Internet Of Things In Mining Thematic Research
February 16, 2023 ⚊ 1 Min read ⚊ Views 59 ⚊ TECHNOLOGY
The market for IoT in mining was valued at US$1.4 billion in 2020 and is expected to grow at CAGR of more than 6% over the forecast period 2021-2025. Revenues from IoT software in the mining sector will grow faster than other segments over the forecast period. IoT hardware revenues will grow at a CAGR of more than 7%, whereas revenues from IoT services will grow the slowest at a CAGR of more than 3%.
Improved data collection and analysis via sensors and the internet is enabling mining companies to operate mines more safely, improve productivity, and reduce costs. Examples include autonomous drilling, driverless haul trucks, drones for surveying and safety, wearable technologies, and predictive maintenance.
Tags: Internet of Things in Mining
