Cognitive Computing To Boost The Mining

The global metal ore mining market, one of the segments in the mining industry, declined at a compound annual growth rate (CAGR) of around 3% during the historic period. This decline is mainly due to volatility in iron ore prices and excess production that caused an imbalance between supply and demand during 2014 and 2015.

In the forecast period, the global metal ore mining market size is expected to be over $670 billion by 2021, growing at a CAGR of nearly 10%. The growth in the forecast period is mainly due to greater stability in commodity prices, rising demand for iron ore products in end user industries such as construction and manufacturing.

Metal ore mining industry primarily covers mining of metallic minerals and development of mine sites. It also includes ore dressing, and other beneficiating operations such as crushing, grinding, washing, drying, sintering, concentrating, calcining, and leaching.

The use of robots in the metal ore mining industry is improving the efficiency and productivity of mines and reduces operational costs. Robotics is significantly increasing the mining capabilities by rolling out autonomous trucks and drills, thus reducing the need for human workforce.

The top five companies covered are Rio Tinto Plc, Vale SA, BHP Billiton Ltd., Fortescue Metals Group Ltd. and Barrick Gold Corp. Rio Tinto was the largest company in the metal ore mining market.

The countries covered are USA, China, Germany, Brazil, Japan, UK, Spain, Russia, France, Australia, Italy, India and rest of the world.

Find TBRC’s report on the metal ore mining market:

https://www.thebusinessresearchcompany.com/report/metal-ore-mining-global-market-report-2018

Companies in the mining industry are adopting cognitive computing to enhance decision-making capabilities in mining operations. The ability of cognitive computing to provide insights on future trends in the metal ore mining industry and make real-time decisions are the driving factors for mining companies to implement this technology. The technology helps in the providing accurate information on drilling locations, depth to be drilled, predicting the equipment failure in advance and autonomous transportation. For instance, Goldcorp is using IBM Watson to analyze drilling reports and geological survey reports. This approach assists geologists with the exploration process and by helping them make more accurate, data-driven decisions.

The global metal ore mining market was valued at $448 billion in 2017. Asia Pacific was the largest region in the metal ore mining market in 2017, accounting for around 80% of the total market. China was the largest country in the market accounting for around 50% of the total market.

Download a sample report: https://www.thebusinessresearchcompany.com/sample.aspx?id=93&type=smp

About The Business Research Company.

The Business Research Company is a Business Intelligence Company which excels in company, market and consumer research. It has offices in the UK, the US and India and a network of trained researchers in 15 countries globally.

Contact Information.

The Business Research Company

Europe: +44 207 1930 708

Asia: +91 8897263534

Americas: +1 315 623 0293

Email: info@tbrc.info

Follow us on Linkedin: https://in.linkedin.com/company/the-business-research-company

Visit TheBusinessResearchCompany.com, mail info@tbrc.info or call +447443439350 or +918897263534 or +919160996838 for more information on this and many other titles.