figure 11 Asia-Pacific Leads the Overall Market in Terms of Mining Production
Figure 12 Smart Mining Market: Asia-Pacific is Expected to Exhibit Strong Growth Potential During the Forecast Period
Figure 13 Smart Assets Segment Holds the Largest Market Share During the Forecast Period
Figure 14 Surface Mining Market Would Be the Leading Method Market in 2015
Figure 15 Market Segmentation: By System and Solution
Figure 16 Market Segmentation: By Service
Figure 17 Market Segmentation: By Method
Figure 18 Market Segmentation: By Region
Figure 19 Smart Mining Market: Drivers, Restraints, Opportunities, and Challenges
Figure 20 Smart Mining: Value Chain Analysis
Figure 21 Smart Assets Segment is Expected to Lead the Smart Mining Solutions Market in Terms of Market Size During the Forecast Period
Figure 22 System Integration Would Be Leading the Services Market During the Forecast Period
Figure 23 Underground Mining is Estimated to Grow at the Highest CAGR During the Forecast Period
Figure 24 Latin America: an Attractive Destination for the Smart Mining Market, 2015–2020
Figure 25 North America Would Be the Leading Region in Terms of Market Size During the Forecast Period
Figure 26 Asia-Pacific: an Attractive Destination for Most Software Vendors
Figure 27 North America: Smart Mining Market Snapshot
Figure 28 Latin America: Smart Mining Market Snapshot
Figure 29 Companies Adopted Partnership, Agreement, and Collaboration as the Key Growth Strategy From 2013 to 2015
Figure 30 Market Evaluation Framework
Figure 31 Battle for Market Share: Companies Adopted Inorganic Growth Strategies to Strengthen Their Market Position
Figure 32 ABB Group: Company Snapshot
Figure 33 ABB Group: SWOT Analysis
Figure 34 Cisco Systems, Inc.: Company Snapshot
Figure 35 Cisco Systems, Inc.: SWOT Analysis
Figure 36 Rockwell Automation: Company Snapshot
Figure 37 Rockwell Automation: SWOT Analysis
Figure 38 SAP SE.: Company Snapshot
Figure 39 SAP SE: SWOT Analysis
Figure 40 Trimble Navigation, Ltd.: Company Snapshot
Figure 41 Trimble Navigation, Ltd.: SWOT Analysis
Figure 42 Hexagon AB: Company Snapshot
Figure 43 Symboticware Inc.: Company Snapshot

MarketsandMarkets forecast the smart mining market size to grow from USD 3.84 Billion in 2015 to USD 9.98 Billion by 2020, at a compound annual growth rate (CAGR) of 21.0%. Fluctuating commodity prices, increasing ICT spending, and enhanced safety and security of mine workers are some of the pivotal factors driving the smart mining market. Other driving forces include growing need for energy efficiency and high cost efficiency.
The smart mining market is broadly classified by mining method into surface mining and underground mining. Compared to underground mining, surface mining segment is experiencing high adoption as most solution providers make solutions for monitoring of wall slope stability, surface movement, detection of fractures and faults, and natural seismicity required in surface mining. However, only niche players are involved in underground mining segment.

Smart Assets is expected to dominate the solution segment in the smart mining market during the forecast period. This growth is driven due to cost efficiency and large scale mining projects across North America and APAC. Operational data processing and analytics is expected to witness the highest growth due to the growing popularity and demand of data analytics in mining vertical. North America is expected to be the most lucrative market among all other regions for advanced analytics solution market owing to a higher adoption rate of analytics for consumer insights in this region.

The smart mining market is segmented across five regions, namely, North America, Asia-Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. The analysis shows that the spending on smart mining is increasing globally due to the increasing Information and Communications Technology (ICT) integration across different verticals, especially in developing regions. North America is projected to dominate the smart mining market during the forecast period due to technological advancements and early adoption of Smart mining solutions and services in the region. The Latin American market is expected to grow at the highest CAGR between 2015 and 2020. The primary driving forces for this growth are huge technological spending and increasing demand of mine plants with remote surveillance and collaborated environment.

Connected Mining Market

The adoption of smart mining solutions and services is still accelerating at a steady pace in the developing regions, such as MEA and APAC. Therefore, the initial start-up cost prevents several organizations in these regions from adopting smart mining solutions and services. This acts as a major restraining factor for the growth of the Smart market. However, worldwide increase in the IT spending is expected to provide significant growth opportunities.

On a strategic front, many companies are utilizing different growth strategies, such as mergers & acquisitions, partnership & collaboration, and product development to increase their share in the market. In June 2016, Cisco partnered with Rockwell Automation, a leading mining solution provider, to help create connectivity solutions in order to bridge the communication gap between mining operators and business systems through network as well as security products. Similarly, on February 2016 Cisco partnered with Goldcorp, a leading gold producer in order to deploy its smart mining solution thereby enabling Goldcorp to build a high-tech, advanced Smart mine. Some of the major technology vendors include ABB Group, SAP SE, Rockwell Automation, Cisco System, Inc., Hexagon AB, and Trimble Navigation Ltd.

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