SMART MINING MARKET ANALYSIS

Market Challenges And Opportunities

Decreasing employment to hamper the market growth

Decreasing employment in mining sector is expected to hamper the global smart mining market growth during the forecast period. Mining increasing with automation is a major threat to employment, as automation has reduced the need for human intervention.

Lack of standardization across mining industry to hamper market growth

Lack of standardization across mining industry is expected to hamper the global smart mining market growth over the forecast period. Undefined standards in the market are leading to high product differentiation, and this is expected to hinder the global smart mining market growth.

Global Smart Mining Market- Drivers

Rising concerns regarding environment to drive the global market.

Rising concerns regarding environment is expected to drive the global smart mining market growth during the forecast period. Mining industry is deploying environment-friendly mining technologies that facilitate the maximization of mineral and ore recovery with reduced waste. These technologies allow operators to monitor and control pollution by evaluating air and water quality, and thus, helps mining companies to comply with regulatory policies. For Instance, smart sensors and monitoring systems can be used to track air and water quality, as well as the presence of hazardous materials, to help ensure that mining activities do not have a negative impact on the environment.

Growing adoption of big data analytics expected to drive the global market.

Growing adoption of big data analytics is expected to drive the global smart mining market growth over the forecast period. Big data analytics is a major technology in the IT and mining industry. Big data analytics offer real-time data analytics and predictive analytics, in order to enhance quality and efficiency of regular operations. It provides data on equipment history such as equipment maintenance and repair history, and fuel consumption rates in real-time. Hence, multiple mining companies are increasingly implementing analytics solution, in order to improve machine reliability and efficiency.

Global Smart Mining Market- Opportunities

Mainstreams technology in the mining industry to be an opportunities in the mining industry.

Internet of things (IoT) is a mainstream technology in the mining industry, and how it transforms the way this industry operates by enhancing mine productivity and safety. IoT components such as Radio Frequency Identification tags, connectivity platforms, and sensing technologies ensure better visibility and traceability of mining operations, and allows data to be automatically sent and received over the Internet.

Global Smart Mining Market- Restraints

• Decreasing employment to hamper the market growth
• Lack of standardization across mining industry to hamper market growth