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