Market Trends of Smart Mining Industry
Data Management and Analytics Software is Expected to Show Highest Growth
- Data is a valuable asset. Every day, automated mining equipment produces enormous amounts of useful data. Several vendors combine data with intelligent analytics, AI, machine learning, and automation to improve the security and productivity of operations.
- Mining companies can unlock immediate value and increase revenues by gathering and utilizing big data from data sources, analyzing the same with contemporary data analytics, and putting the results into practice. With reliable data, the mining industry can increase output, decrease operational inefficiencies, and respond to risks more quickly.
- The World Economic Forum estimates the mining industry's value due to digital transformation initiatives may exceed USD 320.0 billion in the following ten years. The next-generation digital transformation software for mining operations, Inter Systems IRIS, integrates seamlessly with current hardware and software programs. It provides customizable Key Performance Indicators (KPIs) delivered in real-time, such as Overall Equipment Effectiveness (OEE), and instant notifications when data levels and KPIs get close to predetermined thresholds.
- Big data is a promising technology that has the potential to change the mining industry. It is fueled by rapid advancements in information and communication technology. Big data management (BDM) in the mining sector continues to have fundamental issues, despite numerous attempts to implement it.
- Big data analytics and big data management can create intelligent infrastructure that can develop over time in the mining industry. Thus, analytics is expected to significantly enhance asset utilization, raise productivity, and address material flow delays.
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North America to Hold Major Market Share
- The North American region is a significant contributor to the smart mining market, with the United States and Canada taking up major market shares. The Environmental Protection Agency of the United States developed a graphic to provide users of Toxic Release Inventory data with a better understanding of mining operations and related TRI-reportable chemical releases. The metal mining sector handles large volumes of material each year. This sector reports the most significant total quantity of releases of TRI-covered chemicals of any industry sector covered by the Toxic Release Inventory Program. This sector influences the TRI data viewed by the public, driving several significant national and local trends.
- Mining companies need software solutions to manage the exploration and production of minerals, optimize human resources and equipment use, and comply with environmental, health, and safety regulations.
- In June 2022, the Biden-Harris administration invested over USD 74 million in Federal-State partnerships to map critical minerals. This investment will be distributed in 30 states to support mapping, geoscience data collection, scientific interpretation, and data preservation of areas with potential for critical minerals under the US Geological Survey (USGS) Earth Mapping Resources Initiative, or Earth MRI.
- These investments improve the understanding of domestic critical mineral resources, a crucial step in securing a sustainable and reliable supply of the essential minerals that power numerous industries, from electronics to household appliances and clean energy technologies like wind turbines and batteries.
- With the internet advancement, the region's most notable players focus on providing real-time analysis. Cisco Connected Mining enables real-time insight into each step of the mining and production process and accurate monitoring of output, equipment, worker location, and security.
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