The Global Mining Software Market size is expected to reach $15.9 billion by 2029, rising at a market growth of 8.4% CAGR during the forecast period.
Resource allocation, logistics management, and transportation of machineries like excavators, trucks, conveyor belts, and more are just a few of the operations involved in mining. Mining software can be used to streamline and even automate these complicated operations, resulting in a faster and more effective process overall. In order to ensure seamless production, mining operations must also maintain a variety of equipment and machinery effectively. As a result, mining businesses are increasingly using mining software to reduce equipment breakdowns and downtime.
Two of the most important aspects that have a significant impact on how well the mining process works in mining enterprises are project management and resource allocation. On occasion, keeping up with so many tasks may require a lot of effort. Resources are scattered, which makes it challenging to obtain them and causes a range of obstacles to arise at random.
With the aid of software, managers can efficiently monitor project progress, identify unassigned employees, determine the most suitable employees for Task A and Task B, identify delays, and more. Furthermore, staff members will have unrestricted accessibility to the status updates of their assigned projects. These systems help employees prioritize their tasks and concentrate more on carrying out their duties.
The smooth operation of a mining enterprise also depends on transportation and logistics. Therefore, both must always be in good working order. This program offers capabilities including driver management, route planning, cargo management, cargo capacity management, transport reservations, and many more to assist in ensuring efficient logistics and transportation. As a result, scheduling routine maintenance and keeping track of all transactions concerning transportation are made simpler for businesses using mining software.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation is the major forerunner in the Mining Software Market. Companies such as Epiroc AB, Rockwell Automation, Inc., Trimble, Inc. are some of the key innovators in Mining Software Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Hitachi Construction Machinery Co., Ltd., SAP SE, Microsoft Corporation, IBM Corporation, Hexagon AB, Trimble, Inc., Rockwell Automation, Inc., Epiroc AB, Sandvik AB and RPMGlobal Holdings, Inc.
Resource allocation, logistics management, and transportation of machineries like excavators, trucks, conveyor belts, and more are just a few of the operations involved in mining. Mining software can be used to streamline and even automate these complicated operations, resulting in a faster and more effective process overall. In order to ensure seamless production, mining operations must also maintain a variety of equipment and machinery effectively. As a result, mining businesses are increasingly using mining software to reduce equipment breakdowns and downtime.
Two of the most important aspects that have a significant impact on how well the mining process works in mining enterprises are project management and resource allocation. On occasion, keeping up with so many tasks may require a lot of effort. Resources are scattered, which makes it challenging to obtain them and causes a range of obstacles to arise at random.
With the aid of software, managers can efficiently monitor project progress, identify unassigned employees, determine the most suitable employees for Task A and Task B, identify delays, and more. Furthermore, staff members will have unrestricted accessibility to the status updates of their assigned projects. These systems help employees prioritize their tasks and concentrate more on carrying out their duties.
The smooth operation of a mining enterprise also depends on transportation and logistics. Therefore, both must always be in good working order. This program offers capabilities including driver management, route planning, cargo management, cargo capacity management, transport reservations, and many more to assist in ensuring efficient logistics and transportation. As a result, scheduling routine maintenance and keeping track of all transactions concerning transportation are made simpler for businesses using mining software.
