Global Mining Software Market Report 2023: Rising Demand


Dublin, June 30, 2023 (GLOBE NEWSWIRE) — The “mining software market by component, mining type (surface, underground), application (exploration, discovery/assessment, development, production operations, reclamation/closure), deployment type and region – Global Forecast to 2028” report added ResearchAndMarkets.coms to offer.

The size of the mining software market is expected to grow from USD 10.1 billion in 2023 to USD 14.9 billion in 2028, at a CAGR of 8.1% during the forecast period.

On the basis of application, the Manufacturing Activities segment is expected to hold the largest market share during the forecast period

Mining companies can monitor and manage the production process, increase equipment utilization and reduce downtime using software solutions for production operations.

Mining companies can optimize production in both underground and surface mines by leveraging these technologies, which will increase productivity and efficiency. Companies can use the software to optimize their business operations and find areas for improvement. This can ultimately lead to cost savings and higher profitability.

By mining type, surface mining segment expected to hold the largest market share during the forecast period

The market share can be attributed to the increasing adoption of surface mining techniques by mining companies to extract minerals and ores from the earth’s surface. Surface mining is a cheaper and more efficient mining method compared to underground mining as it requires less labor and equipment.

In addition, surface mining is widely used to extract minerals such as coal, iron, copper, and gold, which are used in various industries such as energy, construction, and electronics. The adoption of mining software solutions in surface mining operations is increasing as mining companies look to optimize their operations and improve productivity.

In addition, governments around the world are promoting open-pit mining activities as a way to boost economic growth and create employment opportunities, further driving the growth of the open-pit mining market.

On the basis of region, Asia Pacific is expected to hold the largest market share during the forecast period

The market share can be attributed to the growing reliance of the mining industry on digital technologies in countries such as Australia, China and India. The demand for mining software solutions to increase operational efficiency, reduce costs and improve safety is fueled by the large investment in mining operations in the region.

Demand for minerals and metals from industries such as construction, transportation and electronics is also a key driver of the growth of the region’s mining software industry.

Most important features:

Report attribute Details
Number of pages 272
Forecast period 2023 – 2028
Estimated market value (USD) in 2023 $10.1 billion
Expected market value (USD) by 2028 $14.9 billion
Compound annual growth rate 8.1%
Regions Covered Global

Premium insights

  • Increased adoption of the Internet of Things in mining to drive market growth over the forecast period
  • Solutions Segment and US Lead Market in 2023
  • Solutions Segment and China lead market in 2023
  • UAE witnessing fastest growth during forecast period

Market dynamics

Drivers

  • Rising demand for advanced data analytics
  • More emphasis on environmental sustainability
  • Increased need for improved safety and security
  • Extensive adoption of automation and robotics
  • More need for improved efficiency and productivity

limits

  • Compatibility issues related to integration with existing systems
  • Requirement of tailor-made solutions to meet the unique needs of different mining operations

Possibilities

  • Rising demand for automation and digitization in emerging markets
  • Increased adoption of IoT in mining
  • Rising demand for predictive maintenance solutions in mining operations
  • Increased focus on environmentally sustainable mining practices
  • Increased need for remote monitoring and control of mining operations

Challenges

  • Limited penetration in emerging countries
  • Resistance to change and traditional ways of thinking

Mentioned companies

  • ABB
  • accent
  • Caterpillar
  • Cisco
  • Datamine
  • Dingo software
  • Epiroc
  • Fastrak Softworks
  • Groundhog Apps
  • Hexagon
  • Hitachi
  • ibm
  • Ilobby
  • Infotek software
  • Komatsu
  • Maptek
  • Microsoft
  • Rio Tinto
  • Rockwell automation
  • Rpmglobal
  • Sandvik
  • Juice
  • Service max
  • Siemens
  • Trimble
  • Trobexis

For more information on this report, please visit https://www.researchandmarkets.com/r/viakx0

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  • Global mining software market


        


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