Connected Mining Market by Offering (Solutions (Asset Tracking and Optimization, Fleet Management) and Services (Professional, Managed)), Mining Type (Surface, Underground), Application, Deployment Mode and Region - Global Forecast to 2028
[264 Pages Report] The global connected mining market is expected worth USD 13.3 billion in 2023 and USD 22.7 billion by 2028, growing at CAGR of 11.3% during the forecast period. Leveraging advanced technologies such as IoT, AI, and data analytics, connected mining enables real-time data collection, analysis, and decision-making, empowering mining companies to optimize their operations, enhance safety measures, and improve overall efficiency. As the mining industry continues to embrace digital transformation, the adoption of connected mining solutions is expected to rise significantly, driving the market’s growth and revolutionizing mining operations worldwide.
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Connected Mining Market Dynamics
Driver: Advancing Mining Operations through Connectivity
The increasing complexity and scale of mining operations and the need for streamlined communication and collaboration are driving the adoption of connected mining solutions. Mining companies leverage advanced technologies to connect personnel, equipment, and systems across multiple sites. These solutions enable seamless information exchange, real-time monitoring, and centralized control, enhancing operational efficiency, reducing errors, and improving overall productivity. By harnessing the power of connectivity, connected mining solutions facilitate better coordination, collaboration, and decision-making, enabling mining companies to overcome operational challenges and stay competitive in a rapidly evolving industry.
Restraint: High Initial Implementation Cost and Operational Disruptions
A significant constraint for the connected mining market is the high initial implementation cost. Integrating advanced technologies, establishing communication networks, and deploying IoT devices require substantial upfront investment. Due to these high costs, many mining companies, especially smaller players, might face financial constraints in adopting connected mining solutions. Additionally, the implementation process may involve disruptions to ongoing mining operations and require workforce retraining, further adding to the cost and potential resistance to change.
Opportunity: Leveraging Technological Advancements and Connectivity for Growth
The rapid advancements in digital technologies and the increasing availability of high-speed internet present significant growth opportunities for the connected mining market. With the deployment of 5G networks and the expansion of reliable communication infrastructure, mining companies can leverage real-time data and enhanced connectivity for improved operational efficiency and safety. Furthermore, the integration of connected mining with emerging technologies such as AI, machine learning, and automation opens new possibilities for predictive maintenance, optimized resource management, and autonomous operations.
Challenge: Ensuring Security, Interoperability, and Trust in Connected Mining Solutions
Mining operations deal with sensitive information related to resources, production, and personnel, making them potential targets for cyber threats. Therefore, robust cybersecurity measures and data encryption protocols are essential to safeguarding the integrity and confidentiality of mining data. Standardizing communication protocols and ensuring interoperability among various connected devices and systems also present technical challenges that require careful planning and collaboration among technology providers and mining companies.
Connected Mining Market Ecosystem
The connected mining market is driven by prominent companies that have established themselves as leaders in the industry. These companies are well-established, financially stable, and have a proven track record in providing innovative solutions and services in the mining sector. Their diverse product portfolio spans infrastructure, solutions, applications, and services, enabling them to cater to the market’s evolving needs. With state-of-the-art technologies and extensive capabilities, these companies are at the forefront of driving the advancement of connected mining technology.
By offering, Services segment to grow at a higher CAGR during the forecast period
During the forecast period, the services segment is poised to witness substantial growth in the connected mining market. As mining companies increasingly adopt connected mining solutions, the demand for specialized services to implement, manage, and optimize these technologies is rising. Service providers are pivotal in guiding mining companies through the complexities of digital transformation, offering tailored solutions to address specific operational challenges and requirements. The services segment’s higher CAGR growth reflects the industry's growing recognition of the importance of professional expertise and support in leveraging the full potential of connected mining technologies.
By mining type, the surface segment is expected to grow at a higher CAGR during the forecast period
The surface segment is expected to experience a higher compound annual growth rate during the forecast period in the connected mining market. Surface mining is becoming a favored method for resource extraction due to its cost-effectiveness and accessibility of mineral deposits near the Earth’s surface. As mining companies seek to enhance productivity and optimize resource management, the adoption of connected mining solutions in surface mining operations is rising. Connected mining technologies offer real-time monitoring, automation, and data analytics, providing valuable insights for better decision-making and operational efficiency in surface mining.
By region, Asia Pacific to grow at a higher CAGR during the forecast period
During the forecast period, Asia Pacific is expected to experience a higher compound annual growth rate in the connected mining market. The region’s thriving mining industry and rapid industrialization and urbanization drive the demand for advanced technologies to enhance operational efficiency and productivity. Additionally, the growing emphasis on safety and environmental sustainability in mining operations encourages mining companies to adopt connected mining solutions. With increasing investments in digital transformation and the deployment of 5G networks in the region, Asia Pacific presents significant growth opportunities for connected mining solution providers.
