The Artificial Intelligence in Oil & Gas market is projected to reach USD 2.85 billion by 2022. AI in Oil & Gas market growing at a CAGR of 12.66%, from 2017 to 2022.
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North America is currently the largest market for AI in Oil & Gas, followed by the markets in Europe and Asia Pacific. Rising investments in the Oil & Gas infrastructure and increased focus toward automation and digitalization are expected to drive AI in the Oil & Gas market during the forecast period.
The growth of AI in Oil & Gas market can be attributed to the big data technology in the Oil & Gas industry to augment E&P capabilities, a significant increase in venture capital investments, and growing need for automation in the Oil & Gas industry, and tremendous pressure to reduce production costs.
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Concerns regarding data security and cyber security are the major challenges faced by the players in this market.
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“The midstream segment is expected to grow at the highest CAGR from 2017 to 2022.”
The midstream segment is expected to grow at the highest CAGR in the global AI in Oil & Gas market during the forecast period. The growth in the shale oil and gas production in the US is creating the need for an expanded midstream network of pipelines, rail, tankers, and terminals.
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 2016.
Software in AI in the Oil & Gas market is applicable in upstream Oil & Gas exploration and production activities.
The report’s target audience includes:
- AI manufacturers and suppliers
- AI system providers
- Environmental research institutes
- Government and research organizations
- Institutional investors
- National and local government organizations
- Research organizations and consulting companies
- Technology providers
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Some of the global players in this market include IBM (US), Accenture (Republic of Ireland), Google (US), Microsoft Corporation (US), and Oracle (US). Together they hold a strong share of the global AI in the Oil & Gas market.
Key Point from Table of Content
6 AI in Oil & Gas Market, By Type
7 AI in Oil & Gas Market, By Function
7.2 Predictive Maintenance & Machine Inspection
7.3 Material Movement
7.4 Production Planning
7.5 Field Services
7.6 Quality Control
8 AI in Oil & Gas Market, By Application