The growing use of big data analytics, machine-to-machine (M2M) and Internet of Things (IoT) technologies is having a huge impact on many sectors, and mining is one of them.
A new report from Technavio Research shows that the global connected mining market was valued at about $6 billion in 2015 and is expected to surpass $12 billion by 2020.
“The adoption of connected technology and data centers is encouraging companies to leverage big data” and design their IT infrastructure to support a high volume of data,” said Abhishek Sharma, a lead analyst at Technavio.
“Some of the big data solutions help organizations to avoid financial crimes by using advanced analytics to address losses each year,” Sharma said. “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.”
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 report said.
The market is seeing 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.