Artificial Intelligence (AI) in Oil & Gas Market: Global Industry Analysis and Forecast (2021-2027) Trends, Statistics, Dynamics, Segmentation by Type, Function, Application and Region.

Artificial Intelligence (AI) in Oil & Gas Market size is estimated to grow at a CAGR of 7.40 % during the forecast period.

Artificial Intelligence (AI) in Oil & Gas Market Overview and Dynamics:

Like other industries, the oil & gas industry also recognizes the power and impact that AI can have on the industry's performance. The MMR report estimates that the Global Artificial Intelligence (AI) in the Oil & Gas Market will reach a value of US$ 4.12 Bn. by 2026, registering a CAGR of 7.40% during 2021-2027. Oil & gas organizations are using AI along with their existing digital infrastructure to upsurge the productivity and efficiency of exploration operations. Using predictive analytics and ML is aiding industry insiders increase operations and the disruptive technology can cut costs by up to US$ 50 Bn. in upstream oil & gas activities alone. Artificial Intelligence systems can automate and improve the initial stages of the production and exploration lifecycle, including geology, seismology, petro physics, reservoir, drilling, and production. The demand for AI in the upstream oil & gas market is set to grow in the next five years at a rate of 8.12% to reach $ 2.71 Bn. by 2022. Artificial Intelligence (AI) in Oil & Gas Market To know about the Research Methodology :- Request Free Sample Report Artificial Intelligence (AI) in Oil & Gas Industry Promotes High Safety And Security Standards: AI works to enhance operations during the downstream, midstream, and upstream functions. AI in the oil & gas industry promotes high security and safety standards. Oil & gas are highly dangerous because of the fuels’ flammability and the production of toxic fumes. Artificial Intelligence systems can monitor toxicity levels & leaks and send an alert to repair the flagged issues. Another safety hazard in the oil & gas industry is the change in temperature. AI can automatically adjust cooling and heating systems so that the product remains safe through the changing seasons of the year. Artificial Intelligence will also help alert the maintenance crew when maintenance is needed on any machineries used to process & transport the crude oil. Artificial Intelligence (AI) in Oil & Gas Industry is great for Quality Assurance: The oil & gas industry is highly dynamic, and the risk factors are high. AI-based technologies are intended for unified applications & limitless uses. This raises the quality of the whole process from the beginning point of exploration to the endpoint of purification & processing natural gas & crude oil. This is done by initial detection of any current or potential risks to be corrected instantly. Artificial Intelligence (AI) is solving Various Challenges of the Oil & Gas Industry such as:  Fault detection & quality improvement: The oil & gas industry faces a lot of challenges in identifying inappropriate faults in mechanisms and threading in pipelines that are error-prone. The defects that are not detected in upstream, are later understood in the production line. This leads to higher losses and damage and suffers a heavy cost to a company.  Production Optimization: The oil & gas industry needs the application of AI in its many divisions. The industry needs to enhance its production owing to varying oil values. Various factors need to be taken care of such as flow rates, pressure, etc.  Data analysis: Big oil & gas companies have their plants in many locations worldwide and it is important to manage all their plants efficiently. With the use of AI, they get access to data from all their locations in one place. This aids them to manage and monitoring all their plants remotely Function Segment Overview: The predictive maintenance and machinery inspection segment is expected to grow at the largest CAGR of 8.87% during the forecast period. Preventive maintenance is the largest and one of the fastest mounting segments in the global market. Predictive maintenance helps in addressing costly down-turn, by predicting maintenance schedules for tools to prevent the possibility of equipment failures and, therefore, save millions of dollars. Artificial Intelligence (AI) in Oil & Gas Market Artificial Intelligence (AI) in Oil & Gas Market Regional Overview: North America accounted for the largest market share in 2020, with a market value of US$ XX Bn; the regional market is expected to register a CAGR of 9.12% during 2021-2027. This growth is attributed to the growing adoption of AI technologies across the oilfield operators and the robust presence of leading AI software and system suppliers, particularly in the U.S. and Canada. ExxonMobil, one of the prominent oil producers in the US, announced its plans to increase the production activity in the Permian Basin of West Texas, by producing over 1 million barrels per day (BPD) of oil-equivalent by as early as 2024. This is equivalent to an upsurge of nearly 80 % compared to the present production capacity. Key Development: In recent years, major players in the Artificial Intelligence (AI) in Oil & Gas market have taken several strategic measures, like facility expansions and partnerships. Such as, in Oct 2019, Microsoft announced the partnership with energy industry tech company Baker Hughes and AI developer C3.ai to carry enterprise AI technology to the energy industry by its Azure cloud computing platform. It would permit customers to streamline the adoption of AI designed to address issues such as energy management, inventory, equipment reliability and predictive maintenance. The objective of the report is to present a comprehensive analysis of the global Artificial Intelligence (AI) in Oil & Gas Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the Artificial Intelligence (AI) in Oil & Gas Market dynamic, structure by analyzing the market segments and projecting the Artificial Intelligence (AI) in Oil & Gas Market size. Clear representation of competitive analysis of key players by Application, price, financial position, product portfolio, growth strategies, and regional presence in the Artificial Intelligence (AI) in Oil & Gas Market make the report investor’s guide.

