Mining software market to be worth $14.9 bn by 2028
According to a recent report by MarketsandMarkets™, the projected size of the global Mining Software Market is estimated to increase from USD 10.1 billion in 2023 to USD 14.9 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 8.1% during the forecast period.
Mining software refers to the use of technological solutions in the mining industry to manage the entire process, including geological modeling, mine planning, resource estimation, production planning and scheduling, fleet management, and asset maintenance. The demand for automation and digitalisation in the industry is expected to drive significant growth.
Growth of the cloud-based segment
Cloud-based solutions are software programs that are hosted on remote servers and can be accessed via the internet. In the mining industry, these solutions are increasingly popular due to their numerous benefits. They are scalable, allowing mining companies to easily add or remove users, features, or storage as per their evolving needs. This enables them to swiftly adapt to changing market circumstances or mining operations.
Cloud-based solutions are also cost-effective, as they eliminate the need for expensive infrastructure, hardware, and maintenance. Furthermore, they provide customers with flexibility by allowing them to access data and software programmes from any location, at any time, using any device that has an internet connection.
The major players
Some of the industry's heavy hitters within the mining software sphere include Hitachi (Japan), SAP (Germany), Microsoft (US), IBM(US), Hexagon AB (Sweden), Komatsu (Japan), Epiroc AB (Sweden), Sandvik AB (Sweden), RPM Global (Australia), Trimble (US), Rockwell Automation (US), Siemens (Germany), ABB(Switzerland), Cisco (US), Accenture (Ireland) and Caterpillar (US). These corporations are focusing on expanding their product portfolios and implementing diverse growth strategies such as partnerships.