The smart mining technologies market analysis by Future Market Insights (FMI), the demand registered in the market will grow at a CAGR of around 14.3% from 2022-2032. The report states that the market is expected to reach a valuation of US$ 2.3 Billion by the end of 2022 and is expected to reach US$ 9 Billion in 2032. Surging demand for digitalization and the adoption of IoT devices in mining operations is expected to drive growth in the smart mining technologies market.
The rising penetration of IoT in the mining industry for performance improvements, analytical maintenance, cost optimization, and improved safety is expected to boost the smart mining technologies market.
Moreover, most mining companies are inclined towards digitalization to manage mining operations. IoT in the mining industry improves mining operations by improving data accuracy rates, reduction in energy expenditure, and predictive maintenance. Also, IIoT (Industrial Internet of Things) can anticipate machine failures during mining, reducing downtimes.
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Within the next five years, several mining organizations are expected to digitize at least some aspects of their operations using operational intelligence systems. Wireless monitoring mining systems digitize assets with real-time performance tracking and connect a large number of sensors, eliminating the need for wired monitoring.
Furthermore, increasing investments in predictive maintenance for full integration of the network, continuous monitoring, and reduced downtimes are fuelling the market demand for smart technologies in the mining industry.
Key Takeaways From The Smart Mining Technologies Market:
- By technology solution, the blockchain-based metal trading platform segment is estimated to grow at a robust CAGR of 17.5% through 2032.
- By application, the risk & compliance management segment is anticipated to increase at a CAGR of 16.6% between 2022 & 2032.
- North America region is dominating the smart mining technologies market followed by the Europe region in 2022. South Asia & Pacific is estimated as the fastest growing region during the forecast period.
- The market in the U.S. is expected to progress at a CAGR of around 10.0% through 2032.
- In India, the smart mining technologies market is expected to grow by 7.6X during the forecast period.
- The smart mining technologies market in China is estimated to witness an absolute opportunity of US$ 447.3 Million in the forecast period.
More Valuable Insights on Smart Mining Technologies Market:
Future Market Insight’s report on the smart mining technologies industry research is segmented into three major sections – technology solution (AI/ML-enabled supply chain management, mining analytics platform, blockchain-based metal trading platform, emissions management software, and others), application (risk & compliance management, mining operations & process control, mining data warehousing, and others) and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the smart mining technologies demand outlook.
Leading Key Players:
- Aveva Group plc
- Wipro
- Dataparc
- Infosys
- Huawei Technologies
- ABB Ltd
- Skuchain
- Sphera
- Envirosuite
- Locus Technologies
- IntelliSense.io
- VROC.ai
- ZE Power Group Inc
- Phinar Software
- Open Text Corporation
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Smart Mining Technologies Market Segmentation:
By Technology Solution:
- AI/ML-enabled Supply Chain Management
- Mining Analytics Platform
- Blockchain-based Metal Trading Platform
- Emissions Management Software
- Others
By Application:
- Risk & Compliance Management
- Mining Operations & Process Control
- Mining Data Warehousing
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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