Artificial Intelligence (AI) in mining market is anticipated to grow at a significant CAGR of 14.8% during the forecast period (2024-2031). The market growth is attributed to the growing adoption of AI in the mining industry which prompts and improves decision-making about the health and safety of frontline workers. Reducing exposure to hazardous situations and changing the entire working process to be more process-oriented is further driving the growth of AI in mining market. According to the Artificial Intelligence Index Report 2023, the number of pattern recognition papers has roughly doubled while the number of machine learning papers has roughly quadrupled. Following those two topic areas, in 2021, the next most published AI fields of study were computer vision (30,075), algorithm (21,527), and data mining (19,181).
Market Dynamics
Increasing Amplification of Mining Efficiency with Automation
A strategic focus on workplace productivity efforts is creating dramatic changes in the dynamic mining operations sector. This coordinated effort uses innovative strategies and technologies to maximize worker productivity and operational procedures. Important considerations include keeping an eye on the output of the mining labor force, with careful attention paid to preventing task duplication. In addition to avoiding resource waste, this guarantees redundant work removal. An atmosphere for operations that is more synchronized and efficient is produced by streamlining the synchronization of miners and machinery. The location of miners and equipment can be tracked in real time, which makes it easier to allocate and employ resources optimally and ensures that the proper resources are used effectively. The overall productivity is greatly increased by this strategic strategy.
Growing Adoption of AI for Predictive Analytics and Enhanced Efficiency
A major initiative aiming at utilizing predictive analytics for increased operational efficiency is AI integration into mining operations. Sophisticated AI algorithms are used to improve overall mining operations, optimize resource allocation, and forecast equipment faults. This includes geological modeling and exploration, in which AI is critical to data analysis to forecast the occurrence of precious minerals and enhance exploration tactics. Examining past safety events, seeing trends, and putting predictive analysis into practice for preventative safety measures are all part of personnel safety analysis. Real-time location systems (RTLS) are essential to this whole analytical framework as they offer accurate real-time data, which improves the precision and dependability of these analyses and eventually results in more sophisticated and environmentally friendly mining techniques.
Market Segmentation
Data Analytics is Projected to Hold the Largest Segment
The data analytics segment is expected to hold the largest share of the market. The primary factors supporting the growth include increasing demand for data analytics in mining to capture data from diverse systems used in underground and open cast mining, distill actionable insights for real-time planning, productivity and workforce management, and cost rationalization. To extract contextual information, make deductions, and forecast results, AI-based data analytics ingests and evaluates time series, device/sensor data, and business characteristics. Big data platforms, analytical engines, and mathematical algorithms uncover business possibilities and problems to shape strategies for faster reactions and process real-time data streams and complex events. For instance, Altair Engineering Inc. offers Altair RapidMiner data and machine learning pipelines with code-free to code-friendly experiences. The tool uses Altair RapidMiner to spot anomalies, trends, and outliers in seconds with real-time data, and share results across the organization using rich, powerful dashboards.
Safety and Risk Management Segment to Hold a Considerable Market Share
The safety and risk management segment is expected to hold a considerable market share. The factors supporting segment growth include AI-based sophisticated tools to monitor and analyze behavior and activities in real time. Smart mines are adopting high-tech solutions to manage personnel and asset performance holistically and economically. Sophisticated enterprise software is growing indispensable for minimizing asset downtime, optimizing productivity, cutting operating costs, and attaining best practice safety management by enabling managers to respond instantly. For instance, Hitachi Energy Ltd. offers Smart mining with new cloud-based technology to improve safety and predictability by overseeing people and equipment on-site from back-office locations, accessing real-time data for incident prevention, and even using facial recognition and geo-fencing alarms to safeguard isolated workers.
Regional Outlook
Global AI in mining market is further segmented based on geography including North America (the US, and Canada), Europe (the UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).
Growing Demand for AI in Mining in Asia-Pacific
Global AI in Mining Market Growth by Region 2024-2031
North America Holds Major Market Share
North America holds a significant share owing to numerous prominent AI in mining companies and providers such as Google LLC, IBM Corp., and Microsoft Corp. Salesforce Inc. in the region. The market growth is attributed to the increasing adoption of AI-driven automation enhances programmable logic devices and digital control systems to increase precision and consistency in mining operations. Market players in the region offering data mining ensures the success of complicated data projects by providing efficient, transparent, and predictable pricing, adaptable infrastructure-as-a-service capabilities, and professionals to assist clients at every stage. For instance, in January 2023, Nextpoint, in cloud-based e-discovery and litigation support software, released its data-mining suite of tactical ECA tools for legal teams looking to mitigate risk, save time and money, and tackle their ever-growing data volumes in eDiscovery. Data mining delivers the highest data processing speeds (30x faster), best-in-class data security, and real-time analytics and reporting that empower legal teams to reduce the scope of their review and make strategic decisions earlier in a case.
