Pune, India -- (SBWire) -- 02/15/2019 --Over the past decade, the use of artificial intelligence (AI) and machine learning technologies in the oil and gas industry has gained significant interest. This has led to the growth in artificial intelligence market in this industry. With increasing challenges faced by the oil and gas industry in the past for exploration and exploitation of hydrocarbons, a cross disciplinary approach is being rendered which requires some critical processes to be semi-automated and some to be fully automated. Artificial intelligence is being introduced in every part of exploration procedure, including geology, geophysics, and reservoir engineering.
In 2019, the global AI in Oil & Gas market size was by the end of 2026, with a CAGR of +10% during 2019-2026
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Machine learning-powered AI has emerged as an ideal solution for oil and gas companies, to accumulate large volumes of information in real time and translate data sets into actionable insights. AI solutions across the oil and gas sector help make more informed intelligent business decisions automatically, with sophisticated algorithms, predictive analytics, and machine learning capabilities.
Some of the prominent players of global are IBM (US), Intel (US), Microsoft (US), Accenture (Republic of Ireland), Google (US), Microsoft (US), Oracle (US), Numenta (US), Sentient technologies (US), Inbenta (US), General Vision (US), Cisco (US), FuGenX Technologies (US), Infosys (India), Hortonworks (US), and Royal Dutch Shell (Netherlands).
We researched the space to better understand where AI comes into play at the upstream level of the oil and gas industry and to answer the following questions:
1. What types of AI applications are currently in use at the upstream level of the oil and gas industry?
2. What tangible results has AI driven at the upstream level of the oil and gas industry?
3. Are there any common trends among these innovation efforts? How could these trends affect the future of the oil and gas industry?
North America is likely to be the largest contributor to the global AI in oil & gas market owing to the increasing ventures to advanced efficient infrastructure and growing demand and requirement for digitalization and automation. North America is followed by Europe. The Middle East & Africa is projected to develop at a significant rate owing to the increasing innovations in the global AI in oil & gas market. Another factor propelling the growth of the market in this region is the growing investments mainly in the start-ups for AI execution, which is increasing the demand and requirement for AI in the coming future.
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AI tools can help oil and gas companies digitize records and automate the analysis of geological data and charts, potentially leading to the identification of issues, such as pipeline corrosion or increased equipment usage.
The report segments AI in the Oil & Gas market, on the basis of type, into hardware, software, and services. The software segment led AI in the Oil & Gas market in 2019. Software in AI in the Oil & Gas market are applicable in upstream Oil & Gas exploration and production activities. The hardware segment in AI in the Oil & Gas market is expected to grow swiftly during the forecast period (2019 to 2026), mainly due to the increasing requirement for sophisticated hardware system configurations and components capable of handling massive data.
This is one of the most important sections of the research study as it provides deep insights into the growth of the AI in Oil and Gas market at both country and regional level. The researchers estimate market growth in different regions and countries by both value and volume. They accurately calculate the revenue, price, CAGR, consumption, sales, and other factors related to the regional markets studied here.
Reasons to Purchase AI in Oil & Gas Market Report
- The impact of the growth of AI, in the energy and utility sector
- An analysis of various perspectives of the market studied, with the help of Porter's five forces analysis
- The segments that are expected to dominate the market studied
- The regional analysis of the market studied, during the forecast period
- The latest developments, market shares, and strategies employed by the major market players and key innovators
- 3-month analyst support along with the Market Estimate sheet (in Excel)
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