The global Augmented Reality (AR) market was worth $7 billion in 2020. The market is expected to grow at a CAGR of more than 36% during the forecast period. AR is a technology that allows the user to see the real world overlaid with digital data. The main benefit of AR is that users are not shut off from the real world while accessing a digital overlay of content and data. This can assist the mining sector in reaching the next stage of digitalization, increasing productivity, and ensuring the health and safety of on-site workers. Adopting AR can help overcome key challenges in the mining sector pertaining to rising pressure on productivity, an aging workforce, and a growing focus on the industry’s environmental, social, and governance (ESG) impacts. Alongside AR-based software and platforms, mining companies can also benefit from deploying AR devices, such as smart glasses and headsets.
AR market in mining industry overview
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What are the value chains of AR market in the mining industry?
The value chains of AR market in the mining industry are semiconductors, components, devices, platforms, and apps and content.
Semiconductors are one of the key battlegrounds in AR today. Chipmakers are now striving to improve their existing capabilities to suit the evolving requirements of AR, mostly around screen resolution, frame rates, processing speed, and connectivity.
Much of the major action in AR components is around 3D sensors, cameras, audio, displays, and batteries. These components come together for positional tracking, motion tracking, gesture recognition, and machine vision.
AR-enabling hardware comes in various forms, including smartphones, eyewear, and AR headsets. For consumer AR applications, smartphones are the most used platform, while enterprises typically prefer AR headsets and AR smart glasses, which offer a broader range of functions.
Building an AR ecosystem by incorporating both hardware and software is essential for the long-term success of any company in the AR market. The five prerequisites for a successful AR ecosystem are Application programming interfaces (APIs) and SDKs, AR engines – games, AR engines – enterprise, AI, and application delivery networks (ADNs) and content delivery networks (CDNs).
Apps & Content
Content is a major area of concern for AR companies. Enterprises are an increasingly important area of focus for AR companies. Media houses and ecommerce companies have been early adopters of AR, while the technology is also used by healthcare, engineering, and military organizations. Microsoft, PTC, Deloitte, McKinsey, and Accenture are investing in AR development platforms to support firms through the AR implementation process.
Which are the key mining companies associated with the AR theme?
The key mining companies associated with the AR theme are Anglo American, BHP, Boliden, Newmont, and Rio Tinto.
Anglo American: AR is used in employee training, with Anglo American using a range of AR apps to improve worker competency and safety. They want to make mining safer, smarter, and more sustainable through its trade marked FutureSmart Mining initiative.
BHP: BHP sees the technological advancement of the mining industry as key to securing its goals of safety and productivity. They continued AR innovation during the COVID-19 pandemic as well.
Boliden: Boliden is part of the Swedish Mining Innovation program that uses AR to support on-site mine workers from remote experts through remote operation systems. They continue to develop their use of AR technology with AR-based training, AR digital twins of mine-sites, and the use of AR headsets and smart glasses.
Rio Tinto: During COVID-19, Rio Tinto continued to introduce AR capabilities. The company also provides AR and VR-based training for its staff and works with specialist vendor Virtual Method for other AR-based wearables.
What are the specialist AR market vendors in the mining industry?
The specialist AR market vendors in the mining market are Dassault Systèmes, Fuzzy Logic Studio, Micromine, PTC, and Robotic Eyes.
Market Report Scope
|Market size (2020)||$7 billion|
|Value chains||Semiconductors, Components, Devices, Platforms, and Apps and Content|
|Key mining companies||Anglo American, BHP, Boliden, Newmont, and Rio Tinto|
|Specialist AR market vendors||Dassault Systèmes, Fuzzy Logic Studio, Micromine, PTC, and Robotic Eyes|
Reasons to Buy
- Position yourself for success by understanding the ways in which AR can help to solve the major challenges for the mining industry, such as health and safety, productivity, ESG, communication, digitalization, and COVID-19.
- Identify the leading and specialist vendors of AR technologies for the mining industry. Discover what each vendor offers, and who some of their existing clients are.
- Quickly identify attractive investment targets in the mining industry by understanding which companies are most likely to be winners in the future based on our thematic scorecard.
- Gain a competitive advantage in the mining industry over your competitors by understanding the potential of AR technologies in the future.
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Table of Contents
Augmented Reality Value Chain
The Impact of Augmented Reality on Mining
Our Thematic Research Methodology