DUBLIN, November 9, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "Digital Transformation of Global Mining Industry" report to their offering.
The global metals & mining industry shrank by 2.3% in 2014 to reach a value of $2,425.7 billion. The compound annual rate of change of the industry in the period 2010-14 was -0.1%. In 2019, the global metals & mining industry is forecast to have a value of $2,753.6 billion, an increase of 13.5% since 2014. The compound annual growth rate of the industry in the period 2014-19 is predicted to be 2.6%. This is one of the comprehensive research report published on Digital transformation of Mining industry. Within this research report, we have covered the key steps to be taken to transform a traditional mining business into Digital Mining Business to differentiate from the competition and drive strong revenue growth to increase market share. The report progresses by highlighting the key industry risks, and challenges, market trends and impact of technology on Mining Industry value chain. Mining industry value chain is slowly changing to improve the productivity by managing existing assets efficiently but this strategy will go only so far. Despite the industry's ups and downs, the nature of mining has stayed the same for decades. Achieving a breakthrough on productivity and performance demands altering of how mining industry operates. Number of digital technologies like internet of things (IoT), cloud, analytics, and robotics have long been in the works and are now available and affordable enough to become operational at scale across the mining industry. Their applications include building a more comprehensive understanding of the resource base, optimizing material and equipment flow, improving anticipation of failures, increasing mechanization through automation, and monitoring performance in real time.