In 2021, Solutions Segment is Expected to Dominate the Global Digital Mining Market with 76.87% Market Share

One of the most valuable assets is data. Drills, trucks, shovels, conveyors, trains, and ships produce massive volumes of important data every day. Various suppliers are making their organizations safer and more productive by merging this data with smart analytics, artificial intelligence, machine learning, and automation. Digital transformation projects in the mining sector, according to the World Economic Forum, will generate more than USD 320 billion in industry value over the next decade. ​

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Global digital mining market is expected to reach USD 31,453.16 million by 2028 from USD 10,873.35 million in 2020 growing with the healthy CAGR of 14.3% in the forecast period of 2021 to 2028. One of the key factors for the development in demand for digital mining solutions is the growing need for mine worker safety due to an increase in mining-related injuries. Traditional drilling and exploring practices have resulted in multiple injuries in the recent past. Deep learning algorithms are used in digital mining solutions instead of a scaling object. Furthermore, the particle size analysis system employs stereo imaging to enable continuous monitoring, saving routine and manual labor. Advanced technologies, such as the internet of things (IoT), have the potential to lessen mining's environmental impact while also improving mine safety.

Recent advancement in IT services and solutions for the mining industry is expected to drive the market's growth rate

Digital mining is the various solutions and services developed to optimize and manage mine operations and production activities. These solutions and services help automate various mine activities such as record management, data storage, monitoring and streamlining production activities, supply chain management, asset management, and risk management. Also, there has been increasing adoption and utilization of digital mining solutions due to the various benefits offered. Digital mining offers smart reporting and analytics, supply chain management, asset management, reduces risks, simplifies operations, and streamlines mining processes while lowering environmental impact and labor costs.

Report Scope and Market Segmentation

Segment Analysis:

Global digital mining market is segmented into six notable segments which are based on the type, component, metal type, mining type, technology and application. 

• On the basis of type, the digital mining market is segmented into solutions and services. In 2021, solutions segment is expected to dominate the global digital mining market with 76.87% market share owing to surging demand to gather real-time data for effective decision making, ability to manage entire mining operations in a better way, high need to improve security of workers in the hazardous area, ongoing digital transformation across the mining industry and to enhance company’s performance and productivity.
• On the basis of components, the global digital mining market has been segmented into connected worker, remote operations center, autonomous operations, integrated platforms, smart sensors, asset cyber security, advanced analytics and 3D printing. In 2021, the connected worker segment is expected to dominate the global digital mining market with a 22.99% market share attributed to real-time data on tasks, workplans and progress reports. It effectively manages multiple applications including dispatch, safety, telemetry, voice and video through a reliable and secured application.
• On the basis of metal type, the global digital mining market has been segmented into iron and ferro alloys, non-ferrous metals and precious metals. In 2021, iron and ferro alloys segment is expected to dominate the global digital mining market with 54.61% market share as iron and ferro alloys compose a large part of the overall metals nowadays, as the base metal is iron and also include carbon steel, alloy steel and others. Moreover, they are low-cost and very well-suited for bending operations. 
• On the basis of mining type, the global digital mining market has been segmented into surface mining and underground mining. In 2021, surface mining segment is expected to dominate the global digital mining market with 63.38% market share owing to its several advantages as compared to underground mining such as cost-effectiveness, recover more of the resource, usually up to 100% within the mining excavation, is safer and can use larger-scale mining equipment offering higher production rates.
• On the basis of technology, the global digital mining market has been segmented into automation and robotics, internet of things, big data, retail time analytics, AI, spatial, geographic information systems, automated drones, cybersecurity, blockchain and others. In 2021, automation and robotics segment is expected to dominate the global digital mining market with 21.37% market share as automation and robotics plays a significant role in the mining process in speeding production, improving safety and reducing costs. It also provides important plant operational information such as metallurgical accounting, mass balances, production management, process control and optimization.

Automation and robotics will dominate the technology segment of the global digital mining market

In 2021, automation and robotics segment is expected to dominate the global digital mining market with 21.37% market share. Growth and expansion of the semiconductors industry is one of the major factors fostering the growth of this segment. Also, robotics plays a significant role in the mining process in speeding production, improving safety and reducing costs.

• On the basis of application, the global digital mining market has been segmented into maintenance planning, frontline mobility solutions, geo-fencing safety and others. In 2021, frontline mobility solutions segment is expected to dominate the global digital mining market with 45.11% market share owing to high adoption to enable frontline workers and supervisors to safely perform in tough mining conditions and deploy technologies in order to improve employee safety, performance management and visibility particularly underground. 

Frontline mobility solutions will dominate the application segment of the global digital mining market

In 2021, frontline mobility solutions segment is expected to dominate the global digital mining market with 45.11% market share. Growth and expansion of ICT industry is one of the major factors fostering the growth of this segment. Also, high adoption to enable frontline workers and supervisors to safely perform in tough mining conditions and deploy technologies in order to improve employee safety will widen the scope of growth for this segment.

Major Players

Data Bridge Market Research recognizes the following companies as the major API intermediates market players in advanced wound care market are Sandvik AB (Sweden) and HEXAGON (Sweden).

Market Development –

• In October 2020, SAP SE announced the launch of SAP S/4HANA Cloud. This cloud platform brings innovations in all lines of business and industries, supporting the intelligent enterprise with a large number of new features and improvements. This has helped the company to strengthen its product portfolio and help to grow in the market.
• In June 2020, Wencomine entered into a partnership and signed a Memorandum of Understanding (MOU) with Oxbotica to develop an open autonomy solution for mining. This new joint platform will allow customers to choose many open standards-based vehicles and integrate it into their existing operations. This will help the company enhance their offerings and grow in the market.
• In April 2020, Cisco announced its intent to acquire Fluidmesh Networks, LLC which provides wireless backhaul systems. Under this acquisition, Cisco will use Fluidmesh’s solutions for mission critical applications, including large-scale distributed sites such as mines to improve safety and lower costs. This will help the company enhance their offerings and grow in the market.

Regional Analysis

Geographically, the countries covered in the digital mining market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

North America is the dominant region in digital mining market during the forecast period 2021 - 2028

North America dominates the global digital mining market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is because of the owing to the development of new technologies and research on emerging techniques.

Asia-Pacific is estimated to be the fastest-growing region in digital mining market the forecast period 2021 - 2028

Asia-Pacific is expected to grow during the forecast period due to the increasing patient population and rapid development of infrastructural facilities in emerging economies in this region. Providers who create and deploy both hardware and software platforms for digital mining are projected to have a lot of chances. A constant increase in mining output and penetration of automation and robotics in the digital mining sector in China and Australia are driving regional market expansion. According to World Mining Data, China and Australia are among the four largest mining nations in the world, with 24.0 percent and 7.3 percent, respectively. China is also the world's biggest producer of 28 distinct mineral raw materials through mining activities.

COVID-19 Impact Analysis

The COVID-19 epidemic positively impacted the market in 2020, as governments and big businesses are focusing on going all digital. Moreover, since the market has been badly impacted by the COVID-19 pandemic, owing to a halt in international trade, protracted lockdowns, and roadblocks in construction, mining, and maintenance activities, there has been a rise in the number of digital activities across the globe.  

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