Artificial Intelligence (AI) in Mining Market is expected to grow at a considerable rate during the forecast period 2019-2025. AI implementation has increased significantly in numerous industries including retail, consumer electronics, and energy among others. The mining industry is one of the critical parts of the energy sector across the globe. Moreover, the emphasis on optimizing energy efficiency across the globe has increased, thereby creating opportunities for novel technologies such as AI to be implemented in the mining industry. AI in mining can be implemented through various ways such as automation of manual processes involved in quarries. Furthermore, it can also be used as smart caps that can analyze the worker’s brain and act on fatigue. This will increase the mining company’s productivity and increase safety. The major players providing AI in mining technologies platform include Microsoft Corp., GoldSpot Discoveries, Inc., Infosys, Ltd., Wipro, Ltd., MICROMINE, Accenture PLC, and IBM Corp. The platform offered by these companies supports the mining industry in improving their efficiency and productivity.
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Factors such as optimizing production cost, automation of machinery, power efficiency and environmental consequences are the major key drivers for the AI in mining market. Although, unavailability of a skilled worker, significant investment cost, and high labor cost are the main restraining factors for this market. Additionally, the increasing adoption of AI technology in mineral exploration and sorting minerals promotes the growth of AI in the mining market. The AI in mining market is segmented on the basis of application and geography. On the basis of geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. North America region is anticipated to dominate the global AI in the mining market. Europe and the Asia-Pacific region are expected to grow significantly in the near future. This growth is attributed to the growing adoption of advanced technology and the presence of numerous key players in the region rising demand for AI in mining. Further, extensive mining activities in this region are expected to create enormous opportunities for the market as the demand for automation and digitalization has been increasing in emerging economies present in the Asia-Pacific region.
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Market Segmentation
Global AI in Mining Market by Application
- Mineral Exploration
- Autonomous Vehicles and Drillers
- Sorting Minerals
- Safety and Maintenance
Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
Company Profiles
- Accenture PLC
- Autonomous Solutions, Inc. (ASI)
- Cortex Logic
- General Electronic Co.
- GoldSpot Discoveries, Inc.
- IBM Corp.
- Infosys, Ltd.
- Metso Corp.
- MICROMINE
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