December 14, 2018
— 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.
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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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