Global Artificial Intelligence (AI) in Oil & Gas Market Scope: Inquiry Before Buying

Artificial Intelligence (AI) in Oil & Gas Market
Report Coverage Details
Base Year: 2020 Forecast Period: 2021-2027
Historical Data: 2016 to 2020 Market Size in 2020: US $ 2.5 Bn.
Forecast Period 2021 to 2027 CAGR: 7.4 % Market Size in 2027: US $ 4.12 Bn.
Segments Covered: by Type • Hardware • Software • Hybrid
by Function • Predictive maintenance and machinery inspection • Material movement • Production planning • Field services • Quality control • Reclamation
by Application • Upstream • Downstream • Midstream

Global Artificial Intelligence (AI) in Oil & Gas Market by Region

• North America • Europe • Asia Pacific • Latin America • The Middle East and Africa

Global Artificial Intelligence (AI) in Oil & Gas Market Key Players

• IBM • Accenture • Google • Microsoft • Oracle • Intel • Numenta • Sentient Technologies • Inbenta • General Vision • Cisco • Fugenx Technologies • Infosys • Hortonworks Frequently Asked Questions: 1] What segments are covered in the Artificial Intelligence (AI) in Oil & Gas Market report? Ans. The segments covered in the Artificial Intelligence (AI) in Oil & Gas Market report are based on Service Type, Function and Application. 2] Which region is expected to hold the highest share in the Artificial Intelligence (AI) in Oil & Gas Market? Ans. North America region is expected to hold the highest share in the Artificial Intelligence (AI) in Oil & Gas Market. 3] What is the market size of the Artificial Intelligence (AI) in Oil & Gas Market by 2027? Ans. The market size of the Artificial Intelligence (AI) in Oil & Gas Market is expected to reach US$ 4.12 Bn. by 2027 4] What is the forecast period for the Artificial Intelligence (AI) in Oil & Gas Market? Ans. The forecast period for the Artificial Intelligence (AI) in Oil & Gas Market is 2020-2027. 5] What is the CAGR of Global Artificial Intelligence (AI) in Oil & Gas Market during the forecast period? Ans. The market CAGR of the Global Artificial Intelligence (AI) in Oil & Gas Market is 7.4 % during forecast period.
1. Global Artificial Intelligence (AI) in Oil & Gas Market: Research Methodology 2. Global Artificial Intelligence (AI) in Oil & Gas Market: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Artificial Intelligence (AI) in Oil & Gas Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Artificial Intelligence (AI) in Oil & Gas Market: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12. COVID-19 Impact 4. Global Artificial Intelligence (AI) in Oil & Gas Market Segmentation 4.1. Global Artificial Intelligence (AI) in Oil & Gas Market, By Type (2020-2027) • Hardware • Software • Hybrid 4.2. Global Artificial Intelligence (AI) in Oil & Gas Market, By Function (2020-2027) • Predictive maintenance and machinery inspection • Material movement • Production planning • Field services • Quality control • Reclamation 4.3. Global Artificial Intelligence (AI) in Oil & Gas Market, By Application (2020-2027) • Upstream • Downstream • Midstream 5. North America Artificial Intelligence (AI) in Oil & Gas Market (2020-2027) 5.1. North America Artificial Intelligence (AI) in Oil & Gas Market, By Type (2020-2027) • Hardware • Software • Hybrid 5.2. North America Artificial Intelligence (AI) in Oil & Gas Market, By Function (2020-2027) • Predictive maintenance and machinery inspection • Material movement • Production planning • Field services • Quality control • Reclamation 5.3. North America Artificial Intelligence (AI) in Oil & Gas Market, By Application (2020-2027) • Upstream • Downstream • Midstream 5.4. North America Artificial Intelligence (AI) in Oil & Gas Market, by Country (2020-2027) • United States • Canada • Mexico 6. European Artificial Intelligence (AI) in Oil & Gas Market (2020-2027) 6.1. European Artificial Intelligence (AI) in Oil & Gas Market, By Type (2020-2027) 6.2. European Artificial Intelligence (AI) in Oil & Gas Market, By Function (2020-2027) 6.3. European Artificial Intelligence (AI) in Oil & Gas Market, By Application (2020-2027) 6.4. European Artificial Intelligence (AI) in Oil & Gas Market, by Country (2020-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Artificial Intelligence (AI) in Oil & Gas Market (2020-2027) 7.1. Asia Pacific Artificial Intelligence (AI) in Oil & Gas Market, By Type (2020-2027) 7.2. Asia Pacific Artificial Intelligence (AI) in Oil & Gas Market, By Function (2020-2027) 7.3. Asia Pacific Artificial Intelligence (AI) in Oil & Gas Market, By Application (2020-2027) 7.4. Asia Pacific Artificial Intelligence (AI) in Oil & Gas Market, by Country (2020-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Artificial Intelligence (AI) in Oil & Gas Market (2020-2027) 8.1. Middle East and Africa Artificial Intelligence (AI) in Oil & Gas Market, By Type (2020-2027) 8.2. Middle East and Africa Artificial Intelligence (AI) in Oil & Gas Market, By Function (2020-2027) 8.3. Middle East and Africa Artificial Intelligence (AI) in Oil & Gas Market, By Application (2020-2027) 8.4. Middle East and Africa Artificial Intelligence (AI) in Oil & Gas Market, by Country (2020-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Artificial Intelligence (AI) in Oil & Gas Market (2020-2027) 9.1. South America Artificial Intelligence (AI) in Oil & Gas Market, By Type (2020-2027) 9.2. South America Artificial Intelligence (AI) in Oil & Gas Market, By Function (2020-2027) 9.3. South America Artificial Intelligence (AI) in Oil & Gas Market, By Application (2020-2027) 9.4. South America Artificial Intelligence (AI) in Oil & Gas Market, by Country (2020-2027) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1. IBM. 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Accenture 10.3. Google 10.4. Microsoft 10.5. Oracle 10.6. Intel 10.7. Numenta 10.8. Sentient Technologies 10.9. Inbenta 10.10. General Vision 10.11. Cisco 10.12. Fugenx Technologies 10.13. Infosys 10.14. Hortonworks

About This Report

Report ID 11417
Category Information Technology & Telecommunication
Published Date oct 2019
Updated Date Jan 2022
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