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:
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.
Our in-depth analysis of the global smart mining solution market includes the following segments:
By Hardware Component
By Software Solution
By Automated Equipment
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The major growth drivers for the market are growing adoption of automation equipment worldwide and increasing demand for metals and minerals in various industries.
Ans: The market is anticipated to attain a CAGR of ~14% over the forecast period, i.e., 2022 – 2030.
Ans: Lack of skilled workforce is estimated to hamper the market growth.
Ans: 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.
Ans: 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.
Ans: 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.
Ans: The market is segmented by hardware component, software solution, services, automated equipment, and by region.
Ans: 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.