Smart Mining Solution Market Size

Smart Mining Market size was over USD 14.18 billion in 2023 and is set to cross USD 57.03 billion by 2036, growing at more than 11.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of smart mining is estimated at USD 15.46 billion. The growth of the market can be attributed to the increasing adoption of autonomous equipment around the world, surge in technological advancements in AI and IoT technologies, and growing demand for minerals and metals in various industry verticals. In 2018, more than 77 percent consumers in the world used AI. About 48 percent of organizations in the world already have a well-defined AI strategy. Along with these, as a result of high costs of operations in the mining industry, over the last few years, companies are extensively adopting smart mining at several nodes to analyze real time data and accelerate the decision-making process. Thus, the rise in demand for cost optimization in the mining industry is also expected to drive smart mining market growth in the upcoming years. Furthermore, escalating demand for durable goods in automotive industry is projected to provide promising growth opportunities to the market by the end of 2030.