Global Smart Mining Market 2023-2030

Global Smart Mining Market 2023-2030

Global Smart Mining Market Size, Share & Trends Analysis Report by Solution (Smart Control System, Smart Asset Management, Safety & Security System, Data Management and Analytics Software, and Monitoring System), By Service Type (System Integration, Consulting Service, and Engineering & Maintenance), By Mining Type (Underground Mining, and Surface Mining) Forecast Period (2023-2030)

The global smart mining market is anticipated to grow at a considerable CAGR of 0.3% during the forecast period.The growing adoption of digitization in mining, adoption of sustainability standards to improve productivity and profitability, and growing use of AI in operational activities are key factors driving global smart mining market. With the ever increasing benefits and emerging technologies, mining industries have connected their services and products with technologies such as IoT, cloud computing, AR and VR, cybersecurity, and others. AI’s popularity is increasing due to its ability to deliver better results – generating daily data, resulting in a reduction in manual errors. The growing integration of 5G networking in mining sector is offering lucrative opportunities to the growth of the global market.

The emergence of 5G and Software Defined Networking in Wide Area Networks (SD-WAN) encourages mining companies to shift to this network. While 5G connectivity provides low latency and high-speed connectivity, SD-WAN safely transfers the data between different centers, remote units, and cloud environments – thus optimizing efficiency and resolving potential data security problems.

Projected Adoption Rate of Specific Technologies in the mining Industry, Adoption Rate (%), Global, 2025

Source: World Economic Forum

Segmental Outlook

The global smart mining market is segmented based on solution, service type, and mining type. Based on solution, the market is segmented into Smart Control System, Smart Asset Management, Safety & Security System, Data Management and Analytics Software, and Monitoring System. Based service type, the market is segmented into system integration, consulting service, and engineering & maintenance. Based on mining type, the market is segmented into underground mining, and surface mining.

Data Management & Analytics Software Segment is Anticipated to Exhibit Fastest CAGR

Mining is a capital intensive that requires maximum asset utilization and throughput. Data analysis has become a key resource to excel into the mining industry. This is due to the fact that massive amount of useful data are produces daily by automated drills, trucks, conveyors, ships, and trains. Several companies are enhancing the security and productivity of their operations by fusing this data with intelligent analytics, AI, machine learning, and mining automation. The mining firms may unlock instant values and boost their bottom-line by gathering and utilizing big data from numerous data sources, analyzing it with modern data analytics, and implementing the results. With the trustworthy data the mining sector can improve its productivity, reduce operational inefficiencies, and react to risks more effectively.

The implementation of big data analytics and big data management in mining also creates an intelligent infrastructure that advances over time. There the growing usage of this software to improve asset usage, increase productivity, and addressing delays in material flows is a key factor driving the growth of this market segment.

Regional Outlooks

The global smart mining market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these, North America held considerable share in the global market.

Asia-Pacific is anticipated to Exhibit Highest CAGR in the Global Smart Mining Market

Asia-Pacific is estimated to be the fastest-growing region owing to the rapid adoption of smart mining software across the region to increase productivity. In July 2023, KT Corp. from South Korea has launched communication-based digital solutions to help improve worker safety in mines. The KT-Almonty ""mine safety DX"" solution is composed of smart devices such as a smart band and helmet with a smart tag that workers wear, a smartphone; access and location management; an AI-based mine safety system and workplace environment monitoring. The deployment of smart mining solutions to improve worker’s safety is further contributing to the regional market growth.

Market Players Outlook

The major companies serving the global smart mining market include Cisco Systems Inc., Wenco International Mining Systems Ltd., SAP SE, Rockwell Automation Inc., and Komatsu Mining Corp. among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market.

For instance, In May 2023, the global mining solutions company BASF has entered into the partnership with IntelliSense.io, to utilize scientific AI technology to optimize ore processing operations. This partnership was done to create a synergy that brings together mining process knowledge with chemistry, software, and scientific AI (artificial intelligence) dedicated to the mining industry.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global smart mining market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.