Global Digital Mining Market - 2021-2028
Global Digital Mining Market Overview
The global digital mining market size was worth US$ XX billion in 2020 and is projected to report significant growth by reaching up to US$ XX billion by 2028, growing at a CAGR of XX% between the forecast period (2021-2028).
The term "digital mining" refers to the use of technology to carry out mining operations. It provides a variety of solutions and services designed to improve and maintain mine operations and production. Digital mining assists with record keeping, data collection, reporting, streamlining development operations, supply chain management, inventory management, and risk management.
The Digital Mine connects the mining value chain from mine to market and from the sensor to the boardroom using the best digital technology and Internet of Things (IoT) cloud or on-premise platforms. Data from siloed databases such as fleet management, dispatch, historians, and ERP solutions are consolidated. If the data is consolidated, powerful analytics can provide operational insight and trend analysis, which can be viewed on mobile devices, smartphones, desktops, and operation centers.
Users can gain a deeper understanding of the process and embed efficiency improvements through dynamic planning and scheduling, dynamic dispatch, and mixing, all of which are dependent on customer orders and market economics.
Digital Mining Dynamics
Increasing accidents and fatalities in different mine plants have shifted manufacturers' interest towards implementing and installing various safety measures through digital mining to ensure workers' safety. The arrival of the internet of things creates a need to adopt digital mining, which creates immense opportunities for the digital mining market to proliferate in the near future.
Increasing accidents and fatalities in different mine plants have shifted manufacturers' interest towards implementing and installing various safety measures through digital mining to ensure workers' safety
A mining accident generally happens during the process of extracting minerals from under the planet's surface. Thousands of miners die each year due to mining accidents, especially in the coal and hard rock mining industries. Mine accidents can be caused by various factors, including poisonous or explosive natural gas spills, dust explosions, mine stope collapses, flooding, or general mechanical failures caused by improperly used or malfunctioning mining equipment. Every year, a significant number of people die in mines around the world. The majority of these deaths take place in developed countries and rural areas. According to the Mine Safety and Health Administration (MSHA) of the United States Department of Labor, there were 29 mining fatalities in 2020, marking the sixth year in a row that the number of fatalities has been below 30. Thus, the growing cases of accidents have increased the severity of the cause, forcing manufacturers to develop a solution. This leads to the adoption of digital mining in the mining industry as it provides a variety of solutions and services designed to improve and maintain mine operations and production. Furthermore, digital mining assists with record keeping, data collection, streamlining development operations, reporting, supply chain management, inventory management, and risk management.
The arrival of internet of things creates the need to adopt digital mining, which creates immense opportunities for the digital mining market to proliferate in the near future
The Internet of Things (IoT) refers to expanding Internet access to include physical devices and everyday objects. These devices are embedded with circuitry, Internet access, and other types of hardware. They can communicate and interact with others over the Internet and be monitored and managed remotely. IoT is being used in the mining industry to optimize cost and efficiency, improve safety procedures, and grow artificial intelligence needs. Another advantage of the Internet of Things in the mining industry is its position as the underlying infrastructure that allows Artificial Intelligence to be used (AI). AI strengthens the power of IoT solutions in the mining industry, from discovery to processing and transportation, to streamline processes, reduce costs, and improve safety. Thus the advantages mentioned above of IoT are triggering the market of digital mining in recent times.
Growing technological advancements in the mining industry are creating immense opportunities for the digital mining segment to proliferate in the recent future
Digital technology-when implemented with management and mindset changes leads to build meaningful operational improvements. For instance, advanced analytics and sensors have low maintenance costs and decrease downtime while boosting output and chemical recovery. Humans are being displaced from mines by robotics and semi-autonomous equipment, which reduces costs and risk. Miners in Western Australia have recorded a 20% increase in productivity due to autonomous haulage technology's arrival. The latest technology trends in mining indicate a compelling industry shift towards sustainability. Digital technology is working harder than ever to deliver a genuinely new, clean, and sustainable mine that meets the rising demand for mined materials while also exceeding consumer standards and contributing to global sustainability initiatives. For instance, three-dimensional (3D) modeling produces a viewable, lifelike impression of depth perception, allowing the human brain to comprehend and react to complex, interrelated issues. 3D modeling supports firms by reimagining the mine more efficiently. Thus, digitization in the mining sector is more likely to improve digital mining market growth in the forecast years.