Market Players Outlook
*Note: Major Players Sorted in No Particular Order.
The major companies serving the AI in mining market include ABB Ltd., Google LLC, IBM Corp., Microsoft Corp., and Siemens AG among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market.
Recent Development
The Report Covers
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. ABB Ltd.
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Google LLC
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. IBM Corp.
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Microsoft Corp.
3.5.1. Overview
3.5.2. Financial Analysis
3.5.3. SWOT Analysis
3.5.4. Recent Developments
3.6. Siemens AG
3.6.1. Overview
3.6.2. Financial Analysis
3.6.3. SWOT Analysis
3.6.4. Recent Developments
3.7. Key Strategy Analysis
4. Market Segmentation
4.1. Global AI in Mining Market by Component
4.1.1. Hardware
4.1.2. Software
4.1.3. Service
4.2. Global AI in Mining Market by Technology
4.2.1. Machine Learning
4.2.2. Computer Vision
4.2.3. Natural Language Processing
4.2.4. Robotics
4.2.5. Data Analytics
4.3. Global AI in Mining Market by Application
4.3.1. Exploration
4.3.2. Geology
4.3.3. Ore Sorting
4.3.4. Equipment Maintenance
4.3.5. Safety And Risk Management
4.3.6. Autonomous Drilling
4.3.7. Hauling
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
5.4.1. Latin America
5.4.2. Middle East and Africa
6. Company Profiles
6.1. Accenture PLC
6.2. Autonomous Solutions, Inc. (ASI)
6.3. Caterpillar Inc.
6.4. Cortex Logic
6.5. Dassault Systèmes S.E.
6.6. General Electronic Co.
6.7. GoldSpot Discoveries, Inc.
6.8. Hexagon AB
6.9. Hitachi Construction Machinery Co., Ltd.
6.10. Infosys, Ltd.
6.11. Komatsu Corp.
6.12. Metso Corp.
6.13. MICROMINE
6.14. Minerva Intelligence, Inc.
6.15. Motion Metrics International Corp.
6.16. Newtrax Technologies, Inc.
6.17. Petra Data Science
6.18. Rio Tinto Group
6.19. Sandvik AB
6.20. SAP SE
6.21. Schneider Electric SE
6.22. Tenova S.p.A.
6.23. Wipro Ltd.
1. Global AI In Mining Market Research And Analysis By Component, 2023-2031 ($ Million)
2. Global AI In Mining Hardware Market Research And Analysis By Region, 2023-2031 ($ Million)
3. Global AI In Mining Software Market Research And Analysis By Region, 2023-2031 ($ Million)
4. Global AI In Mining Services Market Research And Analysis By Region, 2023-2031 ($ Million)
5. Global AI In Mining Market Research And Analysis By Technology, 2023-2031 ($ Million)
6. Global Machine Learning In Mining Market Research And Analysis By Region, 2023-2031 ($ Million)
7. Global Computer Vision In Mining Market Research And Analysis By Region, 2023-2031 ($ Million)
8. Global Natural Language Processing In Mining Market Research And Analysis By Region, 2023-2031 ($ Million)
9. Global Robotics In Mining Market Research And Analysis By Region, 2023-2031 ($ Million)
10. Global Data Analytics In Mining Market Research And Analysis By Region, 2023-2031 ($ Million)
11. Global AI In Mining Market Research And Analysis By Application, 2023-2031 ($ Million)
12. Global AI In Mining For Exploration Market Research And Analysis By Region, 2023-2031 ($ Million)
13. Global AI In Mining For Geology Market Research And Analysis By Region, 2023-2031 ($ Million)
14. Global AI In Mining For Ore Sorting Market Research And Analysis By Region, 2023-2031 ($ Million)
15. Global AI In Mining For Equipment Maintenance Market Research And Analysis By Region, 2023-2031 ($ Million)
16. Global AI In Mining For Safety And Risk Management Market Research And Analysis By Region, 2023-2031 ($ Million)
17. Global AI In Mining For Autonomous Drilling Market Research And Analysis By Region, 2023-2031 ($ Million)
18. Global AI In Mining For Hauling Market Research And Analysis By Region, 2023-2031 ($ Million)
19. Global AI In Mining Market Research And Analysis By Region, 2023-2031 ($ Million)
20. North American AI In Mining Market Research And Analysis By Country, 2023-2031 ($ Million)
21. North American AI In Mining Market Research And Analysis By Component, 2023-2031 ($ Million)
22. North American AI In Mining Market Research And Analysis By Technology, 2023-2031 ($ Million)
