NEW YORK, May 16, 2016 /PRNewswire/ -- "Increasing ICT spending and volatile commodity prices are expected to drive the connected mining market"
The connected mining market size is estimated to grow from USD 3.84 billion in 2015 to USD 9.98 billion by 2020, at a Compound Annual Growth Rate (CAGR) of 21.0% due to the increasing adoption of disruptive technologies in the mining vertical. Increasing mining projects across MEA and APAC region, and high technological spending in North America and Europe, are also driving the growth of the market.
"System integration to dominate during the forecast period"
In 2015, system integration dominates the connected mining market, by service, during the forecast period as they basically aim to make the whole process run smoothly while reducing costs and driving inefficiencies.
There is an opportunity for manufacturers and system integrators to design flexible platforms by minimizing complexities that arise around various sensors, processors, and software to deliver simple user experience to the end-users.
"Latin America to witness highest growth during 2015-2020"
North America is expected to hold the largest market share of the connected mining market in 2015 due to the increasing use of sensor technology coupled with steep growth in mineral demand and large number of upcoming mining projects in the U.S. and Canada. Latin America is expected to have the highest growth rate during the forecast period as it is witnessing the high rate of adoption of connected mining technologies.
In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews were conducted with key industry personnel. The break-up profile of primary discussion participants is given below.
- By Company Type: Tier-1 (35%), Tier-2 (45%), and Tier-3 (20%) companies
- By Designation: C-level (35 %), Director Level (25 %), and Others (40%)
- By Region: North America (45 %), Europe (20%), Asia-Pacific (APAC) (30%), and Rest of World (5%)
The major trends in the connected mining segment include computational technologies such as cloud, big data, analytics, and IIoT. The surge in ICT spending across the world by the mining sector shows that there is an upward trend in acceptance and deployment of ICT-enabled solutions in the mining industry.
The various key connected mining vendors profiled in the report are as follows:
1. ABB Group
2. Cisco Systems, Inc.
3. Rockwell Automation
4. SAP SE
5. Trimble Navigation Limited
6. Hexagon AB
8. Symboticware, Inc.
The report will help the market leaders/new entrants in the connected mining market in the following ways:
1. This report segments the connected mining market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the sub-segments across different verticals and regions.
2. The report helps the stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help the stakeholders to better understand the competitors and gain more insights to better their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers & acquisitions.
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