Smart Mining Market - Industry Size, Share, Growth & Forecast 2027 | UnivDatos

 

The smart mining market is expected to register a CAGR of around 15% over the period of 2021-2027. This is mainly due to the growing focus of mine operators to achieve cost and productivity optimization, improve safety measures, and develop their artificial intelligence needs by integrating the Internet of Things (IoT).

Majorly mining companies have been using IoT in mining focusing on the use of sensors and mobile telemetry to gather data that allows companies to continuously monitor operations and improve overall efficiency. Furthermore, mining companies in emerging markets have been witnessing an increase in the number of challenges in recent years, including price volatility, the need to drill deeper to uncover new resources, and a skills shortage across the industry. Thus, to address these issues mining companies have turned to digital transformation.  Major players in the market are focusing on transforming traditional mines into smart mines that are more efficient, safer, and productive by utilizing advanced technology. Therefore, smart mining is expected to grow at an exponential rate during the forecast period.

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However, industry growth witnessed some stress and negative impact due to COVID-19. The sudden outbreak of COVID-19 has sent shockwaves across industries, including mining. Encouragingly, major miners have shown resilience during the pandemic through appropriate risk management to reduce infection risks that could have potentially jeopardized operations. Now, more than ever, mining companies are required to play a crucial role in protecting the health of employees and partners, support local economies, as well as become purpose-driven, adaptable, and resilient organizations.

 According to UnivDatos Market Insights (UMI)’ research report “global smart mining market”, the market is expected to witness a robust growth during the forecast period 2021-2027F. Smart mining is a process that uses information, autonomy, and technology to obtain enhanced safety, reduce operational costs, and gain better productivity for a mine site. Mining corporations emphasize on enhancing productivity by providing state-of-the-art software & solutions. These solutions are largely aimed at attaining the convergence of machines and intelligent data in order to meet energy businesses' operational efficiency requirements. Furthermore, connected solutions improve analytics-based decision-making by reducing market threats and vulnerabilities using effective tools and methodologies. This has resulted in the rising adoption of smart mining solutions by mining operators across the world. In addition, new-age mining companies run analytics on data produced by IoT sensors and devices. This aids in efforts to reduce costs, enhance productivity, and improve safety. IoT is being used in the mining industry to overcome some of the safety and production difficulties that many mining businesses confront.

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Based on component, the market is classified into solutions and services. Amongst component, the solutions category accounted for a significant share in the market. The solutions category is further bifurcated into asset tracking and optimization, fleet management, workforce management, and others. The rise in the replacement of conventional mining technologies with smart automated technologies coupled with the adoption of tailored solutions and services as per organizations’ requirements in order to facilitate easy integration with their existing enterprise platform, is further expected to drive the market.

Based on deployment, the market is categorized into on-premises and cloud-based. In 2020, cloud deployment mode is expected to lead the market growth during the forecast period. Cloud computing is one of today's most effective technologies offering benefits such as scalability, speed, 24x7 service, enhanced IT security, and operational efficiency. Furthermore, the growing digitization of systems and data for reducing costs, improving business productivity, and transforming mining practices are further driving the adoption of cloud-based solutions, ensuring worldwide accessibility by key stakeholders involved in the mining operations.

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APAC to witness extensive growth

For a better understanding of the market adoption of smart mining industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Mexico); Europe (Germany, Poland, Turkey, Sweden, and Rest of Europe); Asia-Pacific (China, India, Australia, Rest of Asia-Pacific), and Rest of World. Asia-Pacific is expected to witness the highest CAGR during the forecast period on account of growing mining activities in countries like China and India. These emerging economies are growing their middle-class populations in bustling urban centers, putting ever-increasing demands on mining operations to produce the raw materials that make modern society possible, from infrastructure to consumer goods. Thus, mine operators in the region have been implementing automation and digitalization in mining with focus on upgrading to smart mining solutions and services offering enormous potential for growth in the forthcoming year.

According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global smart mining market are Cisco Systems Inc, International Business Machines (IBM) Corporation, Accenture plc, Caterpillar Inc., ABB Ltd., SAP SE, Schneider Electric SE, Komatsu Ltd., Hexagon AB, and Rockwell Automation Inc. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.

“Global Smart mining Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.      

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Market Segmentations:

1. By Component (Solution {Asset Tracking and Optimization, Fleet Management, Workforce Management, Others} and Services {Professional Services and Managed Services})
2. By Minin Type (Underground Mining and Surface Mining)
3. By Deployment (On-premises and Cloud-based)
4. By Region (North America, Europe, Asia-Pacific, Rest of the World)
5. By Company (Cisco Systems Inc., International Business Machines (IBM) Corporation, Accenture plc, Caterpillar Inc., ABB Ltd., SAP SE, Schneider Electric SE, Komatsu Ltd., Hexagon AB, and Rockwell Automation Inc.)

Key questions answered in the study:

1. What are the current and future trends of the global smart mining industry?
2. How the industry has been evolving in terms of technology and application?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the global smart mining industry?
5. What is the customer orientation, purchase behavior, and expectations from the global smart mining suppliers across various region and countries?

Table of Content –

1 MARKET INTRODUCTION

2 RESEARCH METHODOLOGY OR ASSUMPTION

3 MARKET SYNOPSIS

4 EXECUTIVE SUMMARY

5 GLOBAL SMART MINING MARKET COVID-19 IMPACT

6 GLOBAL SMART MINING MARKET REVENUE (USD BN), 2019-2027F

7 MARKET INSIGHTS BY COMPONENT

8 MARKET INSIGHTS BY MINING TYPE

9 MARKET INSIGHTS BY DEPLOYMENT

10 MARKET INSIGHTS BY REGION

11 SMART MINING MARKET DYNAMICS

12 SMART MINING MARKET OPPORTUNITIES

13 SMART MINING MARKET TRENDS

14 POLICY & REGULATORY FRAMEWORK

15 DEMAND AND SUPPLY-SIDE ANALYSIS

16 VALUE CHAIN ANALYSIS

17 COMPETITIVE SCENARIO

18 COMPANY PROFILED

19 DISCLAIMER

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