23. North American AI In Mining Market Research And Analysis By Application, 2023-2031 ($ Million)
24. North American AI In Mining Market Research And Analysis By End-Users, 2023-2031 ($ Million)
25. European AI In Mining Market Research And Analysis By Country, 2023-2031 ($ Million)
26. European AI In Mining Market Research And Analysis By Component, 2023-2031 ($ Million)
27. European AI In Mining Market Research And Analysis By Technology, 2023-2031 ($ Million)
28. European AI In Mining Market Research And Analysis By Application, 2023-2031 ($ Million)
29. European AI In Mining Market Research And Analysis By End-Users, 2023-2031 ($ Million)
30. Asia-Pacific AI In Mining Market Research And Analysis By Country, 2023-2031 ($ Million)
31. Asia-Pacific AI In Mining Market Research And Analysis By Component, 2023-2031 ($ Million)
32. Asia-Pacific AI In Mining Market Research And Analysis By Technology, 2023-2031 ($ Million)
33. Asia-Pacific AI In Mining Market Research And Analysis By Application, 2023-2031 ($ Million)
34. Asia-Pacific AI In Mining Market Research And Analysis By End-Users, 2023-2031 ($ Million)
35. Rest Of The World AI In Mining Market Research And Analysis By Region, 2023-2031 ($ Million)
36. Rest Of The World AI In Mining Market Research And Analysis By Component, 2023-2031 ($ Million)
37. Rest Of The World AI In Mining Market Research And Analysis By Technology, 2023-2031 ($ Million)
38. Rest Of The World AI In Mining Market Research And Analysis By Application, 2023-2031 ($ Million)
39. Rest Of The World AI In Mining Market Research And Analysis By End-Users, 2023-2031 ($ Million)
1. Global AI In Mining Market Share By Type, 2023 Vs 2031 (%)
2. Global AI In Mining Hardware Market Share By Region, 2023 Vs 2031 (%)
3. Global AI In Mining Software Market Share By Region, 2023 Vs 2031 (%)
4. Global AI In Mining Services Market Share By Region, 2023 Vs 2031 (%)
5. Global AI In Mining Market Share By Technology, 2023 Vs 2031 (%)
6. Global Machine Learning In Mining Market Share By Region, 2023 Vs 2031 (%)
7. Global Computer Vision In Mining Market Share By Region, 2023 Vs 2031 (%)
8. Global Natural Language Processing In Mining Market Share By Region, 2023 Vs 2031 (%)
9. Global Robotics In Mining Market Share By Region, 2023 Vs 2031 (%)
10. Global Data Analytics In Mining Market Share By Region, 2023 Vs 2031 (%)
11. Global AI In Mining Market Share By Application, 2023 Vs 2031 (%)
12. Global AI In Mining For Exploration Market Share By Region, 2023 Vs 2031 (%)
13. Global AI In Mining For Geology Market Share By Region, 2023 Vs 2031 (%)
14. Global AI In Mining For Ore Sorting Market Share By Region, 2023 Vs 2031 (%)
15. Global AI In Mining For Equipment Maintenance Market Share By Region, 2023 Vs 2031 (%)
16. Global AI In Mining For Safety And Risk Management Market Share By Region, 2023 Vs 2031 (%)
17. Global AI In Mining For Autonomous Drilling Market Share By Region, 2023 Vs 2031 (%)
18. Global AI In Mining For Hauling Market Share By Region, 2023 Vs 2031 (%)
19. Global AI In Mining Market Share By Region, 2023 Vs 2031 (%)
20. US AI In Mining Market Size, 2023-2031 ($ Million)
21. Canada AI In Mining Market Size, 2023-2031 ($ Million)
22. UK AI In Mining Market Size, 2023-2031 ($ Million)
23. France AI In Mining Market Size, 2023-2031 ($ Million)
24. Germany AI In Mining Market Size, 2023-2031 ($ Million)
25. Italy AI In Mining Market Size, 2023-2031 ($ Million)
26. Spain AI In Mining Market Size, 2023-2031 ($ Million)
27. Rest Of Europe AI In Mining Market Size, 2023-2031 ($ Million)
28. India AI In Mining Market Size, 2023-2031 ($ Million)
29. China AI In Mining Market Size, 2023-2031 ($ Million)
30. Japan AI In Mining Market Size, 2023-2031 ($ Million)
31. South Korea AI In Mining Market Size, 2023-2031 ($ Million)
32. Rest Of Asia-Pacific AI In Mining Market Size, 2023-2031 ($ Million)
33. Rest Of The World AI In Mining Market Size, 2023-2031 ($ Million)
34. Latin America AI In Mining Market Size, 2023-2031 ($ Million)
35. Middle East And Africa AI In Mining Market Size, 2023-2031 ($ Million)