COVID-19 Impact Analysis
Businesses everywhere are being hampered. All sectors of society are affected by the pandemic, including agriculture, aviation, the military, the food industry, and health care. To lessen the effects of the outbreak, the governments of the afflicted countries implemented several restrictions on various industries. The lockdowns made it more difficult to conduct business in the marketplaces. Every one of these factors has an impact on many sectors, including the mining sector. As a result, the COVID-19 pandemic substantially affected the mining sector, affecting the adoption of the mining software market.Market Growth Factors
The rising adoption of smart mines
Mining operations are being made better by increasing the use of industrial Internet of Things (IIoT) sensors. Digital devices known as IoT sensors gather, store, and transmit data from mining equipment to upstream management/monitoring systems, which can be on- or off-site. By gathering and using sensor input data from mining equipment, the air, movements of vehicles and personnel, etc., mining businesses may automate processes and promptly identify problems. Thus, the industry's rising adoption of smart mines due to their various features is expected to increase the utilization of mining software to operate smart mines and thereby surge the market growth.The requirement for enhanced security and safety in mines
Software solutions can monitor equipment performance, identify anomalies, and alert maintenance personnel to potential issues before they result in equipment failure or safety threats. In addition, software solutions can identify potential safety issues, alert security personnel to potential security breaches, and track people's movements. Together with the need for greater safety and security in the mining industry, the market for mining software solutions with safety and security features is growing. Companies that offer mining software solutions with safety and security features are well-positioned to grow and obtain a significant market share.Market Restraining Factors
Complication with integration and the requirement of high capital
Mining software providers need to ensure that their solutions are straightforward to connect with existing systems. They must also give clients clear instructions and help during the integration process. Companies offering straightforward integration with preexisting infrastructures stand a better chance of standing out in the market and acquiring a larger customer base. Hence, the high cost of implementing mining software solutions and the time and money required for staff training on these new technologies, joined with the other difficulties faced with the implementation of such software, are expected to restrict the market growth.Component Outlook
Based on component, the mining software market is segmented into solutions and services. The solutions segment dominated the mining software market with maximum revenue share in 2022. This is because these solutions enhance asset data integrity and take advantage of improved operational efficiencies. They assist in managing engineering information throughout all project and asset lifecycle stages. These solutions utilize a complete audit trail to ensure compliance with environmental, health, and safety.Mining Type Outlook
On the basis of mining type, the mining software market is divided into surface mining and underground mining. The surface mining segment held the highest revenue share in the mining software market in 2022. This is because mining companies increasingly employ surface mining methods to gather minerals and ores from the ground's surface. Surface mining is more effective and affordable than underground mining as it requires less labor and equipment. Additionally, surface mining is widely used to extract minerals such as coal, copper, iron, and gold which are used in various industries, including construction, energy, and electronics.
Application Outlook
By application, the mining software market is classified into exploration, assessment, development, production operation and others. The exploration segment acquired a substantial revenue share in the mining software market in 2022. This is due to the various activities included in exploration to assist in identifying the presence of minerals underground. Future mining may be feasible if the exploration process identifies minerals that can be commercially mined. Finding minerals so they can potentially be extracted requires exploration. The need for minerals is growing; for instance, more copper is needed to construct renewable energy infrastructure like wind turbines.Deployment Mode Outlook
Based on the deployment model, the mining software market is bifurcated into cloud and on-premises. The cloud segment garnered a prominent revenue share in the mining software market in 2022. This is due to the fact that the scalability, cost-effectiveness, and flexibility of cloud-based solutions are just a few of the advantages that are credited with this expansion. Mining firms can easily add or remove users, features, or storage using cloud-based solutions, making adapting to shifting market conditions or mining operations simpler.Regional Outlook
Region-wise, the mining software market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region witnessed the largest revenue share in the mining software market in 2022. This is due to the region's abundant natural resources, rising demand for metals and minerals, and adoption of cutting-edge technology in the mining sector. Asia Pacific currently owns the greatest market share for mining software. Due to the abundance of mines and mining activities in the regional nations, there is a greater need for mining software.The Cardinal Matrix - Mining Software Market Competition Analysis
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation is the major forerunner in the Mining Software Market. Companies such as Epiroc AB, Rockwell Automation, Inc., Trimble, Inc. are some of the key innovators in Mining Software Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Hitachi Construction Machinery Co., Ltd., SAP SE, Microsoft Corporation, IBM Corporation, Hexagon AB, Trimble, Inc., Rockwell Automation, Inc., Epiroc AB, Sandvik AB and RPMGlobal Holdings, Inc.
Strategies Deployed in Mining Software Market
Partnerships, Collaborations and Agreements:
- Apr-2023: IBM collaborated with ArcelorMittal Nippon Steel India, a JV between Nippon Steel and ArcelorMittal. Following the collaboration, AM/NS benefitted from IBM Consulting's Cloud-powered business transformation capabilities and expertise in the mining and metal industry prevalent in India.
- Jan-2023: Epiroc extended its agreement with Roy Hill, which represents the next generation of integrated iron ore mine, rail, and port operations in the Pilbara region of Western Australia. Following the expansion, Epiroc would continue to support Roy Hill in the final stage of the autonomous haulage system. This would convert Roy Hill's mixed fleet of 96 Haul trucks to driverless operations, making the world's biggest autonomous mine.
