According to The Insight Partners’ latest market study on “Global Mine Planning Solutions Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Component (Solution and Services), Deployment (Cloud and On-Premises), Application (Surface Mining and Underground Mining), and Geography” the market was valued US$ 676.8 million in 2019 and is expected to reach US$ US$ 1,659.9 million by 2027; it is estimated to grow at a CAGR of 12.3% during 2020–2027.
Market Size Value in - US$ 809.3 Million in 2021
Market Size Value by - US$ 1,659.9 Million by 2027
Growth rate - CAGR of 12.3% from 2021-2027
Forecast Period - 2021-2027
Base Year - 2021
No. of Pages - 155
No. Tables - 83
No. of Charts & Figures - 78
Historical data available - Yes
Segments covered - Component , Deployment and Application
Regional scope - North America; Europe; Asia Pacific; Latin America; MEA
Country scope - US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage - Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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Adoption of Advanced Technologies in the Mining Sector
The adoption of advanced technologies in the mining sector has been comparatively slow than other industries. However, over the past few years, the sector has been experiencing high growth in the adoption of advanced technologies, which has resulted in revolutionizing the mining sector. Presently, players operating in the mining sector are leveraging advanced technologies to enhance productivity and increase efficiency in the mining operations. Further, the evolution of innovative analytical tools has created ample opportunities for players to offer advanced mining solutions, including mine planning solutions. These solutions significantly help mine operators to reduce the time and efforts required for exploring, planning, and scheduling mine operations, thereby enhancing the overall output.
COVID–19 Impact on Mine Planning Solutions Market
North America’s mining activities are increasing due to the surge in the consumption of precious metals and base metals in several applications. Further, a rise in commodity prices is also fueling the mining sector's growth in the region. Several international players are investing in the gold mining sector in Canada that provides a steady macroeconomic environment as well as the companies there enjoys favorable government support. At present, the US is the world’s worst affected country due to COVID-19 outbreak with more than 4.90 million confirmed cases and more than 1,59,000 deaths, as per the recent WHO Situation Report- 202 dated 9thAugust 2020. The high number of COVID cases hasresulted in a negative impact on country’s and region’s economy and there has been a decline in business activities and growth of various industries operating in the region. The developed countries like the US are major regions for the growth of mine planning solutions market and the ongoing interruptions in the growth of mining industry due to cancellations and postponement of various big projects due to COVID-19 outbreak is affecting the revenue of key market players operating in the North America region.
With the growing digitalization globally, the adoption of advanced technologies is boosting across various industrial sectors such as mining industry. Previously, the technological advancements have played a significant role in developing the mining sector and creates opportunity to adopt the way for new mine planning solutions. The mining organizations are progressively looking for innovative ways to expand their productivity as well as operate mines with superior efficiency. The advent and adoption of an innovative digital mine planning solutions has transformed mining management and is anticipated to improve the overall operations across the mining sector during the forecast period. The adoption of industry 4.0 endures to gain exceptional traction globally and its impact are seen across the mining sector. The foremost advancements in the mine planning solutions market are constantly being witnessed across the developed regions which includes North America and Europe owing to the noteworthy progress in advanced technology along with huge investments for the development of smart mine planning solutions.
The countries like the US, China, India, the UK, and Germany are major markets for the growth of mine planning solutions market and the ongoing interruptions in the growth of mining industry due to cancellations and postponement of various big projects due to COVID-19 outbreak is affecting the revenue of key market players. Hence, the ongoing COVID-19 crisis and critical situation across the world is anticipated to impact the mine planning solutions market growth in a negative manner at least for the two to three quarters of 2021.
In July 2020, Dassault Systèmes SE acquired Proxem, which specializes in AI-powered semantic processing. The object of the acquisition was to enhance the data science experience on the company's 3DEXPERIENCE Platform.
In April 2020, Minemax introduced of Minemax Scheduler 7 that brings mine planning and finance together into a single powerful platform.
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