The global smart mining market is tremendously fragmented due to numerous top shot players giving touch competition to each other, states Transparency Market Research (TMR) in a research report. The extremely fragile and indeterminate price environment has laid pressure on the graph of the market pertaining to demand and supply. Reducing productivity coupled with resources being nationalized and the growing costs of operations has sparked the need for optimizing operations related to mining by boosting the level of efficiency, meanwhile sticking to the regulatory compliances. Thus, top mining companies across the globe are thriving keeping at the forefront the integration of information technologies and operational processes so that their performance could be enhanced as well. These companies are working on educating end users regarding the benefits related to smart mining and are funding different research projects for the development of highly advanced services and products. The top drawer participants in the global smart mining market are Alcatel-Lucent, Sandvik AB, Cisco Systems, Inc., Komatsu Ltd., Hitachi Construction Machinery Co., Joy Global Inc., ABB Ltd., Caterpillar Inc., IntelliSense.io, Atlas Copco, STONE THREE MINING PTY LTD, Rockwell Automation Inc., and SAP SE, among several others.
According to an analyst of TMR, “The global market for smart mining is expected to rise at an outstanding CAGR of 14.7% from 2016 to 2024. The market is expected to reach US$22.59 bn by 2024 from a valuation of US$5.98 bn in 2014.
End Users to Prefer Data and Operation Management Software over Others
Based on software solution, the global market for smart mining has been categorized into analytics solutions, logistics software, connectivity solutions, data and operation management software, remote management solutions, safety and security systems and asset management solutions. Among all these, data and operation management software accounted for the leading position in the global smart mining market in 2014 and it has been also projected that this segment will retain a leading position till the end of 2024. This growth can be attributed to the Herculean task of managing enormous amount of data and tracking all the mining operation and the ability of data and operational management to make this task easy. On the basis of services, the global smart mining market is classified into product training services, system implementation and integration services, consulting services, and support and maintenance. By the end of 2024, support and maintenance services is anticipated to grow in terms of popularity and is projected to account for the leading share.
Region-wise, the global market for smart mining market has been segmented into Asia Pacific, Central and South America, the Middle East and Africa, and Europe. In terms of adoption, Asia Pacific surfaced as the dominant region in the global smart mining market in 2014 trailed by Europe and North America in the same order. The proliferating number of mining and exploration activities in the region is anticipated to enlarge the implementation of smart mining techniques further in the years ahead.
Deployment to be Triggered by Employment if Advanced Technology
Vigorous technological advancements is anticipated to impact the smart mining market positively in the years ahead. Although a completely progressive and linked mining site might be still some years away, the onset of Internet of Things has increased its adoption in mining vehicles and other equipment. In order to intensify the efficiency of the procedures and reduce the downtime, many mining companies are using advanced tools for prognostic maintenance. Rising investment in recreation technology is additionally anticipated to bode well for the growth of the market in the coming years.
This review is based on a Transparency Market Research report titled, “Smart Mining Market (Automated Equipment - Excavators, Load Haul Dump, Drillers & Brakers, Robotic Truck; Hardware Component - Sensors, RFID Tags, Intelligent Systems; Software Solutions - Logistics Software, Data and Operation Management Software, Safety and Security Systems, Connectivity Solutions, Analytics Solutions, Remote Management Solutions, Asset Management Solutions; Services - Support and Maintenance, System Integration and Implementation Services, Product Training Services, Consulting Services) - Global Industry Analysis, Size, Share, Growth Trends, And Forecast 2016 - 2024.”
Smart Mining Market: By Automated Equipment
- Load Haul Dump
- Drillers & Brakers
- Robotic Truck
- Other Automated Equipment
Smart Mining Market: By Hardware Component
- RFID Tags
- Intelligent Systems
Smart Mining Market: By Software Solutions
- Logistics Software
- Data and Operation Management Software
- Safety and Security Systems
- Connectivity Solutions
- Analytics Solutions
- Remote management Solutions
- Asset management Solutions
Smart Mining Market: By Services
- Support and Maintenance
- System Integration and Implementation services
- Product Training Services
- Consulting Services
Smart Mining Market: By Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
- South and Central America
- Rest of South and Central America
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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