- Dec-2022: Eprioc partnered with LKAB, a group of international mining and minerals, to further increase LKAB's safety capabilities through deploying various products from the Mobilaris Mining Intelligence Platform in its mine in Kiruna. In an emergency, the situation can be managed more quickly and safely from one central place. On their mobile phones, every employee will be able to confirm and receive information on alarms and crises. With the use of programs on their mobile phones, they can also receive position support and have the ability to travel more quickly to rescue chambers.
- Jul-2022: SAP collaborated with Antofagasta Minerals, one of the ten largest copper producers across the world. Following this collaboration, the latter company selected SAP Concur, an integrated online and mobile business travel and expense management software solution, for optimizing its processes.
- Mar-2022: Microsoft came into partnership with Newcrest, a resources company based in Australia, following which the latter company selected Azure for its cloud services. Together, the companies are working on projects that include a high-impact sustainability data model and the use of digital twins to enhance operational performance. The digital twin, which was created in partnership with Microsoft, Willow, and site operational expertise, presents data from operational and information technology (IT) through simple-to-understand 3D visualizations of the mining process. In order to increase performance, this enables operators and management to make tactical and strategic decisions in real-time.
- Dec-2021: RPM Global signed a partnership agreement with MIRARCO, for software product acquisition. The agreement provides RPM access to three mine planning optimization software solutions, strengthening its Design and Scheduling product suites, particularly the SOT package. The acquisition is a component of a three-year cooperative research relationship with MIRARCO, a provider of cutting-edge mining industry solutions and the research branch of Laurentian University in Sudbury, Canada.
- Nov-2021: SAP partnered with Scheer GmbH, a software and consulting company. The partnership aimed to speed up the process transformation in the Central European and DACH region utilizing SAP's advanced business process intelligence solutions and Scheer's expertise and solutions across the digital transformation.
- Sep-2021: Hexagon's Mining division signed an agreement with Liebherr, an equipment manufacturer, for the advancement of next-generation mine automation. Liebherr's mine automation solutions utilize Hexagon technology, including its autonomous mission management system. The defining characteristics of Liebherr's products, including its full autonomous haulage system, are high levels of safety, flexibility, and seamless integration.
- Jun-2021: Trimble came into collaboration with Worldsensing, a provider of wireless connectivity technology and manufacturer of geotechnical IoT monitoring systems, for the addition of a geotechnical portfolio to its geospatial automated monitoring suite. The collaboration allowed geotechnical, survey, and structural engineers to seamlessly expand their monitoring business opportunities with a comprehensive solution that includes geospatial and geotechnical data.
Product Launches and Product Expansions:
- Mar-2023: Hexagon's Mining Division launched the HxGN MinePlan Block Model Manager solution to its HxGN MinePlan Solution. The launch aims to address the complex challenges combined with orebody data management. HxGN MinePlan Block Model Manager helps users in populating, managing, and sharing block models from HxGN MinePlan 3D and third-party systems quickly.
- Nov-2022: RPMGlobal launched AMT Mobile, a next-generation, mobile asset management solution, for delivering the ability to digitalize forms and processes while working remotely, to managers, field technicians, and supervisors.
- Aug-2022: Sandvik Mining and Rock Solutions unveiled AutoMine Mapping Solution, a product developed for maximizing productivity and improving the safety of autonomous vehicle navigation mining operations through utilizing mapped data. Sandvik's next-generation AutoMine® Mapping Solution enables a vehicle to safely record an underground 3D environment using a mine mapping tool and convert 3D maps to 2D. Productivity and efficiency are increased by a quicker configuration process and the ability to keep using other equipment in the area while it is being mapped.
- Jul-2022: Hexagon's mining division released the Power of One platform, a life-of-mine smart solution integrating software, sensors, cloudware, and infield apps. This technology integrates the mine into the boardroom using a single onboard ecosystem that includes a smart computer, antenna, and display. It is already available and prepared for implementation. It will support customers' digital transformation by linking together crucial mining workflows for a future that is safer, more productive, and more sustainable.
