According to a recent report by the international market analysis and intelligence firm, Transparency Market Research, the smart mining market will see significant growth in the years to come.

The report shows that such a market, which was valued at 5.98 billion dollars in 2014, would reach a value of 22.59 billion dollars by 2024. This is equivalent to a growth rate of around 15% from last year up to 2024. Explaining the situation, the report states:

“The global mining industry has witnessed a significant transformation in the past few decades.

“The prime reason behind such transformation is the introduction of numerous smart mining technologies for carrying out mining operations.

“These smart mining technologies include several automated mining equipment, sensors, RFID tags, and various types of mine monitoring and analytics software.”

The report also puts forward that the introduction of smart technologies in mining has enabled miners to enjoy efficient connectivity and has led to high production and recovery rates with minimal losses.

The smart mining industry covers automated equipment, hardware, and software, with key players being Rockwell Automation, Hexagon, Trimble Navigation, Sandvik, Komatsu, Hitachi, and Joy Global.