Artificial Intelligence
Surface Mining Market Worth USD 39,748.20 Million by 2030 Witnessing a CAGR of 3.20% – Report by Market Research Future (MRFR)
New York, USA, Dec. 21, 2022 (GLOBE NEWSWIRE) — Surface Mining Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Surface Mining Market Information by Technology, by Application, by Material, and Region – Forecast till 2030”, the market is estimated to grow at a 3.20% CAGR to reach USD 39,748.20 Million by 2030.
Market Scope
After the pandemic, the surface mining market is anticipated to experience potential growth possibilities on a global scale. The primary drivers of the expansion of the worldwide surface mining market are industrialization, an increase in infrastructure development projects, urbanization, and rising consumer disposable income.
Surface mining market participants ought to band together and take the necessary steps to boost production in order to meet customer demand. In order to overcome obstacles in the market for surface mining, manufacturing enterprises must try to boost their efforts. The expansion of the surface mining market is also anticipated to be aided by rising government spending on surface mining to meet the demands of various other sectors.
COVID-19 has had a negative impact on the world market for surface mining. There have been disruptions in the value chain as a result of lockdowns and firm closures. One of the key factors propelling the global surface mining market is the rise in construction projects. Additionally, the increased industrialization of developing nations and the expansion of infrastructure-building projects are providing new sources of income for surface mining equipment makers.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 39,748.20 Million |
| CAGR | 3.20% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Technology, by Application, by Material, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising demand for metallic and non-metallic minerals, abundant deposits, lower capital requirements, and rising energy consumption. |
| Demand for coal, a critical resource for energy production in the energy industry, has soared. |
Market Competitive Landscape:
The important vendors in the surface mining industry include
- Komatsu Ltd (Japan)
- Caterpillar Inc (U.S.)
- Sandvik AB (Sweden)
- Atlas Copco AB (Sweden)
- ABB Ltd. (Switzerland)
- Hitachi Construction Machinery Co. Ltd (Japan)
- BHP Billiton (Australia)
- Vale S.A (Brazil)
- Cisco Systems Inc.(U.S.)
- Anglo American Plc. (U.K.)
- Freeport-McMoRan Inc. (U.S.)
- Barrick Gold Corporation (Canada)
In the surface mining industry, strategic partnerships have become a key trend that is growing in popularity. To strengthen their position in the market, major surface mining companies are looking for partnerships. The main focus of market players is developing new technologies to meet consumer desires. A number of mergers and acquisitions also occur because retaining a substantial market share is an important part of these firms’ goals. These factors are projected to have a positive impact on industry growth in the upcoming years.
Market USP Covered:
Market Drivers:
Rapid industrialization, economic growth, and the existence of market participants that are fiercely competitive are a few of the factors influencing the increased demand for surface mining operations around the world, which in turn drives the global market. In order to investigate novel ways to establish revenue streams, scientists and engineers are engaging in research and development efforts. To keep ahead of the competition, market participants are building their own paths. The development of surface mining methods is accelerating the market’s growth as a result of the rising demand for metals and minerals.
Market participants in the surface mining industry are increasing income potential by utilizing technology and automation approaches. Digitalization and mining technique development enable market participants to perform better and use their time more effectively. During the forecast period, market growth is anticipated to be boosted by the rising trend of automation and the rising popularity of innovation techniques. Contributors to the surface mining sector now use artificial intelligence and machine learning technology to boost production. These extremely sophisticated technologies enable more effective data analysis and interpretation, which raises production rates.
Workers’ safety is ensured by AI and machine learning systems in outlying mining areas. In order to connect diverse mining areas with one another, many automation businesses are creating Internet of Things (IoT) solutions. By integrating smart devices to remotely monitor processes, it simplifies and streamlines the process. Market expansion is fueled by rising government attempts to promote digitization in the mining industry.
Market Restraints:
The surface mining industry is experiencing a manpower shortage of skilled workers. Due to a lack of knowledge, mining businesses have had trouble finding new employees with the technical skills necessary to work on new energy sources. Due to declining commodity prices, a lack of skilled personnel, and ongoing technological advancements in the mining equipment industry, mining companies are currently experiencing financial difficulties.
Having said that, working together and forming partnerships with large energy and power firms that generate electricity from coal and other minerals may present an opportunity for both existing enterprises and newcomers.
