Jul 19 2019
The “Global Market for Digitalization in Mining Market Size by Type (Smart Sensors, Autonomous Operations, 3D Printing, Connected Worker, Remote Operations Center, Asset Cyber Security, Integrated Platforms and Advanced Analytics), By Application (Mining and Metallurgy) and Forecast 2018 to 2025” study provides an elaborative view of historic, present and forecasted market estimates.
The global digital mining market is expected to reach USD 13,567.2 Million by the end of 2025. The key factor that led to higher adoption of digital mining is rising operation cost. Due to the shortage of talent, dropped commodity prices and higher capital needs are driving operation costs which have reduced productivity drastically. Subsequently, companies are inclining towards technologies like augmented and virtual reality and wearable devices which optimize the productivity and offers safety to the workforce of mining. Immersive and wearable technologies aid users’ easy interaction with remote colleagues and eventually visualize and analyze data created from sensors below the earth surface. Along with that, it enhances real-time visibility into a mine’s operations, which offers informed and effective decision making; while imitating mine environments and examining asset data in AR/VR.
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All industries are emphasizing on improving their cybersecurity as global breaches predicted to cost USD 6 trillion by 2023. Prevalence of instrumentation and connectivity is not limited to mining enterprise but spreading across operational sites through equipment automation, such as mobility and cloud. This creates an opportunity for improved productivity, efficiency, and control, but may hamper the growth of the mining industry. As equipment’s are connected and the integrated system becomes more vulnerable to attacks.
The global digital mining market research report assesses market demand and scenario over the period from 2015 to 2025. The report highlights the historic trends between 2015 and 2017 and the 2019 to 2025 market forecast. The report studies both at global and country-level the current status and future market prospects. The global digital mining market is segmented by applications, type, and geography.
The report also throws light on various aspects of the global digital mining industry by assessing the market using value chain analysis. The report covers several qualitative aspects of the digital mining industry in market drivers, market restraints and key industry trends. Furthermore, the report provides an in-depth assessment of the market competition with company profiles of global as well as local vendors.
The global digital mining market has strong competition among the well-established and new emerging players. These market players targets to gain a competitive advantage over the other players by participating in partnerships, mergers, and acquisitions and expanding their businesses.
Based on the type, global digital mining market covers categories like Smart Sensors, Autonomous Operations, 3D Printing, Connected Worker, Remote Operations Center, Asset Cyber Security, Integrated Platforms and Advanced Analytics. Integrated platforms are predicted to dominate the market in the forthcoming years.
On the basis of application type, global digital mining market is segmented into mining and metallurgy. Mining segment had the highest share in 2018 which is predicted to increase in the forecast period. Within the metal and mining industry, digitalization has brought a seismic shift in the way companies interact with communities, government, employees, and environment at every step of the value chain. Starting from mineral exploration and valuation, through ore processing, mining and metal production, down to sales and distribution, digitalization is substituting traditional industry lines and challenge conventional business models. Mining companies are deploying digitally-enabled hardware tools to enhance processes that were carried out manually or with human-controlled machinery. Additionally, market players across the globe are using virtual and augmented reality and connected mobility to empower remote, field and centralized workers in real-time.
The major players of the global digital mining market include Caterpillar Inc., SAP, ABB, Wipro, IBM Services, Hatch Ltd, Hexagon Mining Inc., Rockwell, Sandvik, and Cisco. These leading players are part of mergers and acquisitions to remain on the competitive advantage of the market. For instance, in December 2016, Caterpillar declared acquisition of M2M Data Corporation (M2M). This acquisition made its existing suite of Cat Connect offerings more prevalent across the Cat Connect Digital Services Technology Platform.
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