QY Research has published a new report where the global digital mining market is extensively assessed considering its CAGR, size, key segments, growth drivers and other dynamics, and top players. Carrying the title ‘Global Digital Mining Market 2019-2025’, the report provides valuable inputs on future market trends, key growth pockets, and leading strategies adopted to increase sales. The global digital mining market is projected to earn around US$8.9 billion in revenue by the end of 2025 while rising at an exponential CAGR of 11.73% during the forecast period 2019 - 2025. In 2018, it attained a valuation of approximately US$4.1 billion.
The report includes a broad discussion on existing and new digital technologies used in the mining industry. Most of them have become operational at scale due to their affordability. Some of their key applications are monitoring performance in real time, improving mechanisation through automation, increasing anticipation of failures, optimising equipment and material flow, and comprehensively understanding of the resource base.
The need for breakthrough technologies and techniques to improve mining productivity and performance is expected to increase the demand for digital mining. For decades, the nature of mining has remained unchanged despite the booms in the industry. The strategy of sweating existing assets to increase productivity has not yielded much for mining companies. The global digital mining market is predicted to gain from the need to transform important aspects of mining through digital and technological innovations. The demand for digital mining is foreseen to improve in the coming years as the mining industry is facing troubles due to the maturity of existing mines and cash flow reduction because of decreasing commodity prices.
Although digital mining is considered as the next wave of business transformation in the mining industry, there are some challenges that players could be faced with. For instance, mining companies adopting digital mining will need to manage their workforce skill mix to maintain competitiveness in the digital domain. Furthermore, the transition from legacy systems comes with difficulties in maintaining business continuity. On the other hand, it could be difficult to strike the right balance between maintaining future competitiveness and the risk of adopting new technologies.
The authors of the report have segmented the global digital mining market as per type and application. There are two applications studied in the report, i.e. metallurgy and mining. On the basis of type, the global market is segmented into advanced analytics and artificial intelligence, simulation modelling, asset cybersecurity, IT/OT convergence, remote operations center, connected worker, smart sensors (IoT), 3D printing, and autonomous operations and robotics.
Geographically, the global digital mining market is deeply analysed while focusing on important regions and countries, viz. Central and South America, India, Southeast Asia, Oceania, China, Europe, North America, and others.
In the research study, the analysts have covered top players of the global digital mining market, viz. Huawei, Itelligence, Siemens, IBM, Cisco, Sandvik, Rockwell, Hexagon AB, Hatch Ltd., Wipro, ABB, SAP, and Caterpillar.