Market Players:
The major players in the connected mining market are 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 SpA (Chile), and Applied Vehicle Analysis (Africa).
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Report Metrics |
Details |
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Market size available for years |
2023-2028 |
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Base year considered |
2022 |
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Forecast period |
2023-2028 |
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Forecast units |
Value (USD) Million/Billion |
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Segments Covered |
By Component, Solutions, Services, Mining Type, deployment mode, Application, Regions |
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Region covered |
North America, Europe, Asia Pacific, Middle East and Africa, and Latin America |
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Companies covered |
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 SpA (Chile), and Applied Vehicle Analysis (Africa). |
This research report categorizes the connected mining market to forecast revenues and analyze trends in each of the following submarkets:
Based on Offering:
- Solutions
- Services
Based on Solution:
- Asset Tracking and Optimization
- Fleet Management
- Industrial Safety and Security
- Workforce Management
- Analytics and Reporting
- Process Control
- Others(Operational performance, Quality optimization solutions)
Based on Service:
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Professional Services
- Consulting
- Integration and Deployment
- Support and Maintenance
- Managed Services
Based on Mining Type:
- Surface
- Underground
Based on Deployment Mode:
- On-premises
- Cloud
Based on Application:
- Exploration
- Processing and Refining
- Transportation
Based on Regions:
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North America
- US
- Canada
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Europe
- Russia
- UK
- Germany
- Rest of Europe
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Asia Pacific
- China
- Australia
- India
- Rest of Asia Pacific
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Middle East and Africa
- Middle East
- Africa
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Latin America
- Brazil
- Mexico
- Rest of Latin America
Recent Developments
- June 2022 - Metso Outotec and Dynamox worked together to implement the condition monitoring platform of Dynamox in mining and aggregating operations. The solution is being provided by Metso Outotec to the installed equipment base of the business. Dynamox is a new member of the Metso Outotec partner ecosystem and aids in creating and offering customers simple-to-use digital solutions. The corporation is leveraging analytics and AI to further advance its mining operations.
- November 2021 - Hexagon AB, a market pioneer in virtual reality solutions, introduced the HxGN MineEnterprise Platform in November 2021. This new product is intended to increase real-time data management and analytics for mining operations.
- August 2021 - A cooperation between Caterpillar and BHP, a global mining, oil, and metals corporation, was established. In order to reduce greenhouse gas (GHG) emissions at BHP's mining locations around the world, the alliance planned to build and execute zero-emissions mining vehicles. In order to enable future mine sites and emission-free machinery, the alliance would help shape the processes, infrastructure, and technology needed.
- August 2021 - To improve its position in the connected mining market, Komatsu Ltd., a top manufacturer of mining equipment, said in August 2021 that it had acquired Immersive Technologies, a supplier of training solutions for the mining sector.
Frequently Asked Questions (FAQ):
What is connected mining?
Connected mining refers to integrating advanced digital technologies and communication systems into mining operations to enable real-time data exchange, seamless connectivity, and improved decision-making. It uses Internet of Things (IoT) devices, sensors, data analytics, artificial intelligence, and automation to gather, analyze, and utilize data from various mining processes, including equipment, personnel, and environmental conditions. Connected mining solutions offer mining companies enhanced visibility and control over their operations, leading to increased efficiency, improved safety measures, optimized resource management, and ultimately, higher productivity and profitability. By harnessing the power of connectivity and data-driven insights, connected mining aims to revolutionize the mining industry by fostering smarter, safer, and more sustainable practices.
What is the market size of the connected mining market?
The global connected mining market is expected to be worth USD 22.7 billion by 2028, growing at CAGR of 11.3% during the forecast period.
What are the major drivers in the connected mining market?
Connected mining solutions provide real-time data insights and analytics, allowing mining companies to optimize processes, reduce downtime, and make informed decisions promptly. Safety and worker wellbeing are also significant drivers, as connected mining technologies enable continuous monitoring of personnel and equipment, ensuring a safer working environment and minimizing the risk of accidents. Additionally, the growing focus on sustainable mining practices and environmental compliances drives the implementation of connected solutions that promote resource conservation and minimize the industry's ecological footprint. The integration of IoT, AI, and automation in the connected mining landscape empowers mining companies to enhance overall performance, safety, and sustainability, positioning these drivers at the forefront of the industry's rapid transformation.
Who are the major players operating in the connected mining market?
The major players in the connected mining market are 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 SpA (Chile), and Applied Vehicle Analysis (Africa).
Which key technology trends prevail in the connected mining market?