- Jun-2022: Epiroc launched Mobilaris Tunneling Intelligence, for the expansion of its digital solutions portfolio in the construction sector. The solution enhances safety levels while improving productivity. The portfolio of Mobilaris Mining Intelligence products has transformed mining operations around the world with simple real-time decision support tools that provide value at all levels of the business. Planning, productivity, 3D situational awareness, reporting, and safety tools are all included in this portfolio. With the use of data from ongoing operations, Mobilaris Tunneling Intelligence significantly increases traceability and allows for real-time planning and scheduling.
- Jan-2022: Epiroc introduced Mobius for Drills, a drilling software package, that utilizes AI for consolidating and analyzing data from sensors for decision-making. The new product, created in collaboration with the US-based autonomous technology company, ASI Mining, would give mining companies data about drill usage, statistics, and consumable tracking. In addition to working with drills from different manufacturers, Mobius for Drills can be integrated with an existing mine system or utilized as a Fleet Management System. The product would develop a unified platform that would enable all drilling operation stakeholders to easily navigate data, filter it according to their needs, and accelerate the decision-making process.
Mergers and Acquisitions:
- Apr-2023: Sandvik announced the acquisition of MCB Services and Minerals, a provider of mining software and services and Deswik's Brazilian reseller partner. The acquisition reinforced Deswik's dominant position within the Latin American market. Strong customer ties that MCB, which conducts business as Deswik Brazil, has developed with several significant open pit mines in the area complement SMR's strategic goal to expand inside the surface mining sector.
- Feb-2023: Sandvik acquired Polymathian Industrial Mathematics, a provider of advanced mine optimization software and services. Deswik's suite of mine planning software and consulting services are enhanced by Polymathian's automated decision-making and optimization solutions, which are OEM-neutral and work in conjunction with them.
- Apr-2022: Sandvik completed the acquisition of Deswik, the fastest-growing provider of mine planning software. Deswik operates as a part of Digital Mining Technologies within Sandvik Mining and Rock Solutions. By acquiring Deswik, Sandvik Mining, and Rock Solutions will be able to "fill a value chain gap in their offering." Together with Sandvik's digital and automation offerings, Deswik's unmatched software package establishes a clear global leader in digital solutions for the mining industry.
- Mar-2022: Microsoft acquired Minit, a leading company in process mining technology. The acquisition enabled Microsoft in helping the customer digitally transform and drive operational excellence through making a complete picture of their business processes, making every process to be automatically and easily improved and analyzed.
- Jan-2022: Hexagon completed the acquisition of Minnovare, a provider of drilling technology. The addition of Minnovare's mining solutions to Hexagon's portfolio is a great complement, which is invaluable for customers looking for improving the cost, speed, and accuracy of underground drilling.
Scope of the Study
By Mining Type
- Surface Mining
- Strip Mining
- Open-pit Mining
- Others
- Underground Mining
By Application
- Production Operation
- Exploration
- Development
- Assessment
- Others
By Deployment Model
- On-premise
- Cloud
By Component
- Solution
- Process Control, Analytics & Reporting
- Asset Maintenance Management
- Fleet Management
- Industrial Safety & Security
- Workforce Management
- Enterprise Collaboration
- Mining Site Modeling & Planning
- Others
- Services
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Hitachi Construction Machinery Co., Ltd.
- SAP SE
- Microsoft Corporation
- IBM Corporation
- Hexagon AB
- Trimble, Inc.
- Rockwell Automation, Inc.
- Epiroc AB
- Sandvik AB
- RPMGlobal Holdings, Inc.
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Global Mining Software Market by Mining Type
Chapter 5. Global Mining Software Market by Application
Chapter 6. Global Mining Software Market by Deployment Model
Chapter 7. Global Mining Software Market by Component
Chapter 8. Global Mining Software Market by Region
Chapter 9. Company Profiles
Companies Mentioned
- Hitachi Construction Machinery Co., Ltd.
- SAP SE
- Microsoft Corporation
- IBM Corporation
- Hexagon AB
- Trimble, Inc.
- Rockwell Automation, Inc.
- Epiroc AB
- Sandvik AB
- RPMGlobal Holdings, Inc.
Methodology
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