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The mining software market is worth $19.75 billion

Posted on by darion

Pune, July 9, 2024 (GLOBE NEWSWIRE) — Mining software market size analysis:

“According to SNS Insider research, Mining Software Market The market was valued at US$9.4 billion in 2023 and is projected to grow to over US$19.75 billion by 2032, at a compound annual growth rate (CAGR) of 8.6% during 2024–2032.

According to the U.S. Department of the Interior, governments around the world continue to introduce increasingly stringent environmental regulations.

The data shows that 87% of mining companies surveyed indicated an increased focus on environmental monitoring and regulatory compliance. Companies are looking for software solutions that provide real-time emissions tracking and automated reporting, as well as other features to stay compliant with the law. In addition, this fourth industrial revolution has affected the industry. In 2024, a study by the European Commission found that as many as 42% of mining companies in Europe were integrating Internet of Things (IoT) sensors and artificial intelligence (AI) for their operations.

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The key player analysis mentioned in this research report are:

  • Hexagon
  • Micromin
  • Mine sight
  • Maptek
  • RPM Global
  • Hitachi
  • Komatsu
  • THREAD
  • Uipath
  • IBM Corporation
  • Other players

Effective data analysis tools can be provided by mining software to facilitate such integration, which will help transform sensor readings into useful information for resource extraction optimization and thus increase overall productivity. As a result, the requirements for software systems for mine design and planning are now increasing, with companies striving to reduce waste production and maximize the resources extracted from the mine.

A new study by the World Economic Forum shows that 63% of mining company executives believe that digital transformation will be a necessity in the future.

All of these elements relate to the growing use of mine design software, resource estimation software, and operations software to optimize production and improve productivity. As a result, the demand for mining software that includes features such as data analysis, predictive maintenance, and automation capabilities has increased significantly.

The US Geological Survey report also found that the use of integrated mine design and planning software in mid-sized mines has increased by 22% since 2019. This shows the demand for holistic solutions that facilitate workflow. In addition, acquisitions have shaped what miners really want. For example, Pegasystems acquired Everflow in November 2022 to integrate AI-based process mining tools; this indicates a tendency towards data-driven optimization for higher levels of efficiency.

Scope of the report on the mining software market:

Report Attributes Details
Market size in 2023 9.4 billion US dollars
Market size by 2032 19.75 billion US dollars
CAGR CAGR 8.6% from 2024 to 2032
Base year 2023
Forecast period 2024-2032
Historical data 2020-2022
Key regional reach North America (USA, Canada, Mexico), Europe (Eastern Europe (Poland, Romania, Hungary, Turkey, rest of Eastern Europe), Western Europe), Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, rest of Western Europe)). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, rest of Asia Pacific), Middle East and Africa (Middle East (UAE, Egypt, Saudi Arabia, Qatar, rest of Middle East), Africa (Nigeria, South Africa, rest of Africa), Latin America (Brazil, Argentina, Colombia, rest of Latin America)

Bigger challenges:

According to the Australian Bureau of Statistics, a 2021 study found compatibility issues between existing and new technologies at 48% of mining companies in Australia. This increases implementation costs and also extends the timeline, thereby delaying the potential return on investment. As a result, these factors lead to a cautious approach by mining companies, which affects the overall demand patterns for mining software solutions.

Segment analysis by components:

Mining software solutions dominate market share as geological modeling and production scheduling. However, related services such as implementation, training, and ongoing support are expected to grow by about 12% per year. This reflects an important change; mining companies are no longer content to just buy software.

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Key segmentation of the mining software market:

By ingredient

By type of extraction

  • Surface
    • Opencast mining
    • Mining PIT
    • Other types of surface mining
  • Underground
    • Room-and-pillar mining
    • Other types of underground mining

By application

  • Test
  • Discovery/Evaluation
  • Development
  • Production operations
  • Reclamation/Closure

By implementation mode

The Asia-Pacific market is witnessing a rapid increase in demand for cryptocurrency mining software, with a compound annual growth rate (CAGR) expected to reach 8.78% between 2024 and 2032.

This has happened for several reasons. For example, government initiatives in India are investing in the modernization of mining operations, with a focus on digitalization. This provides better access to mining software for small and medium-sized enterprises that often rely on manual processes. Growing concerns about safety and environmental impact have led to mine planning, resource optimization, and real-time monitoring being geared towards adopting software solutions. Up to 70% operational risk reduction and over 55% resource extraction optimization is possible using these tools, making them a desirable option for mining companies in this space.

Competitive environment:

Established players such as Dassault Systèmes (GEOVIA), Hexagon (Minestar) and Schneider Electric (AVEVA) were expected to make a huge contribution in 2023 with complete solutions for mine planning, optimization and operation. However, this has created room for niche players to drive a wave of innovation in areas such as drone surveying, which will be 25% faster than conventional surveying; real-time shot management, which could lead to production efficiency increases of up to 10%.

This customization is intended to meet the different requirements of different mining companies, thereby driving demand across the market. In addition, software adoption is further supported by government initiatives supporting digitalization in the mining sector, such as Australia’s $45 million Mining Equipment, Technology and Services (METS) Ignited program.

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Key conclusions:

  • A 44.3% increase is predicted in process mining software, which enables companies to map and analyze workflows to identify bottlenecks and optimize processes, resulting in significant cost savings and productivity improvements.
  • Still, cloud-based solutions are driving growth by enabling faster access to information and easier data management, meeting the needs of large enterprises with distributed operations.
  • Overall, the mining software market is experiencing a data-driven paradigm shift that allows mining companies to improve safety, reduce environmental impact, and maximize value from their assets.

Table of Contents – Key Points

1. Introduction

2. Industry Flow Chart

3. Research methodology

4. Market dynamics

5. Porter’s 5 Forces Model

6. Pest Analysis

7. Mining Software Market Segmentation by Component

8. Mining Software Market Segmentation by Mining Type

9. Mining Software Market Segmentation by Application

10. Mining Software Market Segmentation by Implementation Mode

11. Regional analysis

12. Company profiles

13. Competitive Landscape

14. Use Case and Best Practices

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