The global connected mining market was valued at around $6 billion in 2015 and is expected to surpass $12 billion by 2020, says Technavio.
Technavio has announced its latest market research report on connected mining during the forecast period, 2016-2020. This market analysis, under the machine to machine (M2M) and connected devices vertical, discusses the major drivers and key emerging trends that will influence the growth of the global connected mining market during the forecast period. Some of the top vendors listed in this industry analysis include ABB, Cisco, Komatsu, Caterpillar, and Deere-Hitachi.
In terms of geographical analysis, APAC will be the largest region in the global market, and is expected to reach revenues of around $5 billion by 2020. China will emerge as the key revenue generator over the period of next four years.
“The adoption of connected technology and data centers is encouraging companies to leverage big data and designing their IT strategy to structure the influx of high volume of data. Some of the big data solutions help organizations to avoid financial crimes by using advanced analytics to address losses each year. These analytics provides insights by predicting downtimes based on the performance of mining equipment and infrastructure. These solutions also offer predictive analytics that helps mining enterprises to record and observe the real-time variations,” says Abhishek Sharma, a lead analyst at Technavio for research on the machine to machine (M2M) and connected devices.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increased global mining operations
The rise in the exploration and mining activities in Latin America, Africa, and parts of Asia will fuel the growth of the market during the forecast period. Various minerals and metals have a vital role in the daily operational activities that involves food and water supply, sewage treatment, energy, infrastructure, transportation, construction, and manufacturing industries. The increasing use of satellite communications, computer technology, remote control interfaces, and robotics will lead to greater safety, productivity, and superior functionality in the mining industry. The growth in mining, mineral processing, smelting, and refining operations will result in the development of advanced mining equipment, including haul trucks, crushers, and conveyors.
Reduced prices of connected devices
The market is witnessing a decline in hardware prices, installation costs, and the tariff rates of network operators which, in turn, is triggering the deployment of M2M and connected devices for safety systems. All connected devices help in sending data to the centralized server through networks such as wireless local area network (WLAN), RFID, and Bluetooth. The vendors are developing low-cost and energy-efficient wireless sensor nodes that include low-power radio and power management. These sensors are easy to deploy and can be controlled and monitored from remote locations helping various operations.
Increased adoption of IoT
The introduction of various technologies that includes RFID, sensors, and GPS to monitor and manage the physical assets in a business environment, will help in the development of the market. These systems increase the efficiency of the enterprise and improve business values. The adoption of IoT helps in the interconnection of every device or asset of an organization. These systems aids in improving the business processes and monitors business processes that lead to more effective decisions in real time.
Other prominent vendors identified in this report are Accenture, Alastri, BT, Ericsson, Gemalto, Hexagon, Rockwell Automation, SAP, ThingWorx, and Trimble.
This research report includes an in-depth analysis, market shares and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Connected Mining Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Satellite M2M Connections and Services Market 2016-2020
- Global Mass Notification Systems Market 2016-2020
- Global Aerial Imaging Market 2016-2020
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