The Internet of Things (IoT) describes the use of connected sensors and actuators to control and monitor the environment, the objects that move in it, and the people that act in it.
It is an umbrella term referring to the ability of everyday physical objects (such as refrigerators, watches, or cars) to connect to other devices on the Internet, allowing them to send and receive Datas.
Use cases include automated home, connected car, wearable technology, smart cities and many more.
For IoT companies in mining, four key technologies enable today’s IoT ecosystems: AI, cloud computing, cybersecurity and 5G.
GlobalData predicts that the global IoT market will reach $1.1 trillion in revenue by 2024.
Although the ubiquitous IoT is still a few years away, GlobalData is closely monitoring the use of IoT in the mining sector, as well as its evolution.
Improved data collection and analysis via sensors and the Internet will allow mining companies to operate mines more safely, increase productivity and reduce costs.
IoT Technology Company Leaders and Disruptors in Mining
Examples include autonomous drilling, driverless haul trucks, and predictive maintenance.
Our lists of leaders and disruptors for each theme are based on the in-depth knowledge of the theme by our analysts and the actors involved in this theme.
These are based on subjective opinions backed by research and analysis.
Leader lists consider global market share, position in the value chain, and ability to respond to emerging and disruptive trends.
Disruptor lists take into account funding, strategic partnerships and the background of the management team.
The global IoT market was worth $622 billion in 2020, up from $586 billion in 2019, and will reach $1,077 billion by 2024, growing at a compound annual growth rate (CAGR) of 13% over the period, according to forecasts from GlobalData.
Enterprise IoT dominates the overall IoT market, generating 76% of total revenue in 2020.
This enterprise IoT dominance will continue for the foreseeable future.
GlobalData expects this segment to still occupy 73% of the overall IoT market in 2024.
The enterprise IoT market will grow at a CAGR of 12.4%, and the consumer IoT revenue will grow at a CAGR of 14.6% between 2019 and 2024.
Growth forecasts for IoT technology companies in mining
Industrial Internet revenues reached $247 billion in 2020, up from $231 billion in 2019. We expect it to reach $555 billion by 2024, growing at a CAGR of 19.1% between 2019 and 2024.
The market includes various applications such as advanced automation, asset tracking, condition monitoring, environmental monitoring, health technology, people and animal tracking, and telematics.
Condition monitoring applications occupied the largest market share in 2020 and is expected to grow at a CAGR of 19.7% from 2019 to 2024 to reach $293 billion by 2024.
Due to the growing focus on environmental sustainability, environmental monitoring applications are expected to grow at a CAGR of 54.3% to reach $170 billion by 2024.
Impact of the conflict in Ukraine on IoT technology companies in the mining sector
Concerns over the supply of key raw materials such as nickel, palladium and aluminum led to sharp price increases, with LME nickel prices briefly above $100,000/t on March 8 before trading was suspended .
Russia accounts for around 8% of the world’s nickel, although 17% of the high-grade nickel used in batteries for electric vehicles. It is also a major producer of palladium, accounting for around 43% of production in 2021.
While Nonnickel said operations were continuing and Polymetal announced on March 9 that all of its operations in Russia and Kazakhstan were continuing uninterrupted, Canadian miner Kinross first announced that it was suspending all operations in Russia. .
This includes its Udinsk development project in Khabarovsk Krai.
Impact of the pandemic on IoT technology companies in the mining sector
In 2020, the overall IoT market saw slow growth as Covid-19 halted IoT deployments, slowing the progress of IoT technology companies in the mining sector.
In consumer IoT, the connected car market declined by 10% and the automated home segment only grew by 1% in 2020.
The best performing market during the year was the wearables market, which saw revenue growth of 16%.
Within Enterprise IoT, Smart Cities and Industrial Internet saw moderate annual increases of 8% and 7%, respectively.
The global IoT market will generate a staggering $1.077 billion in revenue by 2024, up from $622 billion in 2020.
The Industrial Internet dominates the global IoT market, accounting for 40% of the IoT market in 2020.
Value chain for IoT technology companies in mining
We divide the IoT value chain into five layers: devices, connectivity, data, applications and services.
Although these layers are logically discrete, large-scale IoT solutions will see a considerable degree of blurring of these logical boundaries.
For example, while there will always be a clearly identifiable layer of data at the top of the stack, an increasing proportion of data processing will take place inside and at the edge of the network.
From the perspective of IoT adopters, it is also crucial to note that value is only realized by IoT adopters in the application layer.
All data collected by an IoT network is ultimately worthless until an action is taken on it, whether in the form of an instruction to an irrigation unit, an alarm sent to a technician maintenance or an emergency call to a doctor.
IoT-Driven Innovation in Mining
To better track the emergence and use of IoT in mining, GlobalData tracks patent filings and grants as well as which companies hold the most patents in the field.
Trends for IoT technology companies in mining
The major trends shaping the IoT theme over the next 12-24 months are presented in this table.
In this, we classify these trends into three categories: technological trends, macroeconomic trends and regulatory trends.
Within the mining industry and beyond, IoT technology is intertwined with many other technology themes.
IoT thought leaders discuss AI, machine learning (ML), big data and data science. These are the most discussed areas in relation to IoT by thought leaders on Twitter.
GlobalData also highlights publicly traded and private companies that are making their mark as IoT technology companies in the mining sector, as detailed here.
GlobalData’s mining jobs tracker lists mining companies with Internet of Things (IoT) jobs posted in the last few months.