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o survive the current fierce business competition, organizations have switched toward digitalization and increasing Industry 4.0 adoption, which calls for a seamless solution and platform to satisfy business needs. The acceptance of Connected Mining Solutions is ultimately boosted by the growth in industrial IoT usage, the integration of IT and OT, big data analytics, and maintenance, as well as the enhancement of business operations. Large firms dominated the connected mining sector as a whole in 2021, and this trend is forecasted to remain throughout the projection period. Due to the complexity of the enormous amounts of data and the demand for simple processes, there is a rise in the deployment of connected mining solutions, which fuels intense industry competitiveness.
Global Opportunities and Demand by Top Players in the connected mining market The market size for connected mining was estimated to be $9.45 billion in 2021 and is expected to increase to $32.63 billion by 2031, with a CAGR of 13.3 percent between 2022 and 2031. 40 | SKILLINGS MINING REVIEW August 2022
Additionally, to improve speed, accuracy, and value chain scalability, huge organizations are integrating their substantial amounts of data in the cloud, which is advantageous for the industry. However, the SME sector is anticipated to have the highest market growth for connected mining solutions in the future. It is anticipated that more connected mining solutions would be adopted to improve the commercial capacities of small and medium-sized businesses. Additionally, the industry expands due to an ongoing rise in government activities through numerous global digital SME campaigns. In terms of mining type, the surface segment held the largest market share for connected mining in 2021, and this trend is forecasted to hold throughout the forecast period. To lower capital risk and boost productivity, surface mining businesses are turning to AI and machine
