Metal Ore Global Market Report 2023: Mining Companies Using Cognitive Computing to Enhance Decision-Making Capabilities in Mining Operations

Dublin, Nov. 23, 2023 (GLOBE NEWSWIRE) -- The "Metal Ore Global Market Report 2023" has been added to ResearchAndMarkets.com's offering.

The global metal ore market grew from $483.29 billion in 2022 to $535.73 billion in 2023 at a compound annual growth rate (CAGR) of 10.9%. The metal ore market is expected to grow to $808.18 billion in 2027 at a CAGR of 10.8%.

Mining companies are starting to use cognitive computing to enhance the decision-making capabilities in mining operations. The ability of cognitive computing to give insights on future trends in the industry and make real-time decisions are some of the driving factors for mining companies to implement this technology. The key areas where cognitive computing and predictive technology helps mining companies include giving accurate information on drilling locations, depth to be drilled, predicting the equipment failure in advance, and autonomous transportation. 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. For instance,, the global cognitive computing market reached $21.6 billion in 2021 .

Asia-Pacific was the largest region in the metal ore market in 2022. Western Europe was the second largest region in the metal ore market. The regions covered in the metal ore market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The presence of large metal ore reserves globally supported metal ore mining activities. Metal ore reserves such as iron ore reserves are available in almost every country worldwide with 50 countries involved in mining iron ore. According to the U.S Geological Survey, countries such as Australia with 900 million tons and Brazil with 490 million tons of usable iron ore dominate the world's iron ore exports, each having about one-third of total exports. The other reserves are in China, USA, Russia, South Africa, Ukraine, Canada, and India. The large metal ores reserve such as iron ores reserves globally supported the growth of metal ore mining market.

The metal ore market consists of sales of metal ores such as gold ore and concentrates, silver ore and concentrates, iron ore and concentrates, uranium ore and concentrates, and other ore and concentrates. The industry includes establishments developing mine sites, ore dressing, and other beneficiating operations such as crushing, grinding, washing, drying, sintering, concentrating, calcining, and leaching.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:
• The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
• The impact of higher inflation in many countries and the resulting spike in interest rates.
• The continued but declining impact of COVID-19 on supply chains and consumption patterns.
• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Report Scope

Markets Covered:

• By Type: Gold Ore; Iron Ore; Silver Ore; Uranium Ore; Vanadium Ore; All Other Metal Ores
• By Organization Size: Large Enterprises; Small And Medium Enterprises
• By Form: Sinter Fines; Lumps; Pellets; Other Forms

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time series: Five years historic and ten years forecast.

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

Company Profiles:

• Vale S.A.
• Rio Tinto
• BHP Group
• Anglo American plc
• Fortescue Metals Group Limited
• Barrick Gold Corp
• Newmont Corporation
• Lonmin
• Glencore International
• AngloGold Ashanti

Key Attributes:

For more information about this report visit https://www.researchandmarkets.com/r/l6s1t8

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Attachment

• Global Metal Ore Market