In the connected mining market, several key technology trends are shaping the industry's landscape. Internet of Things (IoT) is playing a pivotal role by enabling the integration of sensors, devices, and equipment to gather real-time data from mining operations. The data-driven approach allows mining companies to monitor equipment health, track assets, and optimize resource utilization. Artificial Intelligence (AI) and machine learning algorithms further revolutionize the industry by analyzing vast amounts of data, identifying patterns, and predicting equipment failures, thus facilitating predictive maintenance. Cloud computing empowers mining companies to store and process massive amounts of data securely, while edge computing brings computing capabilities closer to mining sites, reducing latency and enabling real-time decision-making. Automation and autonomous systems are also gaining traction, improving safety and efficiency in mining operations. Together, these technology trends drive innovation, improve productivity, and transform the connected mining landscape.
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This research study involved extensive secondary sources, directories, and databases, such as D&B Hoovers and Bloomberg BusinessWeek, to identify and collect information useful for this technical, market-oriented, and commercial study of the global connected mining market. The primary sources were several industry experts from core and related industries and preferred suppliers, manufacturers, distributors, Service Providers (SPs), technology developers, alliances, and organizations related to all the segments of this industry’s value chain. In-depth interviews were conducted with primary respondents, including key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, to obtain and verify critical qualitative and quantitative information and assess prospects.
Secondary Research
In the secondary research process, various secondary sources were referred to identify and collect information for the study. These included journals, annual reports, press releases, investor presentations of companies and white papers, certified publications, and articles from recognized associations and government publishing sources. Secondary research was mainly used to obtain key information about industry insights, the market’s monetary chain, the overall pool of key players, market classification, and segmentation according to industry trends to the bottom-most level, regional markets, and key developments from both market and technology-oriented perspectives.
Primary Research
In the primary research process, various primary sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for the report. The primary sources from the supply side included industry experts, such as Chief Executive Officers (CEOs), Chief Technology Officers (CTOs), Chief Operating Officers (COOs), Vice Presidents (VPs), marketing directors, technology and innovation directors, and related key executives from various companies and organizations operating in the connected mining market. The primary sources from the demand side included consultants/specialists, Chief Information Officers (CIOs), and subject-matter experts.
The Breakup of Primary Research:
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Market Size Estimation
Multiple approaches were adopted to estimate and forecast the connected mining market. The first approach involved estimating the market size by summating companies’ revenue generated through connected mining solutions & services.
Both top-down and bottom-up approaches were used to estimate and validate the total size of the connected mining market. The research methodology used to estimate the market size includes the following:
- Key players in the market have been identified through extensive secondary research.
- In terms of value, the industry’s supply chain and market size have been determined through primary and secondary research processes.
- All percentage shares, splits, and breakups have been determined using secondary sources and verified through primary sources.
Connected Mining Market Size: Bottom-Up Approach
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Connected Mining Market Size: Top-Down Approach
Data Triangulation
The data triangulation procedures were used to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with data triangulation and market breakdown, the market size was validated by the top-down and bottom-up approaches.
Market Definition
Connected mining is a technology-driven approach that revolutionizes the mining industry by leveraging advanced technologies such as IoT, cloud computing, and data analytics. It enables mining companies to optimize operations, enhance safety measures, and improve overall efficiency. Connected mining solutions facilitate real-time equipment monitoring, enable remote collaboration, and provide actionable insights for informed decision-making. Connecting mining transforms traditional mining practices by leveraging connectivity and digitalization, driving productivity and sustainability. This approach empowers mining companies to streamline their operations, reduce downtime, and maximize resource utilization, leading to improved profitability and competitiveness in the industry.
Key Stakeholders
- Mining Companies
- Technology Providers
- Equipment Manufacturers
- Service Providers
- Regulatory Bodies
- Industry Associations and Research Organizations
- Investors and Financial Institutions
Report Objectives
- To define, describe, and forecast the connected mining market based on segments based on offering, solutions, services, mining type, deployment mode, and application, with regions covered.
- To forecast the size of the market segments with respect to five regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.
- To provide detailed information on the major factors (drivers, opportunities, threats, and challenges) influencing the growth of the connected mining market.
- To analyze each submarket with respect to individual growth trends, prospects, and contributions to the global connected mining market.
- To analyze opportunities in the market for stakeholders by identifying high-growth segments of the global connected mining market.
- To profile the key market players, such as top and emerging vendors; provide a comparative analysis based on their business overviews, product offerings, and business strategies; and illustrate the market’s competitive landscape.
- To track and analyze competitive developments in the market, such as new product launches, product enhancements, partnerships, acquisitions, and agreements and collaborations.
Available Customizations
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Company Information
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Generating Response ...
Growth opportunities and latent adjacency in Connected Mining Market