ARTIFICIAL INTELLIGENCE (AI) IN OIL AND GAS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Artificial intelligence (AI) is revolutionizing every major industry by automating routine tasks and augmenting human decision making. The oil and gas industry is also leveraging AI solutions across various upstream and downstream operations like seismic data analysis, reservoir modeling, drilling operations, production forecasting, preventive maintenance, and others. AI is helping oil and gas companies gain deeper insights from vast petabyte volumes of exploration and production data, improve recovery rates, decrease costs and optimize operations. Machine learning algorithms can analyze past data patterns to predict equipment failures and recommend prescriptive maintenance actions. Advanced analytical capabilities of AI are empowering oil and gas companies to make informed business decisions, discover new reserves and produce oil and gas more efficiently. The health of the field and the producer's bottom line both depend on operations running well. Artificial intelligence (AI) value chain optimization is crucial for this journey.

Market Dynamics:

The artificial intelligence (AI) in oil and gas market is driven by the need to optimize operations and maintenance activities. Rising global energy demand and depleting conventional reserves is prompting oil and gas companies to adopt digital technologies for improving recovery rates from mature fields and exploration of unconventional reserves. However, high initial investment and lack of skilled workforce pose a challenge to widespread adoption of AI solutions. On the positive side, growing importance of real-time supply chain optimization and remote operations during COVID-19 pandemic has created new opportunities for AI vendors. Increasing focus on emission reduction and sustainability goals of oil companies will further fuel investments in AI-driven efficiency enhancement programs in near future.

Key features of the study:

• This report provides in-depth analysis of the artificial intelligence(AI) in oil and gas market, and provides market size (US$ Bn) and compound annual growth rate (CAGR %) for the forecast period (2024–2031), considering 2023 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the artificial intelligence (AI) in oil and gas market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include , Google, IBM, SAS, Microsoft Corporation, Accenture Plc., H2O.ai., Baidu, Inc., and Oracle Corporation
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The artificial intelligence(AI) in oil and gas market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the artificial intelligence(AI) in oil and gas market

Detailed Segmentation:

• Artificial Intelligence (AI) in Oil and Gas Market, By Application
  • Energy Storage Systems (ESS)
  • Industrial Applications
• Artificial Intelligence (AI) in Oil and Gas Market, By Component         
  • Renewable Energy
  • Utilities
  • Manufacturing
• Artificial Intelligence (AI) in Oil and Gas Market, By Product
  • Direct Sale
  • Distributors
• Artificial Intelligence (AI) in Oil and Gas Market, By Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East
  • Africa
• Top Companies in the Artificial Intelligence (AI) in Oil and Gas Market, Market:
  • Google
  • IBM
  • SAS
  • Accenture Plc
  • Baidu, Inc.
  • H20.ai.
  • Microsoft Corporation
  • Oracle Corporation