DUBLIN, May 17, 2016 /PRNewswire/ --
Research and Markets has announced the addition of the "Connected Mining Market by System and Solution (Connected Asset, Connected Logistic, Connected Control System, Safety and Security, and Remote Management Solution), by Method, by Service, and by Region - Global Forecast to 2020" report to their offering.
The report forecast the smart mining market size 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%.
Fluctuating commodity prices, increasing ICT spending, and enhanced safety and security of mine workers are some of the pivotal factors driving the smart mining market. Other driving forces include growing need for energy efficiency and high cost efficiency.
The smart mining market is broadly classified by mining method into surface mining and underground mining. Compared to underground mining, surface mining segment is experiencing high adoption as most solution providers make solutions for monitoring of wall slope stability, surface movement, detection of fractures and faults, and natural seismicity required in surface mining. However, only niche players are involved in underground mining segment.
Smart Assets is expected to dominate the solution segment in the smart mining market during the forecast period. This growth is driven due to cost efficiency and large scale mining projects across North America and APAC. Operational data processing and analytics is expected to witness the highest growth due to the growing popularity and demand of data analytics in mining vertical. North America is expected to be the most lucrative market among all other regions for advanced analytics solution market owing to a higher adoption rate of analytics for consumer insights in this region.
The smart mining market is segmented across five regions, namely, North America, Asia-Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. The analysis shows that the spending on smart mining is increasing globally due to the increasing Information and Communications Technology (ICT) integration across different verticals, especially in developing regions. North America is projected to dominate the smart mining market during the forecast period due to technological advancements and early adoption of Smart mining solutions and services in the region. The Latin American market is expected to grow at the highest CAGR between 2015 and 2020. The primary driving forces for this growth are huge technological spending and increasing demand of mine plants with remote surveillance and collaborated environment.
The adoption of smart mining solutions and services is still accelerating at a steady pace in the developing regions, such as MEA and APAC. Therefore, the initial start-up cost prevents several organizations in these regions from adopting smart mining solutions and services. This acts as a major restraining factor for the growth of the Smart market. However, worldwide increase in the IT spending is expected to provide significant growth opportunities.
Some of the major technology vendors include ABB Group, SAP SE, Rockwell Automation, Cisco System, Inc., Hexagon AB, and Trimble Navigation Ltd.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insight
5 Market Overview
6 Industry Trends
7 Connected Mining Market Analysis, By System And Solution
8 Connected Mining Market Analysis, By Service
9 Connected Mining Market Analysis, By Method
10 Geographic Analysis
11 Competitive Landscape
12 Company Profiles
- ABB Group
- Cisco Systems, Inc.
- Hexagon Ab
- Rockwell Automation
- Sap Se
- Symboticware Inc.
- Trimble Navigation Limited
For more information visit http://www.researchandmarkets.com/research/6cd4p7/connected_mining
Research and Markets
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SOURCE Research and Markets