Zion Market Research has published a new report titled “AI In Oil and Gas Market by Type (Hardware, Software, and Hybrid), by Function (Predictive Maintenance and Machinery Inspection, Material Movement, Production Planning, Field Services, Quality Control, and Reclamation), and by Application (Upstream, Downstream, and Midstream): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global AI in oil and gas market was around USD 1.75 billion in 2018 and is expected to reach around USD 4.01 billion by 2025, at a CAGR of 12.5% between 2019 and 2025.
The global oil and gas sector is using AI to significantly digitize its operations; AI has optimized the process of operations by simplifying the optimization process in the sector. The declining oil and gas prices have forced the oil and gas industry to invest in AI to improve efficiency and increase production rates. Another advantage of advanced AI in the oil and gas industry is that it can identify bottlenecks and perform respective actions to counter a problem way before its occurrence. The global AI in oil and gas market is projected to witness notable growth in the upcoming few years, owing to the rising demand for automated systems to perform operations like underground excavation and drilling in the oil and gas industry.
Moreover, to detect upcoming mishaps and perform dangerous operations by AI systems will create a safer environment for the laborers, which will further drive the AI in oil and gas market. Furthermore, there will be more opportunities in AI in oil and gas market in real-time process optimization and efficient hydrocarbon exploration. However, the lack of quick ability to learn and understand may restrict the applications integrated with AI in the oil and gas industry. Additionally, equipment failures and maintenance of AI-integrated systems will restrict numerous opportunities in the global AI in oil and gas market.
The global AI in oil and gas market is classified on the basis of type, function, and application. By type segment of AI in oil and gas market is classified into hybrid, hardware, and software. The hardware segment will experience significant growth in the future, owing to the increasing advanced hardware applications, such as AI-integrated robots. Additionally, the software segment is expected to likely to register substantial growth, due to the increasing AI software demand to handle huge complex data volumes. By function, the AI in oil and gas market is classified into predictive maintenance and machinery inspection, field services, material movement, quality control, reclamation, and production planning. Predictive maintenance and machinery inspection is the fastest growing segment in the AI in oil and gas market globally. By application, the market is classified into upstream, midstream, and downstream. The upstream segment is set to dominate the AI in oil and gas market globally.
The North American AI in oil and gas market is the largest globally, as the oil and gas industry officials are looking for other options to reduce the industry’s dependency on aging and depleting workforce. The Asia Pacific region is the fastest growing market globally, due to the increasing investments in the region’s AI in oil and gas market. The decreasing demand for oil and gas in Europe will result in the slow growth of the AI in oil and gas market in the region.
Some key players in the global AI in oil and gas market are General Vision, Inbenta, FuGenX Technologies, Hortonworks, IBM, Google, Intel, Microsoft, Accenture, Sentient Technologies, Oracle, Numenta, Cisco, and Infosys.
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