COVID-19 Impact Analysis
The novel COVID-19 pandemic (coronavirus outbreak of 2019) has wreaked havoc worldwide, affecting nearly every aspect of human life and the global economy. Such effects are not limited to the mining industry. The current pandemic has serious implications for the global mining industry's short-, medium-, and long-term future, especially in areas where digital and automation technologies are not widely used. In addition, the mining industry is currently facing various challenges under this pandemic, which includes a mandatory shutdown, lower demand for extractive products, and slowdowns when managing the risk; these cause loss of production, income, and growth. Also, the pandemic has heightened the need for digital transformation in the mining industry. In the fourth Industrial Revolution (4IR), digital technologies are being used to identify and prescreen emerging infectious and viral diseases to keep mining areas and populations safer and less vulnerable.
Digital Mining Segment Analysis
The global digital mining market is segmented based on type, components, mining type, technology, application and region.
Automation and Robotics holds the largest market share of digital mining due to the increasing shift of key players towards adopting the technology
In terms of technology, the global digital mining market is segmented into automation and robotics, retail time analytics, internet of things (IoT), big data, AI, automated drones, cybersecurity, geographic information systems and others. Out of the mentioned technologies, automation and robotics hold the largest market share in the past few years. The significant growth of the technology is due to the increasing focus of market players on these technologies in digital mining. For example, Rio Tinto, a mining behemoth, unveiled one of the world's largest robots in 2019 to boost productivity and versatility at its Pilbara operations in Australia. The project is worth USD 1.37 billion and is expected to save 1.5 million kilometers of travel each year.
Furthermore, IoT is being used in the mining industry to optimize cost and efficiency, improve safety procedures, and grow artificial intelligence needs, making IoT a future digital mining technology. Another advantage of the Internet of Things in the mining industry is its position as the underlying infrastructure that allows Artificial Intelligence to be used (AI)
Digital Mining Market Geographical Analysis
Asia-Pacific holds the highest digital mining market as the providers who build and distribute both hardware and software solutions for digital mining are expected to have a lot of opportunities.
Asia-Pacific holds the highest digital mining market as the providers who build and distribute both hardware and software solutions for digital mining are expected to have a lot of opportunities. A consistent increase in mining productivity and penetration of automation and robotics in China and Australia's digital mining sector are driving regional market development. China and Australia are among the four largest mining nations in the world, according to World Mining Data, with 24.0 percent and 7.3 percent, respectively. Via mining operations, China is also the world's leading producer of 28 different mineral raw materials.
On the other side, North America is projected to significant market growth in the forecast period due to the increasing adoption of digital products and considerable investments in the mining sector. The presence of key players in the U.S is another factor that is adding value to the digital mining market in recent times.
Digital Mining Market Competitive Landscape
The digital mining market is highly fragmented with the presence of local as well as global companies. Some of the key players contributing to the market's growth include Accenture, ABB, Siemens, Wipro Limited, Cisco Systems, Inc., IBM corporation, Hatch Ltd., Schneider Electric, BENTLEY SYSTEMS INCORPORATED, Tech Mahindra Limited and among others.
The major players adopt several growth strategies such as product launches, acquisitions and collaborations, contributing to the digital mining market's growth globally. The key manufacturers are following product launches as the key strategy to build revenue for the company.
Overview: Company Accenture is one of the leading global professional services companies. Accenture provides a broad range of services and solutions in strategy, digital, consulting, technology and operations. With 492,000 people serving clients in more than 120 countries, the company is driving innovation to improve the world's works and lives.
The global digital mining market report would provide access to an approx: 77 market data table, 79 figures and 222 pages.
Target Audience 2022
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