Digital Mining Market Overview

Digital Mining Market Size is forecast to reach $28.9 billion by 2026, at a CAGR of 12.6% during 2021-2026. Various solutions and services which are developed to optimize and manage mine operations and production activities in mines are referred to as digital mining. Supply chain management, risk management, record management, data storage, monitoring and others are automated through digital mining. Implementation and installation of various safety measures through digital mining to ensure safety of workers, mine plants and environment due to increased accidents and fatalities, the manufacturers are focusing on the safety concerns have driven the growth of the market. Emergence of IoT where various technologies such as retail time analytics, Artificial intelligence (especially deep learning algorithms), spatial, geographic information systems, automated drones, cybersecurity,  block chain and others have resulted in speeding production, improving safety and reducing costs which in turn has resulted in the market growth.

Report Coverage

The report: “Digital Mining Market Industry Outlook– Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Digital Mining Market

By Type: Solution, Services
By Components: Connected Worker, Remote Operation Center, Autonomous Operations, Integrated Platform, Smart Sensors, Asset Cybersecurity, Advance Analytics, 3D Printing
By Technology: Automation and Robotics, Internet of Things, Big Data, Blockchain, Artificial Intelligence, Spatial, Automated Drones, Others
By Mining Type: Surface Mining (Strip Mining, Terrace Mining, Open Pit Mining), Underground Mining (Longwall Extraction, Pillar Extraction)
By Geography: North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC (China, Japan India, Australia and Others), and RoW (Middle East and Africa, South America)

Key Takeaways

• Surge in the Mining activities along with the use of digital technology in mining activity helps mining companies to minimize overall mining costs, enhance business productivity, and upgrade mining practices have driven the growth of the market.
• Emergence of IoT witnessed a significant growth in the market as it provides real-time planning, predictive maintenance, risk assessment, record management, and others that allow faster decision making and improves performance of mining system.
• North America is witnessing a major growth in the market owing to the advancement in technology and growth of IIoT along with adoption of hosted services.

Global Digital Mining Market, By Region, 2020

The surface mining segment is growing at a significant market value of 14.5% as the digitization in mining process uses information, autonomy, and technology to obtain enhanced safety, reduce operational costs, and gain better productivity for a mine site. Communication and interaction embedded with electronics over the Internet, and they can be remotely monitored and controlled. With the help of IoT on a real-time basis monitoring ventilation and toxicity levels can be achieved. Emergence of IOT in a more efficient process results in higher-yield as it helps using vast amounts of data inputs, such as drilling reports and geological surveys, AI and machine learning can make predictions and provide recommendations on exploration. All these factors are analyzed to boost the growth of the market in the forecast period 2020-2026.

Digital Mining Market Segment Analysis - By Technology

Internet of Things is expected to witness a highest CAGR of 15.1% during the forecast period as with the advent of Industry 4.0 in the mining industry, various underground mines and open mines are adopting digital technologies to enhance, automate, and modernize their whole process. The integration of different digital transformation technologies, such as the internet of Things (IoT), is significantly becoming prevalent, as it provides exceptional benefits such as increasing efficiency, improving safety, predictive maintenance, and reducing errors and costs. When combined with analytics, organizations can obtain greater insights, enabling them to boost mining performance, improve product quality and carry out preventative maintenance. Growing safety concerns has increased the demand for IoT in mining are set to provide opportunities for the market growth.

Digital Mining Market Segment Analysis - By Geography

Digital Mining Market in North America region held significant market share of 25.4% in 2020. North American region consists of several open mines and underground mines where large fire in a mining industry can be a serious threat. If that mine is under prepared, the consequences can be high. The hazardous nature and typical remoteness of mining operations makes extra vigilance in preventing and adequately preparing for fires a financial, legal and ethical necessity. By using digital mining solutions and services in mining industry will help in reducing the effect of the fire and by optimizing vast amount of data inputs the market of the digital mining will increase and helps in driving the market in this industry.

Digital Mining Market Drivers

Adoption of big data in mining:

With the adoption of big data analytics, mining intelligence software can monitor the open mines and closed mines entire infrastructure, which enables to better understand the proper working condition of machines and also help in improving the overall resource effectiveness and efficiency of the mines, thereby fueling the market growth. The mining companies are focusing on modernization of their infrastructure through Big Data and GPS tracking, which helps in data-driven planning to address the supply, demand, and logistics issues, as well as providing a competitive advantage over competitors and stay ahead in the market. Adoption and integration of advanced technologies by vendors for the development of advanced version of mining analytics software and this provide opportunities for the market growth.

Growth of the industrial internet of things (IIoT):

Due to the technological advancement and surge in adoption of IIoT has led to digitize, optimize and automate process in mining industry which in turn saves time, money and increases safety, all these applications are carried out in the mining infrastructure. With the advent of IIoT in the mining industry, various underground and open mines are adopting digital technologies to enhance, automate, and modernize their whole process.  It offers real-time planning, predictive maintenance, risk assessment, record management, and others that allow faster decision making and improves performance of mining systems. All these factors have boosted the growth of the market.

Digital Mining Market Challenges:

Limited or unreliable connectivity in underground mine sites along with struggle to pick up 3G/4G signals

Although the digitization in mining or smart mining have founded their applications globally through the emergence of IoT, automation & robotics and others but the mining operations become more connected, they will also become more vulnerable to hacking, which will require additional investment into security systems. In addition, the internet or connectivity issues are also not good in the underground mines. This connectivity issues and late in pick up strength are analyzed to restrain the growth of the market in the forecast period 2021-2026.

Digital Mining Market Landscape 

Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Digital Mining Market. Digital Mining Market top 10 companies include 

1. Siemens, 
2. ABB Ltd., 
3. Caterpillar, 
4. SAP SE, 
5. Komatsu Mining Corp., 
6. Accenture, 
7. IBM Corporation, 
8. Cisco Systems, 
9. General Electric, 
10. HATCH Ltd., 
11. Rockwell Automation

Acquisitions/Product Launches

• In April 2021, Gryphon Digital Mining launched S19J Pro which are high efficiency miners for maintaining negative carbon footprint.
• In June 2019, Hexagon announced streamlined product portfolio in mining division that is subscription licensing, improved user interfaces, and strengthened support and services to streamline the mining lifecycle.

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