Connected Mining Market Overview 2023-2027: Market Size, Major Players, And Lucrative Segments As Per The Business Research Company's Connected Mining Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Oct. 03, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company, the global connected mining market is set to grow at a remarkable CAGR of 15.3% in 2023, reaching $14.12 billion from $12.24 billion in 2022. The market is projected to surge to $24.63 billion by 2027 at a CAGR of 14.9%. The connected mining market is undergoing a profound transformation driven by the surging demand for digitalization and technological advancements.
Digitalization: Paving the Way for Mining's Future
The mining industry is embracing digitalization as a means to revolutionize traditional processes and drive efficiency. Digitalization entails transitioning to a digital business model that leverages advanced technologies to create new revenue streams and enhance value. In connected mining, digitalization encompasses cutting-edge technologies like mixed reality, automation, IoT-driven temperature sensors, and more.
A recent Digital Business Research 2021 report by Foundry, a U.S.-based information services provider, revealed that 91% of businesses had already adopted or intended to adopt a digital-first business strategy by November 2021. This trend remains consistent with results from 2019. The integration stage saw an increase from 18% to 22%, while the digital maintenance stage rose from 6% to 8% in 2019. A "digital-first" approach is now the strategy of choice for 52% of organizations worldwide. This underscores the pivotal role of digitalization in driving the growth of the connected mining market.
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https://www.thebusinessresearchcompany.com/report/connected-mining-global-market-report
Technological Advancements: Shaping the Industry Landscape
Major players in the connected mining market, including ABB, IBM, and Hexagon AB, are at the forefront of developing innovative technologies. One such example is Hexagon AB's "Power of One," introduced in September 2021. This life-of-mine smart solution connects sensors, software, and infield apps, bridging the gap between the mine and the boardroom. Utilizing cloud servers, it automatically stores mining data for easy accessibility, streamlining supply chain complexity, and enhancing operator adoption.
Geographic Dynamics
In 2022, North America led the connected mining market, reflecting the region's commitment to technological advancement in mining operations. However, Asia-Pacific is poised to emerge as the fastest-growing region in the forecast period, indicating a shifting global landscape with exciting growth prospects.
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Market Segmentation
The global connected mining market is thoughtfully segmented to cater to diverse industry needs:
- By Component: Solution, Services
- By Service: Professional Services, Managed Services
- By Solution: Asset Tracking and Optimization, Industrial Safety and Security, Analytics and Reporting, Process Control, Operational Performance, Quality Optimization Solutions
- By Automated Equipment: Driller and Breaker, Load Haul Dump, Mining Excavator, Robotic Truck
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By End Users: Engineering and Maintenance, Consulting Services, Production Training Service, Implementation and Integration Service
Connected Mining Global Market Report 2023 by The Business Research Company provides insights on the connected mining market size, connected mining market segments, connected mining market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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