Smart Wearables Market for Mining: Introduction
- Over the last few years, mining companies have been increasingly focusing on the automation process, as the process reduces time and increases profitability. Companies are taking initiatives to implement digitization in mining fields. This has led to rise in investments in modernization of facilities to increase productivity and reduce budgets as well as timelines.
- Mines are located in remote locations and have critical operations. Thus, safety of workers and the environment is a priority of governments and mining companies.
- The automation process ensures safety of systems at locations. It can predicate unanticipated events by analyzing the historical data. Currently, several automation companies are developing Internet of Things (IoT) platforms to connect mines from multiple locations. With the help of smart wearables, mining employees can continually remain connected with the systems. This can be beneficial in monitoring the working environment as well as employee health.
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Key Drivers and Restraints of Smart Wearables Market for Mining
- Implementation of stringent government rules and regulations about health and safety is one of the key drivers of the smart wearables market for mining. Mining is considered one of the dangerous industries to work in. Major reasons for accidents include mechanical failure, human errors, natural causes, and faulty procedures and training while dealing with emergency situations. International agencies and governments are enforcing stringent rules and regulations regarding health and safety of workers as well as the environment in order to limit accidents. Thus, enactment of stringent rules and regulations by governments regarding health and safety is expected to boost the global smart wearable market for mining during the forecast period.
- The high cost of smart wearables is the major factor hampering the smart wearables market for mining. Smart wearable devices are costlier and are delicate; as a result, companies are reluctant to use them. Thus, high cost of smart wearables is a prominent factor adversely affecting the global smart wearables market for mining.
Global Smart Wearables Market for Mining Segmentation
- The global smart wearables market for mining can be segmented based on device type and application
- In terms of device type, the global smart wearables market for mining can be divided into smart eyewear, virtual reality headsets, smart helmets, sensor embedded in clothing, smart watches, and others. Demand for smart watches is high in the mining industry. These watches can monitor the health of an employee. These watches can also be used as security key as they scan the barcode.
- Based on application, the market can be segregated into open pit mines and underground mines. Currently, demand for smart wearables is high in underground mining, as the number of underground mines is more. These mines need continuous surveillance due to harsh working conditions.
Global Smart Wearables Market for Mining: Regional Segmentation
- Based on region, the global smart wearables market for mining can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific dominated the global smart wearables market for mining in 2018. The market in the region is expected to expand at a significant pace during the forecast period, as demand for smart wearable is high in the mining industry in countries such as China, India, and Japan.
- North America is projected to account for vital share of the global smart wearables market for mining in the near future. The U.S. is a major hub of smart wearable companies. This is likely to boost the market in North America in the near future.
- The market in Europe is estimated to expand at a steady CAGR during the forecast period. Stringent rules and regulations enacted by various governments in the region are compelling companies operating in the market to install smart wearable devices and related systems for the health and safety of their employees.
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- In October 2018, Samsung Electronics Co., Ltd. announced it had acquired Zhilabs, one of the leading Artificial Intelligence based network and service analytics. The acquisition is expected to help the company enhance its 5G capabilities. The acquisition lays the foundation for Samsung Electronics Co., Ltd. to strengthen its 5G solutions with automation functions to finely tune customer experiences in the 5G era.
- In November 2019, Google announced it had acquired Fitbit Inc., a leading smart wearable manufacturer in world, for around US$ 2.1 Bn. Fitbit Inc offers products such as activity trackers. The acquisition is expected to help Google increase its reach and market share in the smart wearables market.
Key Players Operating in Market:
- TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION
- ANSELL LTD.
- Apple Inc.
- SAMSUNG ELECTRONICS CO., LTD.
- Wearable Technologies Limited
- Alphabet Inc
Global Smart Wearables Market for Mining: Research Scope
Global Smart Wearables Market for Mining, by Device Type
- Smart Eyewear
- Virtual Reality Headsets
- Smart Helmets
- Sensors Embedded in Clothing
- Smart Watches
Global Smart Wearables Market for Mining, by Application
- Open Pit Mines
- Underground Mines
Global Smart Wearables Market for Mining, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.