Growing Demand Operational Effectiveness Globally Drives the Growth of the AI in Mining Market

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 increased demand for improved operational effectiveness and safety in mining operations. Geological data is analyzed by AI systems to find possible mining sites and to optimize drilling placements. AI-enabled predictive maintenance lowers downtime and prevents equipment breakdowns, increasing productivity.

Browse the full report description of “AI in Mining Market Size, Share & Trends Analysis Report by Component (Hardware, Software, and Service), by Technology (Machine Learning, Computer Vision, Natural Language Processing, Robotics, and Data Analytics), and by Application (Exploration, Geology, Ore Sorting, Equipment Maintenance, Safety and Risk Management, Autonomous Drilling, and Hauling) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/ai-in-mining-market

According to the Institute for Ethics in Artificial Intelligence, in December 2022, AI is also being used in operational processes. Autonomous mining haulage trucks, such as from the company Caterpillar, have created a 15.0% reduction in operating costs since these trucks can function continuously without breaks or changes in shifts. Key players are working on offering advanced platforms and software to meet the growing demand for AI in mining.

Recent Developments

• In May 2024, UiPath enterprise automation and AI software company introduced Document Mining and Analytics Platforms. UiPath Intelligent Document Processing (IDP) leverages automation, specialized AI, and GenAI to blast through common roadblocks that have historically inhibited the modernization of document processing and understanding. The company integrated a solution that combines document mining, analytics, and a process automation platform to tackle a wide range of automation use cases.

• In February 2024, Hexagon partners with AI specialists to support mines in transforming the measurement of blast movement. The partnership harnesses a blend of block model data, AI, bespoke movement models, and measured 3D movement data to create a blast movement solution that enables mines to unlock significant value. Augment Technologies leverages a physics engine powered by an AI algorithm to create a Muckpile Block Model that is continuously improved through a machine-learning process.

• In May 2023, Pega introduced Pega Process Mining with generative AI-ready APIs to enable continuous workflow optimization. The Pega Process Mining makes it easier for Pega users of all skill levels to find and fix process inefficiencies hindering their business operations. These intuitive process mining capabilities – along with generative AI-ready APIs – will be seamlessly integrated within the Pega Platform, providing organizations with a unified solution to continuously optimize their Pega workflows.

Market Coverage

• The market number available for – 2023-2031

• Base year- 2023

• Forecast period- 2024-2031

• Segment Covered- 

o By Component

o By Technology

o By Application

• Regions Covered-

o North America

o Europe

o Asia-Pacific

o Rest of the World

• Competitive Landscape- ABB Ltd., Google LLC, IBM Corp., Microsoft Corp., and Siemens AG among others.

Key questions addressed by the report.

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?

Global AI in Mining Market Report Segment

By Component

• Hardware
• Software
• Service

By Technology

• Machine Learning
• Computer Vision
• Natural Language Processing
• Robotics
• Data Analytics

By Application

• Exploration
• Geology
• Ore Sorting
• Equipment Maintenance
• Safety And Risk Management
• Autonomous Drilling
• Hauling

Global AI in Mining Market Report Segment by Region

North America

• United States

• Canada 

Europe

• UK

• Germany

• Italy

• Spain

• France

• Rest of Europe 

Asia-Pacific

• China

• India

• Japan

• South Korea

• Rest of Asia-Pacific 

Rest of the World

• Latin America 

• Middle East & Africa

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