Global Smart Mining Market is expected to foresee significant growth. APAC to lead the growth!

Global 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.

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.

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Based on mining type, the market is categorized into underground mining and surface mining. Among these, underground mining is expected to witness the highest CAGR during the forecast period. The underground mining technique is used to extract the mineral and ore deposits, which are buried deep under the earth’s crust. Furthermore, many companies currently operating surface mines will be looking towards brownfield underground operations to expand operations and extend mine life. Thus, the exploration process in the mining industry has been rapidly adopting technological and digitalized solutions. This process involves mapping, surveying the ground, testing water and soil quality, and drilling using advanced connected systems and solutions.

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, 24×7 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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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.

Some of the major players operating in the market include International Business Machines (IBM) Corporation, Accenture plc, Caterpillar Inc., ABB Ltd., SAP SE, Schneider Electric SE, Komatsu Ltd., Hexagon AB, and Rockwell Automation Inc.

Global Smart Mining Market Segmentation

Market Insight, by Component

• Solution
  • Asset Tracking and Optimization
  • Fleet Management
  • Workforce Management
  • Others
• Services
  • Professional Services
  • Managed Services

Market Insight, by Mining Type

• Underground Mining
• Surface Mining

Market Insight, by Deployment

• On-premises
• Cloud-based

Market Insight, by Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • Poland
  • Turkey
  • Sweden
  • Rest of Europe
• Asia-Pacific
  • China
  • India
  • Australia
  • Rest of Asia-Pacific
• Rest of World

Top Company Profiles

• Cisco Systems Inc.
  • International Business Machines Corporation
  • Accenture plc
  • Caterpillar Inc.
  • ABB Ltd.
  • SAP SE
  • Schneider Electric SE
  • Komatsu Ltd.
  • Hexagon AB
  • Rockwell Automation Inc.