IDC forecast on mining industry’s technology spending

mining technologyIDC has revealed its forecast on top 10 worldwide mining industry’s technology spending for 2018 and beyond.

Mining companies that focus on integrating silos, creating capabilities to enable data insights, and instilling a culture that embraces change will deliver industry-leading efficiency improvement of up to 20 percent by 2019.

Companies that prioritize digital transformation at the executive level by 2019 will deliver productivity, efficiency, and/or revenue gains of up to 25 percent.

By 2020, 50 percent of mining companies currently at stages 1 and 2 of IDC’s DX maturity model will have moved to stage 3 of the maturity model by implementing corporate digital strategies and digitalized core enterprise and operational processes

By 2019, 50 percent of major mining companies will have initiated workforce transformation, focusing on automation, mobility, augmented reality, and cognitive to increase productivity, safety, and collaboration.

By 2020, 30 percent of mining industry leaders will have defined and implemented platform strategies to create integrated environments across equipment, integrating maintenance, planning and scheduling, and execution.

Cybersecurity spending across IT and operations in the mining industry will increase 20 percent year over year in 2018.

By 2020, the top 10 percent of mining companies will have integrated their equipment supply chains to create closed-loop systems that deliver industry-leading improvements in overall equipment effectiveness.

Mining companies that establish innovation ecosystems, delivery processes, and prioritized road maps in 2018 will successfully deliver three times more projects to full scale beyond 2018 than those that do not.

70 percent of companies that prioritize a holistic digital safety strategy, by digitizing processes, incorporating intelligent tracking and alerts, and applying automation to reduce in-mine labor, will achieve industry-leading safety performance levels by 2019.

By 2021, new greenfield mine projects, designed to incorporate a technology strategy based on mine equipment autonomy, cognitive capabilities, and IoT, will see as much as a 20 percent increase in returns on project return on capital employed.