The global smart mining solution market is estimated to garner a sizeable revenue and grow at a CAGR of ~14% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing adoption of autonomous equipment around the world, surge in technological advancements in AI and IoT technologies, and growing demand for minerals and metals in various industry verticals. In 2018, more than 77 percent consumers in the world used AI. About 48 percent of organizations in the world already have a well-defined AI strategy. Along with these, as a result of high costs of operations in the mining industry, over the last few years, companies are extensively adopting smart mining solutions at several nodes to analyze real time data and accelerate the decision-making process. Thus, the rise in demand for cost optimization in the mining industry is also expected to drive market growth in the upcoming years. Furthermore, escalating demand for durable goods in automotive industry is projected to provide promising growth opportunities to the market by the end of 2030.
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The market is segmented by services into system integration & implementation services, support & maintenance, product training services, and consulting services, out of which, the system integration & implementation services segment is anticipated to hold the largest share in the global smart mining solution market. This can be accounted to the growing integration of smart system and internet of things for replacing the legacy parts of systems, and rise in incorporation of radiofrequency technology and wireless sensor networks inside the mines. Additionally, on the basis of hardware component, the intelligent systems segment is predicted to grab the largest share over the forecast period owing to the significant reduction in the time taken to perform a task, and ability of these systems to perform complex tasks without major cost outlays.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global smart mining solution market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Latin America is estimated to witness noteworthy growth over the forecast period on the back of the rising demand for mine plants equipped with remote surveillance and collaborated environment, and increasing government expenditure for technological advancements in the region. It was calculated that the total IT spending in Latin America is expected to increase by approximately 8 percent from the year 2020 to 2021. Argentina, among all the other countries is evaluated to observe the highest growth of about 10.5 percent the same year. Moreover, the market in North America is anticipated to gather the largest share during the forecast period, which can be credited to the growing amount of investments in process optimization and automation in the mining industry, and early adoption of smart mining techniques in the region. In addition, strong presence of prominent market players is also assessed to drive market growth in the region in the future.
The global smart mining solution market is further classified on the basis of region as follows:
Our in-depth analysis of the global smart mining solution market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major growth drivers for the market are growing adoption of automation equipment worldwide and increasing demand for metals and minerals in various industries.
The market is anticipated to attain a CAGR of ~14% over the forecast period, i.e., 2022 – 2030.
Lack of skilled workforce is estimated to hamper the market growth.
Latin America will provide more business opportunities to the market owing to the rising demand for mine plants equipped with remote surveillance and collaborated environment in the region.
The major players in the market are ABB Ltd., Caterpillar Inc., Atlas Joy Global Inc., Cisco Systems Inc., Hitachi Construction Machinery Co. Ltd., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by hardware component, software solution, services, automated equipment, and by region.
The intelligent systems segment is anticipated to hold largest market size in value and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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