Browse In-depth Market Research Report (111 Pages) on Surface Mining https://www.marketresearchfuture.com/reports/surface-mining-market-5494
COVID 19 Analysis
As the number of COVID-19 cases worldwide increased quickly, the disease’s impact on numerous industries was rather significant. Based on events seen in China and Europe, the construction sector in the United States had similar difficulties, such as disruptions in the flow of materials, a lack of workers, the closure of construction sites, and numerous other operational operations.
It is anticipated that decreased material supply will encourage aggressive purchasing behavior and could potentially push up national prices for globally in-demand goods. Surface mining activities went down in number, with a higher risk of price surge as a result of the inability to obtain supplies, which inexorably slowed down the total rate of development of several sectors.
Market Segmentation
By Type
Terrace Mining, Open-Pit Mining, and Strip Mining are the key types of surface mining activities.
By Application
The major applications of surface mining are Metal Mining, Coal Mining, along with Mineral Mining.
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Regional Insights
China, India, Indonesia, and other nations dominate the Asian mining industry. The booming mining industries in nations like China and India are anticipated to offer the surface mining sector potential growth opportunities. It is anticipated that rising demand for chromium and coal will fuel fast expansion. Environmental safety is gaining widespread attention from governments and other organizations. Government regulations on fuel use, greenhouse gas emissions, and worker safety are forcing miners, especially in industrialized nations, to replace conventional technology in order to enhance productivity. Exposed mining in order to meet new safety standards while keeping high levels of efficiency, industrialists concentrate on new technology, which contributes to growing the surface mining market.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Artificial Intelligence
CoreWeave Invests £1 Billion in UK; Opens New European Headquarters and Data Centres in London to Bring Cloud Infrastructure to Power the AI Revolution
LONDON, May 10, 2024 /PRNewswire/ — CoreWeave, the leading specialized cloud provider for AI, today announced that it has opened an office in London as its European headquarters as part of a broader expansion into the continent. The new UK expansion represents a £1 billion investment to bolster the country’s AI potential, and will create job opportunities across engineering, operations, finance and go-to-market. CoreWeave plans to open two UK data centres in 2024 with further expansion planned in 2025.
“We are seeing unprecedented demand for AI infrastructure and London is an important AI hub that we are investing in. Expanding our physical footprint in the UK is an important milestone in the next phase of CoreWeave’s growth,” said Mike Intrator, Cofounder and Chief Executive Officer, CoreWeave. “CoreWeave’s infrastructure will fill a void in the cloud market by providing AI enterprises with localized high-performance compute solutions that will help build and deploy the next generation of AI applications.”
Prime Minister Rishi Sunak said: “Companies like CoreWeave are powering the future of AI innovation, and I am proud that they’ve backed the UK with a £1 billion investment into UK data centres and have established their European headquarters here – further cementing the UK’s position as an AI and tech superpower.
“We’re leaving no stone unturned to make the UK the best place for pioneering companies like CoreWeave to grow their roots. With the third highest number of AI companies and private investment in AI in the world, it’s clear our plan is working.”
Secretary of State of Science, Innovation, and Technology, Michelle Donelan said: “CoreWeave’s decision to base their European HQ here in London is not just a sign of our tech investment prowess, it is a resounding vote of confidence in our approach to AI and innovation. Today’s £1 billion investment will bring two new data centres to our shores, a vital tool in helping to develop the AI breakthroughs of tomorrow.
“It will also lead to new, highly paid jobs and countless opportunities for our brightest AI minds and start-ups as the UK continues to cement its global AI powerhouse credentials. Our message is clear – when it comes to investment, scaling-up, and innovation, the UK is the perfect home from home.”
CoreWeave’s new European headquarters in London is strategically located given the tremendous AI talent in the UK. The investment in the UK builds on the UK government’s established leadership fostering global awareness and engagement on responsible AI and the country’s commitment to drive investment with plans to upskill millions across the UK in AI. CoreWeave’s presence in the region will support the continued expansion of AI labs and enterprise customers across the UK, bringing much needed computing power to the UK.
CoreWeave’s existing data centres support some of the largest deployments of high-performance GPU clusters in the world, and the infrastructure through which those clusters are consumed is designed with engineers and innovators in mind. Trusted by leading AI labs and enterprises, CoreWeave Cloud manages complexity through automation to deliver the most performant and efficient cloud infrastructure for AI workloads.
