Connected Mining Market Extrapolated to Reach $22.7 billion by 2028

(IT-NEWSWIRE.COM, August 29, 2023 ) According to a research report "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" published by MarketsandMarkets, 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. The need for real-time data analytics and decision-making in mining operations is fueling the adoption of connected mining technologies.

Browse 306 market data Tables and 48 Figures spread through 264 Pages and in-depth TOC on "Connected Mining Market - Global Forecast to 2028"

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The Solution segment to record the higher market share during the forecast period

During the forecast period, the Solution segment is anticipated to achieve a higher market share in the connected mining market. The demand for integrated and customized solutions is expected to grow significantly as the mining industry increasingly focuses on digital transformation and operational efficiency. The Solution segment is poised to dominate the market by providing mining companies with the tools and capabilities to address their specific challenges and achieve sustainable growth. With continuous technological advancements and increasing capabilities of connected mining solutions, the Solution segment is well-positioned to lead the market during the forecast period.

By Mining type, the Surface segment is expected to hold a larger market share during the forecast period

By mining type, the Surface segment is expected to hold a larger market share during the forecast period in the connected mining market. Surface mining refers to the extraction of minerals and resources from the Earth’s surface, such as open-pit mining and strip mining. This type of mining is widely used for coal, iron ore, copper, and other minerals closer to the surface. Connected mining solutions offer significant benefits in surface mining operations, enabling real-time equipment monitoring, efficient fleet management, and optimized resource utilization. The ability to track and manage surface mining operations in real-time enhances safety measures, reduces operational costs, and improves overall productivity fueling market growth.

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Asia Pacific to hold the larger market size duringthe forecast period

During the forecast period, the Asia Pacific region is expected to hold a larger market size in the connected mining market. The Asia Pacific region is rich in mineral resources and has witnessed significant growth in mining activities in recent years. The increasing demand for metals, minerals, and resources from various industries, coupled with rapid urbanization and infrastructure development in the region, drives the need for efficient mining operations. As a result, mining companies in the Asia Pacific are increasingly adopting connected mining solutions to improve operational efficiency, safety, and sustainability.

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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Connected Mining Market Extrapolated to Reach $22.7 billion by 2028