Connected Mining Market to Garner $32.63 Bn, Globally, by 2031 at 13.3% CAGR: Allied Market Research

Rise in internet of things (IoT), increase in investment in simulation technology have boosted the growth of the global connected mining market

PORTLAND, Ore., July 13, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Connected Mining Market by Component (Solution, Services), by Deployment Mode (On-Premise, Cloud), by Organization size (Large Enterprises, SME's), by Mining Type (Surface, Underground), by Application (Exploration, Processing and Refining, Transportation): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global cider industry generated $9.45 billion in 2021, and is projected to reach $32.63 billion by 2031, growing at a CAGR of 13.3% from 2022 to 2031.

Drivers, restraints, and opportunities

Rise in internet of things (IoT), 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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Covid-19 scenario:

• The Covid-19 pandemic positively affected the demand for connected mining due to rapid adoption of emerging technologies such as industrial internet of things (IIoT), artificial intelligence-powered solution, cloud-based technologies, and big data.
• As connected mining support company in taking one step toward digitization, its demand increased during the pandemic.

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The solution segment dominated the market

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.

The cloud segment to register the highest CAGR through 2031

By development mode, the cloud segment is anticipated is estimated to register the highest CAGR of 15.9% from 2022 to 2031, due to 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.

Europe to manifest the highest CAGR by 2031

By region, the global connected mining industry across Europe is anticipated to register the highest CAGR of 15.2% during the forecast period, due to high rate of adoption of technologies, such as operational analytics & data processing, remote monitoring, and mine safety systems and solution. However, the market across Asia-Pacific held the largest share in 2021, accounting for more than one-third of the market, owing to rapid technological advancements, digitization of economies, and government initiatives.

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Key market players

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

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