About CoreWeave
CoreWeave is a specialized GPU cloud provider, designed to power the most complex workloads with customized solutions at scale. The company’s portfolio of cutting-edge technology delivers a broad range of capabilities for machine learning and AI, graphics and rendering, life sciences, real-time streaming, and more. Its world-class teams, talent, and engineering prowess bring unmatched speed-to-market for advanced compute. CoreWeave operates a growing footprint of data centers covering every region of the US. It was founded in 2017 and is based in New Jersey. Learn more at www.coreweave.com.
Contact
Jackson [email protected]
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Artificial Intelligence
Linnovate Partners Announces Close of USD 40 Million Funding Commitment Led by SeaTown
SINGAPORE, May 10, 2024 /PRNewswire/ — Linnovate Partners (“Linnovate”), a leader in asset servicing and fintech for the alternative investment industry, is pleased to announce the successful closure of USD 40 million funding commitment by SeaTown Private Capital Master Fund. SeaTown Private Capital Master Fund is managed by SeaTown Holdings International Pte. Ltd. (“SeaTown”), a leading Asia-focused alternative investments firm that is owned by Seviora, Temasek’s asset management group. This capital infusion marks a pivotal moment in Linnovate’s journey, enabling the firm to scale operations, drive innovation, and further solidify its position as a market leader.
As Linnovate continues to experience rapid growth and increasing demand for its tech-enabled services, the infusion of funds will play a vital role in meeting client requirements and advancing market innovation. The investment will enable Linnovate to allocate additional resources strategically, ensuring the company remains at the forefront of technology advancements and maintains its commitment to delivering exceptional solutions to clients worldwide.
Henry Lin, founder and CEO of Linnovate Partners, expressed enthusiasm about the opportunities this investment opens “We are thrilled to have SeaTown as our strategic partner and investor. This investment will be instrumental in accelerating our growth trajectory, providing us with the necessary resources to enhance our service offering, and continue delivering cutting-edge solutions to our clients and the industry itself.”
Dickson Loo, Managing Director of SeaTown, commented, “Linnovate has established itself to be an industry-leading player with their highly differentiated culture of customer centricity and strong technology focus. We are excited to be part of the next phase of Linnovate’s growth story, as we leverage our network, resources and expertise to help the company scale to greater heights”.
Linnovate has built a strong reputation for its innovative approach to solving manual mid-to-back-office tasks involved in fund administration through tech-enabled services. The company’s commitment to pushing the boundaries of technological advancement has earned it the trust of numerous high-profile private equity and venture capital firm clients and established it as a sought-after partner in the industry.
About Linnovate PartnersLinnovate Partners is a leading asset services provider focused on driving innovation in the alternative investments industry. With expertise across the entire fund lifecycle, Linnovate Partners goes beyond traditional fund administration to provide value-added services and technologies that empower asset and fund managers to excel in their operations. Its six core service areas include Fund Administration, Investor Relations, Regulatory Compliance, Portfolio Monitoring, Reporting Services and Technology Consulting Services.
Powering these services is a proprietary, cloud-based platform, RAISE, that provides all the functions of alternative investing in a single ecosystem and enables seamless integration and accessibility.
With offices globally, Linnovate Partners currently administers over $130 billion in assets across more than 600 private equity and venture capital funds. As an innovation-focused disruptor, Linnovate Partners combines deep industry expertise and the latest technologies to drive better outcomes for alternative investment managers and investors worldwide.
About SeaTown:Founded and headquartered in Singapore since 2009, SeaTown is a leading Asia-focused alternative investments firm with deep expertise across private and public markets.
Owned by Seviora, Temasek’s asset management group, SeaTown is a trusted steward of capital, investing alongside its investors in conviction-driven strategies. Its alternative investment fund platform offers international investors exposure to highly specialised private equity, private credit, and thematic absolute return opportunities in the region.
As a partner, SeaTown strives to deliver compelling risk-adjusted returns by leveraging its extensive relationship network, decades of investing experience and astute global perspectives.
