The global AI in oil and gas market size was worth around USD 3.19 million in 2023 and is predicted to grow to around USD 9.34 million by 2032 with a compound annual growth rate (CAGR) of roughly 12.80% between 2024 and 2032.
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Overview of the Global Oil and Gas Market with Artificial Intelligence
Operations in the oil and gas sector are conducted at a significant level of risk. Due to its high labor-sensitivity, the oil and gas industry is reliant on labourers to establish a secure environment. The oil and gas industry has experienced a surge in demand for AI-integrated robotics, which is a critical requirement. Tasks that are hazardous to humans can be executed by robots that have been integrated with AI. In order to digitally execute production, maintenance, and inspection operations, AI has been implemented in various industries. AI has the ability to predict system failures prior to their occurrence.
The research examines the primary motivations and constraints of artificial intelligence (AI) in the oil and gas industry. Additionally, it illustrates the market’s influence during the forecast period. The study also encompasses the global opportunities available in the energy and gas market through the use of AI.
We have included a comprehensive value chain analysis to provide the consumers of this report with a comprehensive understanding of the AI in the oil and gas market. The study also includes an analysis of Porter’s Five Forces model for the AI in oil and gas market to understand the competitive landscape within the market. An analysis of market attractiveness is included in the study, which benchmarks all segments based on their market size, growth rate, and general attractiveness.
The study also encompasses the market share of the primary participants in the AI in oil and gas market worldwide. In addition, the report examines the strategic development, regional growth, agreements, partnerships, collaborations, and joint ventures of key participants within the market on a regional basis, as well as acquisitions and mergers.
Growth Drivers in the Global Oil and Gas Market: Artificial Intelligence
The oil and gas industry’s increasing demand for automated systems to conduct operations such as subterranean excavation and drilling is expected to cause a significant increase in the global AI in oil and gas market in the coming years. Additionally, the utilisation of AI systems to anticipate potential accidents and execute hazardous operations will foster a safer work environment for employees, thereby bolstering the AI market in the oil and gas sector. In response to the recent rise in oil and gas prices, it is imperative that oil and gas companies optimise their operations to mitigate this issue. The oil and gas industry will experience a reduction in operating time and a variety of developments as a result of the implementation of AI systems.
Nevertheless, the oil and gas industry’s applications may be limited by the dearth of a rapid ability to learn and comprehend. Furthermore, numerous opportunities in the global AI in oil and gas market will be restricted by equipment failures and the maintenance of AI-integrated systems.
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The Global AI In Oil and Gas Market is segmented based on product, application and region
Global AI In Oil and Gas Market: Product Segment Analysis
● Hardware
● Software
● Hybrid
Global AI In Oil and Gas Market: Application Segment Analysis
● Upstream
● Downstream
● Midstream
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The Global AI In Oil and Gas market profiles key players such as:
● General Vision
● Inbenta
● FuGenX Technologies
● Hortonworks
● IBM
● Intel
● Microsoft
● Accenture
● Sentient Technologies
● Oracle
● Numenta
● Cisco
● Infosys
Regional Analysis of Global AI in the Oil and Gas Market
Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa comprise the regional classification.
The North American AI in oil and gas market is the largest globally, as the oil and gas industry executives are exploring alternative solutions to mitigate their dependence on an ageing and diminishing workforce. Globally, the Asia Pacific region is the fastest-growing market as a result of the expanding investments in the oil and gas industry’s artificial intelligence. The slow development of the AI in the oil and gas market in Europe will be a consequence of the decreasing demand for these commodities.
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