The global AI in Oil and Gas market is projected to reach $7.99 billion by 2031, growing at a CAGR of 13.5%
global AI in oil and gas market trends is gaining traction due to increasing requirement for automation, increase in enterprise capital investments and pressure to lessen production price. Besides that, oil and gas industry manage a high-risk environment, where the use of AI is anticipated to help in streamlining the overall production process and curb the wastage. Various IoT sensors showcase varied functions, which are amalgamation of downstream and upstream activities, across the industry. In various activities, starting from exploration to leak monitoring, there are notable opportunities for application of AI in the industry. However, the higher safety concerns among force, particularly the maintenance of aging pipeline infrastructure stress pressure on oil and gas manufacturers, to include temperature and gas sensors in fire emergencies. This rises demand for data analysis processes that incorporate predictive modeling across the oil and gas industry.
North America is anticipated to be the largest contributor to the AI in the oil & gas market industry owing to growing requirement for automation and digitalization and increasing ventures to advanced efficient infrastructure. North America is followed by Europe. Africa and the Middle East is likely to develop at a significant rate backed by innovations brought in the global AI in oil & gas market. Additional factor that is propelling the market growth is higher investments mainly in the start-ups for AI execution, which is escalating the requirement and demand for AI in the forthcoming years.
In terms of type, the global AI in oil & gas market extends its categories to hardware, software and services. The segment that is sought to have growth rate in global AI in oil & gas market is software. Software is highly imbibed in oil & gas exploration and upstream production activities of global AI in oil & gas market. The hardware division of global AI in oil & gas market trends is expected to grow swiftly in the near future, owing to the increased need for advanced hardware system configurations and components competent of handling huge data.
terms of function, the global AI in oil & gas market has different categories which includes predictive maintenance, material movement, field services, machinery inspection, production planning, quality control and reclamation. The major and fastest increasing division in the global AI in oil & gas market is predictive maintenance. terms of application, the global AI in oil & gas market is segmented into upstream, downstream and midstream. The upstream segment is expected to account augment the market growth.
AI in the oil & gas market industry comprises service providers such as Microsoft (US), IBM (US), Intel (US), Accenture (Republic of Ireland), Inbenta (US), General Vision (US), Oracle (US), Numenta (US), Google (US), Infosys (India), Hortonworks (US), Microsoft (US), Sentient technologies (US), Cisco (US), FuGenX Technologies (US), and Royal Dutch Shell (Netherlands).
AI in Oil and Gas Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||$7.99 billion|
|Growth Rate||CAGR of 13.5 % during 2022-2031|
|Segment Covered||by Component, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Accenture plc, General Vision, Inc., Cloudera, Inc., Royal Dutch Shell PLC, Cisco Systems, Inc., and Oracle Corporation.|
Key segments of ‘Global AI in Oil and Gas Market’
Based on product type, the market has been segmented into,
Based on end-user applications, the market has been segmented into,
Based on region, the market has been segmented into,
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Russia, Spain etc.)
- Asia-Pacific (China, India, Japan, Southeast Asia etc.)
- South America (Brazil, Argentina etc.)
- Middle East & Africa (Saudi Arabia, South Africa etc.)