According to a new market research report published by Acute Market Reports, “Digital Mining Market (by Application Type (Underground Mining and Surface Mining), by Offerings (Services and Solutions), by Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2019 -2027”, the global digital mining market was valued at US$ 6.83 Bn and is expected to expand at a CAGR of 9.2% during the forecast period from 2019 to 2027.
The stakes for mining companies are high as they need to achieve new levels of performance. Considering the matured nature of the global mining industry, it needs to go beyond traditional continuous improvement approach in order to change, to innovate and to overcome the challenges of today. Digital technology may be the key to unlock the hidden potential of this global industry. The mining industry has made tremendous advances in the past decades, following Industrial revolution 4.0 leading to increasing adoption of digital solutions for different mining applications. The market of digital mining has gained momentum in recent years, majorly attributed to increased adoption of state-of-the-art technology/digital products such as drones, automated mining equipment, and monitoring software among others.
The adoption of technology in mining industry integrates different operational systems and processes together, thereby automating decision making. Companies involved in mining activities are gradually adopting technologies such as Industrial Internet of things (IIoT), artificial intelligence, 3D modeling, and integrated automation, thereby contributing towards the digitalization of the mining industry. In addition, the rapidly growing penetration of advanced technologies in the mining industry is expected to cut down workforce costs significantly, resulting in considerable cost optimization. Based on type, mining activities can be divided into two major categories, namely underground mining & surface mining. The global demand for metals and minerals have increased due to rising consumption by the end-users across the globe. The digital surface mining having a market share of 57.6% leads the segment. Presently, both non-metallic & metallic minerals (more than 50%) and a large fraction of coal (more than 60%) are mined through surface mining method. In contrast, underground mining industry is expected to see potentially bigger growth during the forecast period 2019-2027. This is due to increasing demand for metals and minerals and scarcity of resources available on the surface. Key players of the market are making remarkable efforts in order to deploy and introduce new and advanced technology in a bid to increase the production capacity of the mines. These factors are propelling the growth in the market.
Based on geography, Asia Pacific was the largest digital mining market in 2018 with a market share of 35.5%. It is expected to offer ample opportunities to both suppliers and service providers involved in the development and delivery of both hardware and software platforms for digital mining. Rising demand for metals and minerals from various sectors along with prominent growth of the manufacturing sector that demands metals and minerals to make various products have laid the foundation for growth of the digital mining market in Asia Pacific. Asia Pacific is trailed by North America and Europe. In North America and Europe, the presence of robust infrastructure and rapid adoption of Internet of Things is expected to create promising growth opportunities for all ecosystem participants, especially during the first half of the forecast period.
In a bid to gain a competitive edge, major players are focusing on geographic expansion to increase their customer base. As a result, many companies are leveraging strategic collaboration in order to increase their market share. For instance, in February 2019, ABB and Dassault systems have signed a software association agreement to help the digital industries. This association will offer advanced open digital solutions to the industries and at the same time improve competitiveness. Further, it will increase the speed, flexibility, and productivity of their products’ life cycles.
Browse the full report at https://www.acutemarketreports.com/report/digital-mining-market
The Global Digital Mining Market is Segmented into:
|Segmentation||By Type Segment (2017–2027; US$ Bn)|
|By Offerings Segment (2017–2027; US$ Bn)|
|By Geography Segment (2017–2027; US$ Bn)|
*Complete segmentation list is on report page
Some of the leading manufacturers profiled in the study include Caterpillar Inc., SAP SE, ABB Ltd., Wipro Ltd., Hatch Ltd, Hexagon AB, Rockwell Automation Inc., Sandvik AB, Cisco Systems, Inc., IBM Corporation, Siemens AG, Itelligence AG, Huawei Technologies Co., Wenco International Mining Systems Ltd., Komatsu Ltd., OutotecOyj, Copco, Atlas Joy Global Inc., Alcatel-Lucent among others. In addition, large number of new entrants are entering the market which is expected to further intensify the competitive landscape of digital mining market worldwide.
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