For additional information, inquiries, or interview schedule, please contact:Linnovate Partners:Andrea [email protected]
SeaTown:Kayla [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/linnovate-partners-announces-close-of-usd-40-million-funding-commitment-led-by-seatown-302141238.html
Artificial Intelligence
FinVolution to Hold 9th Global Data Science Competition, Focus on Deepfake Speech Detection in LLM era
The 9th FinVolution Global Data Science Competition targets deepfake speech detection, tackling the challenge of distinguishing between cloned and authentic voices in the LLM era.The contest is part of the IJCAI 2024 Competitions and Challenges track, encouraging global collaboration and innovation among AI enthusiasts.By integrating LLM-generated fake voices in the test dataset, the competition increases complexity and spurs innovation.SHANGHAI, May 10, 2024 /PRNewswire/ — FinVolution, a leading fintech service provider, launches the 9th FinVolution Global Data Science Competition today, with a focus on “Deepfake Speech Detection.” The contest is part of the IJCAI (International Joint Conference on Artificial Intelligence) Competitions and Challenges track, a top international AI conference.
As voice synthesis technology continues to evolve, the line between cloned and genuine voices has become increasingly blurred in the era of large language models (LLMs), posing significant challenges to data security and asset protection.
The competition aims to inspire global AI enthusiasts and experts to innovate in combating voice cloning and deepfake scams. Contestants will utilize deep learning technologies to develop models and algorithms based on FinVolution’s test dataset. The competition will include LLM-generated fake voices to elevate complexity and spur innovation.
With a total prize pool of RMB 310,000, the contest will consist of preliminaries, semifinals, and a final, with an aim to authenticate true and false voices. Highest-ranked contestants will attend IJCAI 2024 in Jeju of South Korea, to receive the awards and engage with academic and industry experts. FinVolution proudly sponsors IJCAI 2024.
Tiezheng Li, CEO of FinVolution, stated, “Since its inception nine years ago, the FinVolution Global Data Science Competition has evolved into a widely recognized event in the field of data technology, facilitating technical exchange worldwide. Partnering with IJCAI this year, a top-tier international AI conference, demonstrates our commitment to advancing deep speech recognition technology.”
The Deepfake Challenge
During the preliminaries (May 10 to June 12), participants will design algorithms based on the white-box dataset supplied by FinVolution and submit scoring results to qualify for the semifinals. The dataset primarily comprises voice recordings totaling 20-40 hours.
At the semifinal stage (June 13 to June 28), contenders are expected to refine their algorithms based on the black-box dataset provided by the competition organizer, vying for a spot in the final. The dataset, composed mainly of private data, contains five to 10 hours of recordings.
Participants can register on the official website from May 9 to June 3, to download and view the datasets.
Upholding AI Ethics
Voice cloning has emerged as a major form of telecom fraud, as scammers exploit AI technology to make distinction between genuine and fake voices increasingly tricky.
The competition focuses on safeguarding user privacy and combating fraudulent activities by identifying cloned voices accurately.
Lei Chen, Vice President of FinVolution and Head of its Big Data and AI Division, said, “The applications of Large Language Models far exceed the corresponding detection technology, posing great challenges to information security. We hope to see AI deepfake voice detection technology keep pace with the developments of LLMs, thus safeguarding the data security of the public. With this concept in mind, the FinVolution Global Data Science Competition is not only a platform for technical competition but also an opportunity to explore how AI can better adhere to ethical principles and serve the public.”
To date, the FinVolution Global Data Science Competition has drawn nearly 10,000 participants globally in total, becoming a widely recognized event in the field of digital financial technology.
Organized annually since 2016, the contest themes have spanned diverse domains, all rooted in real-world fintech business scenarios. These themes range from risk control algorithms, financial data applications, and product development to semantic similarity recognition, asset portfolio cash flow prediction, and credit schemes for small- and micro-sized enterprises.
About FinVolution Group
FinVolution Group is a leading fintech company that connects millions of consumers as well as micro- and small-sized enterprises with financial institutions.
Founded in 2007 and listed on the New York Stock Exchange in 2017, we have been at the forefront of the pan-Asian credit technology industry, pioneering innovative technologies in credit risk assessment, fraud detection, big data, and artificial intelligence. With a proven track record of robust growth in pan-Asian countries, we have established leading fintech platforms in China, Indonesia, and the Philippines.
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View original content:https://www.prnewswire.co.uk/news-releases/finvolution-to-hold-9th-global-data-science-competition-focus-on-deepfake-speech-detection-in-llm-era-302141074.html
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