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Digital Mining Market By Application Type (Underground Mining and Surface Mining), By Offerings (Services and Solutions) - Growth, Future Prospects, and Competitive Landscape, 2019 - 2027

The global digital mining market was valued at US$ 6.83 Bn in 2018 and is expected to expand at a CAGR of 9.2% during the forecast period from 2019 to 2027. The projected growth of the digital mining market worldwide will be propelled by a combination of factors, including the perpetually growing adoption of autonomous equipment, rising emphasis on health and safety, and growing environmental concerns. Furthermore, the growing penetration of advanced technologies, including the Internet of Things, has helped companies reduce their labor cost significantly, leading to cost optimization. In addition, companies involved in mining activities are gradually adopting artificial intelligence, 3D modeling, and integrated automation, among others. This is fuelling the growth of the digital mining market.

Market Synopsis

Surface Mining to Dominate; Underground Mining to Register Maximum Growth throughout the Forecast Period

Based on type, the global digital mining market is categorized into two major categories: underground mining and surface mining... Surface mining is the most widely used type to extract metals and minerals from the ground and is expected to dominate with more than 50% of the market share throughout the forecast period of 2019-2027. As most of the resources are available for extraction from the surface of the earth itself, this segment accounts for the majority of the market revenue share. On the other hand, underground mining is expected to register superior growth on account of fast-depleting minerals on the surface. As the resources available on the surface are quickly depleting, extraction of metals and minerals has to be done underground, thus helping this segment grow rapidly during the forecast period. Furthermore, in recent times, the development and adoption of advanced technology, such as integrated automation, the Internet of Things (IoT), and automated mining equipment for underground mining, among others, are propelling the growth of this segment.

The Asia Pacific Dominates; North America and Europe Touted to Register Significant Growth during the Forecast Period

In 2018, Asia Pacific was the largest value-contributing region in the global digital mining market, followed by North America and Europe. Asia Pacific is expected to grow at a CAGR of 9.9% during the forecast period from 2019 to 2027. This is due to the significant growth observed across developing countries such as China and India. The escalating number of mining activities is projected to encourage the growth of the Asia Pacific digital mining market in the upcoming years. In contrast, North America is expected to register sturdier growth, especially during the initial years, on the back of large investments made by multiple organizations, robust infrastructure, and rapid adoption of digital-age products. The anticipated demand for digital mining in North America is expected to be driven by the ongoing paradigm shift toward digitization in countries such as the U.S.

Some of the leading manufacturers profiled in the study include Caterpillar Inc., SAP SE, ABB Ltd., Wipro Ltd., Hatch Ltd, Hexagon AB, Rockwell Automation Inc., Sandvik AB, Cisco Systems, Inc., IBM Corporation, Siemens AG, intelligence AG, Huawei Technologies Co., Wenco International Mining Systems Ltd., Komatsu Ltd., OutotecOyj, Copco, Atlas Joy Global Inc., Alcatel-Lucent among others. 

Historical & Forecast Period

This research study provides qualitative as well as quantitative insights for each segment and sub-segment from 2017 to 2027, considering 2018as the base year for the research. CAGR (Compounded Annual Growth Rate) for each segment and sub-segment is calculated for the forecast period from 2019 to 2027. 

Report Scope by Segments

The digital mining market report provides market size and estimates based on market dynamics and key trends observed in the industry. In addition, the report provides a holistic view of the global digital mining market based on type, offerings, and geography. Key segments covered in the report are as follows: 

Frequently asked questions :

The market for Digital Mining Market is expected to reach US$ XX Bn in 2027.

The Digital Mining Market is expected to see significant CAGR growth over the coming years, at 9.2%.

The report is forecasted from 2019-2027.

The base year of this report is 2018.

Caterpillar Inc., SAP SE, ABB Ltd., Wipro Ltd., Hatch Ltd., Hexagon AB are some of the major players in the global market.

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Godaddy
Published Date:  Sep 2019
Category:  Technology & Media
Report ID:   59930
Report Format:   PDF
Pages:   120
Rating:    4.2 (49)
Delivery Time: 24 Hours to 48 Hours   
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