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June 9, 2021updated 30 Jun 2021 7:38am

Is the mining sector seeing the beginnings of an AI investment boom?

AI deals, jobs and patents have been booming in the last few years. But is the mining sector keeping up?

By Callum Tyndall

The mining industry is seeing an increase in artificial intelligence (AI) investment across several key metrics, according to an analysis of GlobalData data.

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How is AI impacting the future of Mining?

The mining industry is under more pressure than ever to increase efficiency. There is also a strong focus on ensuring safety and sustainability within mines. AI can address many of these challenges and inefficiencies through several key technologies in the value chain, including computer vision, smart robots, data science, and machine learning. GlobalData’s AI in Mining Thematic Research report provides you with an in-depth lens into the impact of artificial intelligence on the industry. We highlight both the challenges and opportunities associated with the innovative technology now, and in the future. Our report also covers:
  • Major players and companies
  • Market size and growth forecasts
  • Case studies
  • Sector scorecard
Mining firms are expected to spend $218m on AI platforms worldwide by 2024. This is up from $76m in 2019, representing a CAGR of 23.4%. Ensure your company is proactive in adapting strategies and processes to help you remain competitive. Download the full report to get ahead of the competition.
by GlobalData
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AI is gaining an increasing presence across multiple sectors, with top companies completing more AI deals, hiring for more AI roles and mentioning it more frequently in company reports at the start of 2021.

GlobalData’s thematic approach to sector activity seeks to group key company information on hiring, deals, patents and more by topic to see which companies are best placed to weather the disruptions coming to their industries.

These themes, of which AI is one, are best thought of as “any issue that keeps a CEO awake at night”, and by tracking them it becomes possible to ascertain which companies are leading the way on specific issues and which are dragging their heels.

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One area in which there has been some decrease in AI investment among mining companies is in the number of deals. GlobalData show that there were five AI deals in mining in the first quarter of 2019. By the first quarter of 2021, that number was four.

Hiring patterns within the mining sector as a whole are pointing towards an increase in the level of attention being shown to AI-related roles. There was a monthly average of 46 actively advertised-for open AI roles within the industry in April this year, up from a monthly average of 35 in December 2020.

It is also apparent from an analysis of keyword mentions in financial filings that AI is occupying the minds of mining companies to an increasing extent.

There have been 62 mentions of AI across the filings of the biggest mining companies so far in 2021, equating to 4.0% of all tech theme mentions. This figure represents an increase compared to 2016, when AI represented 2.9% of the tech theme mentions in company filings.

AI is increasingly fueling innovation in the mining sector, particularly in the past six years. There were, on average, 2.4 mining patents related to AI granted each year from 2000 to 2014. That figure has risen to an average of 8.4 patents since then, reaching 13 in 2020.

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Free Report
img

How is AI impacting the future of Mining?

The mining industry is under more pressure than ever to increase efficiency. There is also a strong focus on ensuring safety and sustainability within mines. AI can address many of these challenges and inefficiencies through several key technologies in the value chain, including computer vision, smart robots, data science, and machine learning. GlobalData’s AI in Mining Thematic Research report provides you with an in-depth lens into the impact of artificial intelligence on the industry. We highlight both the challenges and opportunities associated with the innovative technology now, and in the future. Our report also covers:
  • Major players and companies
  • Market size and growth forecasts
  • Case studies
  • Sector scorecard
Mining firms are expected to spend $218m on AI platforms worldwide by 2024. This is up from $76m in 2019, representing a CAGR of 23.4%. Ensure your company is proactive in adapting strategies and processes to help you remain competitive. Download the full report to get ahead of the competition.
by GlobalData
Enter your details here to receive your free Report.

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